Yasuní-ITT

1. Yasuní-ITT Initiative: Launched in 2007 by Ecuador's then-President Rafael Correa, 

   the initiative sought to keep nearly 850 million barrels of crude oil in the 

   Ishpingo-Tambococha-Tiputini (ITT) block within Yasuní National Park untapped. 

   The goal was to preserve the park's biodiversity and protect Indigenous territories. 

   Ecuador requested $3.5 billion from the international community to offset the loss 

   of oil revenue and to invest in renewable energy. However, the initiative received 

   only a small fraction of the needed funds and was terminated in 2013, leading to 

   oil extraction in the ITT block. (Sources: [Ecuador Eco Adventure][112], [The McGill Daily][120])

2. Environmental and Economic Impacts: Oil extraction in Yasuní has generated 

   significant revenue for Ecuador but also led to deforestation and threats to 

   Indigenous communities and biodiversity. The park is one of the most biodiverse 

   areas globally, hosting numerous species and isolated Indigenous groups like the 

   Tagaeri and Taromenane. (Source: [news.mongabay.com][131], [132])

3. Controversy and Opposition: The decision to drill for oil has faced strong 

   opposition from environmentalists, Indigenous groups, and concerned citizens. 

   While some Indigenous communities supported the oil industry for the development 

   it brought, others opposed it due to environmental risks. (Source: [news.mongabay.com][133])

4. 2023 Referendum: A historic referendum took place in Ecuador in 2023, where the 

   electorate voted to suspend oil drilling in Yasuní National Park. This decision 

   was seen as a revolutionary moment in Latin American history, obliging the state-owned 

   oil company, Petroecuador, to cease operations within a year. The outcome of the 

   referendum was influenced by grassroots campaigns led by organizations like Yasunidos. 

   Source: [The McGill Daily][120], [news.mongabay.com][136], [137])

5. Economic Considerations: The suspension of oil drilling is expected to have a 

   significant economic impact on Ecuador. Petroecuador estimated a loss of nearly 

   $1.2 billion in income and projected $14 billion in losses over the next 20 years, 

   in addition to $1.9 billion in oil infrastructure investments. (Source: [news.mongabay.com][138])

The Yasuní-ITT Initiative and the subsequent referendum highlight the complex balance 

between economic development, environmental conservation, and Indigenous rights. The 

initiative's history and outcome demonstrate a significant shift in prioritizing 

environmental protection over resource exploitation in Ecuador.

Sources:

[112]: https://ecuadorecoadventure.com/2023/amazon/what-is-the-difference-between-cuyabeno-and-yasuni/

[113]: https://ecuadorecoadventure.com/2023/amazon/what-is-the-difference-between-cuyabeno-and-yasuni/

[114]: https://ecuadorecoadventure.com/2023/amazon/what-is-the-difference-between-cuyabeno-and-yasuni/

[120]: https://www.mcgilldaily.com/2023/10/ecuadors-yasuni-referendum/

[121]: https://www.mcgilldaily.com/2023/10/ecuadors-yasuni-referendum/

[122]: https://www.mcgilldaily.com/2023/10/ecuadors-yasuni-referendum/

[123]: https://www.mcgilldaily.com/2023/10/ecuadors-yasuni-referendum/

[129]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[130]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[131]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[132]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[133]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[134]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[135]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[136]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[137]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[138]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/

[139]: https://news.mongabay.com/2023/08/ecuador-referendum-halts-oil-extraction-in-yasuni-national-park/