The Yasuní-itt Initiative: Protecting Biodiversity Through Economic Development and International Collaboration
Open Access
Author:
Digiulio, Laura Ann
Area of Honors:
Community, Environment, and Development
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
Anouk Patel, Thesis Supervisor Theodore Roberts Alter, Thesis Honors Advisor
Keywords:
Ecuador Amazon Oriente Yasuni oil extraction biodiversity Correa Waorani indigenous species ITT
Abstract:
Within a part of eastern Ecuador called the “Oriente”, which is home to the Yasuní National Park in the Amazon Rainforest, lay the Ishpingo, Tampococha, and Tiputini (ITT) oil fields. These fields hold not only vast oil reserves, but also a unique opportunity for environmental justice and change in natural resource economics and policy. The Ecuadorian government has been faced with a choice: drill for the oil and endanger precious ecosystems, or forego the oil revenue and preserve this natural gem. However, Ecuadorian President Rafael Correa has proposed a potential third option, called the Yasuní-ITT Initiative. This endeavor would require international reimbursement to Ecuador for half of the revenue that will be foregone if the oil is left in the ground, but would allow for the preservation of a part of the rainforest within the Yasuní National Park. The project has already experienced some success, but will require enhanced and ongoing support into the future. This paper will explore the economic consequences of the Yasuní-ITT Initiative in the context of the Kyoto Protocol and the “resource curse” experienced in some developing countries, showing that the societal benefits of supporting the Yasuní-ITT Initiative likely outweigh the costs.
