Ecuador wants funds to stop rainforest oil output

LONDON, (Reuters) - Germany, Spain and France have  expressed interest in a pioneering Ecuadorean plan not to pump  oil from under a tropical forest in return for international  compensation, Ecuadorean officials said yesterday.

Ecuador’s President Rafael Correa, on a London visit, called  for support for the Yasuni initiative, under which Ecuador would  leave 850 million barrels of oil, worth $6 billion, underground  as a contribution to countering climate change.

In return for not exploiting the oil in the environmentally  rich area, the OPEC-member country is looking to other countries  to pay it $350 million a year.

“We are proposing to the world that we will leave that oil  underground. That means giving up on $6 billion, but we would  thereby avoid polluting the planet,” Correa said in a speech at  the Chatham House thinktank.

MORE IN Archives


Reader Comments »

The Comments section is intended to provide a forum for reasoned and reasonable debate on the newspaper's content and is an extension of the newspaper and what it has become well known for over its history: accuracy, balance and fairness.
  • We reserve the right to edit/delete comments which contain attacks on other users, slander, coarse language and profanity, and gratuitous and incendiary references to race and ethnicity.
  • We moderate ALL comments, so your comment will not be published until it has been reviewed by a moderator.
  • Our Comments are powered by the Disqus service. You may comment as a Guest by entering your comment and selecting "Post as". Optionally, you may sign-in using your Facebook, Yahoo or Twitter Accounts.

    Disqus' Privacy Policy can be read here. Please read our Terms of Service and Privacy Policy.