Ecuador's Yasuni-ITT Initiative: Avoiding emissions by keeping petroleum underground

As large petroleum reserves were confirmed in the Yasuni National Park of Ecuador, one of the most biodiverse hotspots in the Amazonian region and the world, Ecuador has proposed indefinitely keeping almost a billion barrels of petroleum underground, if the international community contributes with at least half of the opportunity cost of exploiting the petroleum. An internationally administrated fund with UN participation will be created and invested exclusively in conservation, renewable energy and social development. The proposal has already received significant support from international institutions, European governments, NGOs and personalities worldwide. Ecuador, a less developed country in South America, remains dependent of petroleum exports, which have not led to economic growth and diversification, did not reduce poverty and inequality, and had strong environmental impacts. Given the limits of petroleum reserves, the Yasuni-ITT initiative opens alternatives towards sustainable development in the country, allowing a transition towards a post-petroleum society, and promoting ways towards human development within the limits of biodiversity conservation. This proposal, which can be replicated by other developing countries with fossil fuel reserves in biodiverse areas, opens new alternatives for post-Kyoto negotiations with binding commitments for several developing countries, and simultaneously addresses global warming, biodiversity loss, and poverty. In addition, it addresses national and international environmental justice. The article summarizes the proposal within the post-Kyoto context, and discusses relevant topics, such as its significance for Ecuador's development performance and future, as well as national and international environmental justice. (C) 2009 International Energy Initiative. Published by Elsevier Inc. All rights reserved.