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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

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