Yasuni-ITT Initiative: A big idea from a small country

Yasuni-ITT Initiative: A big idea from a small country

This document describes the Yasuni-ITT Initiative from the Government of Ecuador, that proposes the establishment of a Trust Fund in order to maintain the crude oil in the ITT field indefinitely underground, in order to put social and environmental values first, and was exploring other ways to benefit the country economically. If the international community cooperates with Ecuador by contributing at least half of the revenue that the State would receive by extracting the oil, the State would initially assume up to half of the opportunity cost of keeping the oil in the ground.The fund’s capital will be invested in renewable energy projects in Ecuador which can promise stable and safe returns, taking advantage of the country’s vast hydroelectric, geothermal, wind and solar potential, in order to overcome its current dependence on fossil fuels, which currently account for 47% of all power generation.

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