Related Articles
Forward article link
Share PDF with colleagues

Ecuador abandons deal to keep Amazon oil in the ground

Ecuador’s president Rafael Correa said this week that his government is pulling out of a deal to keep oilfields in an environmentally sensitive swathe of the Amazon untouched

In a nationally televised speech announcing his decision to scrap the Yasuní-ITT initiative, Correa lashed out at rich countries for failing to provide cash promised in 2007 to fund the programme. “Let no one be fooled, the fundamental reason this failed is because the world is hypocritical,” Correa said. “Unfortunately, we have to say that the world failed us.” Concern that the programme was in jeopardy had been mounting in recent months among the initiative’s backers as funding failed to materialise. The UN-backed Yasuní-ITT initiative was a pioneering climate change agreement in which governments and environmental groups from around the world said they would pay Opec member Ecuador not

Also in this section
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors
China loans make Venezuela’s outlook more precarious
12 July 2018
Patience is wearing thin among both China and other trading partners