Ecuador’s ambassador in China, Leonardo Arizaga, presented the Yasuni ITT project as a model of green development during the International Seminar on Climate Change for Developing Countries that is being held in Beijing these days.
“This initiative represents an unprecedented and innovative approach that contributes real and effective at reducing the effects of climate change,” he said. With this project, Ecuador proposes not to exploit 800 million barrels of Yasuni in exchange for international compensation. It also ensures that this contributes to global climate stabilization, avoiding the release of large amounts of CO2 into the atmosphere.
International contributions would be managed jointly with the UN through the United Nations Program for Development (UNDP) and invested in environmental protection programs, clean energy, social development and reforestation, said Arizaga
Ecuador hopes to raise $ 100 million in compensations by the year-end and a total of 3.600 million over the next 12 years, equivalent to half the money the country would make by exploiting Yasuni ITT.