Ecuador to Europe: Pay Us Not to Drill in Amazon

Baack · Oct 27, 2009

Ecuador's president is in London this week to promote a unique proposal: pay his country $3 billion not to drill for oil in a pristine Amazon reserve

Germany and Spain have expressed interest in President Rafael Correa's idea, which environmentalists say could set a precedent in the fight against global warming by lowering the high cost to poor countries of going green.
"This is the first time the government of a major oil-producing country has voluntarily offered to forego lucrative oil extraction in order to help combat climate change," said Dr. Matt Finer, staff scientist for Save America's Forests and author of a study on Correa's initiative.
But Correa's idea is two years old and he has yet to receive a firm cash commitment.
Under the plan, rich countries would pay Ecuador at least half the revenues that the 850 million barrels of heavy crude oil estimated to be in Ecuador's remote Yasuni National Park would be expected to generate over the next 10 years or about $3 billion.
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http://abcnews.go.com/International/wireStory?id=8922318

kajidono · Oct 27, 2009

So then he would have the money and the oil. Cool! Guess who they mean by "rich countries."

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