Ecuador Approves Trust Fund to Protect Oil-Rich Amazonian Forest

Ecuador has approved an international trust fund that will compensate the nation in exchange for its pledge not to exploit the vast oil reserves beneath the Amazonian forest of Yasuni National Park. The Ecuadorian government has asked for $3.6 billion for not allowing drilling in the Ishpingo-Tiputini-Tambococha oil block within the park, an amount it says represents about half the oil royalties the 900 million gallons of petroleum beneath the rainforest would generate. The trust, to be managed in partnership with the United Nations Development Programme, is expected to prevent about 407 tons of carbon emissions by forestalling the extraction and burning of about 850 million barrels of oil. The Yasuni park is considered among the most biodiverse regions of the world. The trust fund will only go into into effect if a minimum of $100 million is pledged over the next 18 months. So far, only Germany has committed to the fund, pledging $50 million over 12 years. Ecuador officials say they will seek funding from other nations — including the United States, China, Netherlands, Belgium, and France — in the coming weeks.