Yasuní ITT project proposes an “eco tax rate”

Ivonne Baki, chief negotiator of the Yasuni Itt initiative, will propose an alternative to the exploitation of oil that consists in the creation of an   “eco tax rate” called ‘Daily Correa’, which will be applied to rich countries, considered the largest polluters, which  will lower the demand for oil consumption and compensate developing countries.

Yesterday, the official said during an interview with Radio Quito that the purpose is that the taxpayers  decide if their contributions are directed to “non-exploitation” or “conservation”.

“In the first case it will be  handed over a money back guarantee, because if the oil is extracted at some point we will  have to return the money, and in the second, the donation will be derived to a conservation study of the United Nations programme for development (UNDP),” said Ivonne Baki.

She also announced that in the month of June, she will propose an amendment to the way the resources are entering  to the trust which bears the same name of the environmental project.

For his part, the President of Ecuador, Rafael Correa, announced that  in June he will also review the progress of this plan, which aims to leave underground 846 million barrels of crude oil, as long as the the international community  contribute with $3,600 million, which is equivalent to 50% of what the State would receive if it exploded the oil.