German Parliament Supports ITT Environmental Initiative of Ecuador

By Dialogo
June 19, 2009

A vision becomes reality. Ecuador annonced a plan, the German parliament reacted and supported the idea. Now we need money to finance the rescue. Germany will be the first to give money - ITT needs more countries to spent money for the rescue of this world treasure. Berlin, June 18 (EFE).- Today the Minister of Foreign Affairs of Equador, Fander Falconí, received the support from members of committees on Foreign Affairs, Environment and Cooperation, and Development of the German Parliament, to whom he presented the ITT environmental initiative of his government. The project Ishpingo-Tambaococha-Tiputini (ITT) seeks not to develop a large oilfield in the Amazon in exchange for financial compensation from the international community aimed at environmental preservation and social development of Ecuador. The German social democratic MEP Sascha Raabe emphasised the “absolute commitment" of all the political forces of the German Parliament and the government of Chancellor Angela Merkel to the Ecuadorian proposal, and expressed his desire for this project “to be a success.” The ITT initiative intends to preserve about 900 millions barrels of crude oil in the Amazon areas of Ishpingo, Tambococha and Tiputuni, where the Yasuní National Park, one of the main biodiversity places in the word, is located. The project seeks to avoid the production of 407 million tons of carbon dioxide (CO2), by not developing the oil field. Falconí qualified the proposal as "promising and pioneering," and he added that it "marks a different rhythm” in the management of international relations and in the fight against global warming. According to his explanations, the initiative recognizes for the first time “the right of nature to be respected. We appeal to the world to be aware of the planet’s destruction." In order to promote this awareness and protection of the Amazon, Ecuador will organize on September 29 a concert in Madrid, that is expected to attract 300,000 people, and which will be broadcast live on big screens in New York, Buenos Aires, Johannesburg, London, Sydney and Tokyo. Among the artists, music bands Radiohead and Green Day are confirmed to participate. The chairman of the board of the ITT initiative, Roque Sevilla, explained that Ecuador will issue "Yasuní Guarantee Certificates (CGY)," the guarantee of oil to remain under the soil” and these certificates will be available to governments, international institutions, companies, foundations and private entrepreneurs. Taking the system of “carbon credit” from the Kyoto Protocol as an example, Sevilla remarked that the cost of stopping 407 million tons of CO2 emissions is worth 7,000 million dollars. Quito proposes the funds be to obtained to be deposited in a mutual fund administrated by an international organization such as the United Nations, the Andean Development Corporation (CAF) or the Inter-American Development Bank (IDB). Said funds will be used to protect and preserve 40 national parks and native reserves in the country, which cover 38 percent of the territory. Besides, it is expected to be used to reforest a million hectares, changing the energy matrix of the country, and financing the fight against poverty in the places where the project will take place. During his visit to Berlin, Falconí signed the Constitutive Agreement of the International Renewable Energy Agency (Irena). This organization will encourage the use of renewable energy through the assessment of energy policies, the search for funding, the improvement of regulations and promotion of development and transfer of new technologies.
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