Commitment to Action

Leaving Ecuador's Oil in the Ground

Commitment by

Wallace Global Fund

In 2007, the Wallace Global Fund committed to provide concrete tools that will advance the innovative proposal from the Ecuadorian government aimed at simultaneously preventing two separate causes of global climate change: tropical deforestation and oil extraction. The Yasuni-ITT Initiative is an unprecedented proposal to forgo drilling the estimated 846 million barrels of crude in the Ishpingo Tambococha Tiputini (ITT) oil field. The ITT field is located beneath world-renowned Yasuni National Park, one of the most important biological reserves in the world, and home to indigenous peoples living in isolation. Once executed, the proposal will avoid the emission of 407 million metric tons of CO2 that would result from burning the extracted fossil fuels.
As of April 2011, $36 million has been committed to finance the project, which includes contributions by Chile, Spain, Belgium, and other governments. The Government of Ecuador established a Secretariat to oversee the fundraising and implementation of ITT Initiative. In addition, the project has garnered a high-level of media coverage, resulting in widespread support.

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Overview
Summary

Commitment

Leaving Ecuador's Oil in the Ground

Launched

2007

Est. Duration

1 year

Estimated Total Value

$230,000

Region

Latin America & Caribbean

Countries

ECUADOR

Commitment by

Wallace Global Fund

Partner(s) of the Commitment Maker(s)

Charles Stewart Mott Foundation, University of Maryland, The Pachamama Alliance, World Resources Institute, Amazon Watch, Acción Ecológica, Earth Economics