The Yasuni-ITT Initiative: Dreaming of Keeping Oil in the Soil

Abstract

In June 2007, the Yasuní-ITT proposal was drafted by the Ecuadorian government in order to secure funds for the conservation of the Yasuní National Park, and to protect the indigenous groups still living in voluntary isolation in the park. The government offered to keep approximately 850 million barrels of oil, located in the ITT-blocks in the east of the Yasuní National Park, in the ground in return for financial support from the international community. The aim of this study is to determine whether such a proposal will be able to serve as a successful alternative to current conservation initiatives. This research analyzes the interests of the various actors involved; the Ecuadorian government and potential donor countries, as well as environmental NGOs and the petroleum industry. It argues that the likelihood of failure of this particular proposal is currently larger than the chance of success and explains the reasons why. Finally, the research addresses the broader question of whether similar plans can be implemented in other countries and could hence be a potential next step in addressing climate change.