Ecuador: President Correa to open up Yasuni Amazon rainforest for oil exploration

Posted on August 16, 2013 • Filed under: Ecuador, Enviromental Issues, Latin America News, Oil

uk.reuters.com reported that Ecuador will open up part of the Amazon rainforest to oil drilling after rich nations failed to back a conservation plan that would have paid the country not to explore in the area, President Rafael Correa said on Thursday. Correa launched the initiative in 2007 to protect the Yasuni area of the Amazon basin, which boasts some of the planet’s most diverse wildlife, but said he had now scrapped it after it attracted only a small fraction of the sum it aimed to raise. “I have signed the executive decree for the liquidation of the Yasuni-ITT trust fund and through it, end the initiative,” Correa said in a televised address. ITT refers to three untapped oil blocks known collectively as Ishpingo-Tambococha-Tiputini.Read Article

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