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Yasuni ITT Initiative
 

Yasuni ITT Initiative

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Ecuador President Rafael Correa proposed the Yasuni-ITT Initiative in the summer of 2007. It is an effort to leave the oil under Yasuni National Park untapped to protect the rainforest, its species ...

Ecuador President Rafael Correa proposed the Yasuni-ITT Initiative in the summer of 2007. It is an effort to leave the oil under Yasuni National Park untapped to protect the rainforest, its species and its inhabitants. For more information visit http://www.wri.org/stories/2009/01/protect-forests-ecuador-proposes-leaving-oil-reserves-untapped

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    Yasuni ITT Initiative Yasuni ITT Initiative Presentation Transcript

    •  
    • GLOBAL WARMING: THE CHALLENGE FOR SURVIVAL OF HUMANITY
      • Global Warming is a Global Issue and each country adds to the problem in its own way.
      • Developed and emerging economy countries are responsible for massive Greenhouse Gas (GHG) emissions.
      • Developing countries contribute to the problem through the destruction of their renewable natural resources.
    • ECUADOR TOWARDS A NEW SUSTAINABLE ECONOMIC MODEL
      • Ecuador is taking the initial steps to move from an oil based economy to a new energy model based on renewable natural resources and to a sustainable management of its biodiversity.
    • THE ECUADORIAN PROPOSAL: COMITMENT
      • Ecuador is committed to leave underground 20% of it’s proven oil reserves (850 million barrels), located on the ITT oil fields, within the Yasuní National Park.
      • This will prevent the emission of 410 million metric tons of CO 2 into the planets atmosphere.
    • STRATEGIC OBJECTIVE
      • Create a financial instrument to support Ecuador’s long term sustainability goals
      • By providing an economic value to its biodiversity and other natural resources, Ecuador proposes an innovative model to address its development challenges
      • The interests of funds obtained through this mechanism, will be used in pre-determined projects of the National Sustainable Development Agenda.
      • An international Trust Fund, created for this purpose, will manage the financial resources generated by the Initiative
      • Major contributors will be represented in the Trust Fund Board.
      INVESTMENT AND CONTROL MECHANISMS
    • EMISSION OF CGYs
      • Ecuador will issue Yasuní Guarantee Certificates ( in Spanish CGYs), which will be considered as equivalent to carbon bonds by the Annex I countries of the Kyoto Protocol (KP) willing to support the Initiative.
      • Private companies of KP Annex I countries will be able to buy the CGYs under the European Trading System (ETS) mechanism.
      • These certificates will be used as GHG emissions allowances.
      USE OF THE CGYs
    • OTHER SOURCES OF FUNDING
      • Donations and debt swaps from countries that support the Initiative.
      • Private sector donations and individual contributions of global citizens.
    • NUMBERS THAT MAKE THE YASUNI INITIATIVE FEASIBLE (October 08)
      • 850 million barrels will be left underground, which, valued at the referential West Texas Intermediate (WTI) price of US$ 75, gives a Net Present Value (NPV) of US$11,600 million .
      • The non combustion of the ITT oil reduces potential emissions of 410 million metric tons of CO 2 which at US$29.00 per ton (current price ETS/UE), equals US$11,900 million .
      • Thus, the amount saved in CO 2 emissions has an equivalent value to that of the oil reserves’ NPV.
    • NUMBERS THAT MAKE THE YASUNI INITIATIVE FEASIBLE (December 08)
      • 850 million barrels will be left underground, which, valued at the referential West Texas Intermediate (WTI) price of US$ 49,00 gives a Net Present Value (NPV) of US$3,300 million .
      • The non combustion of the ITT oil reduces potential emissions of 410 million metric tons of CO 2 which at US$19,50 per ton (current price ETS/UE), equals US$ 8,000 million .
      • Thus, the value for the amount saved in CO 2 emissions more than doubles the oil reserve value.
    • CARBON BONDS PRICE VARIATION
    • STAGES OF THE YASUNI INITIATIVE
      • CGYs will be sold in a 10 year timeframe.
      • CGYs’ value will be that of the carbon market.
      • Total CGYs emissions will be subject to NPV of the oil left underground in the ITT field.
    • PROJECTS OF THE SUSTAINABLE DEVELOPMENT AGENDA
      • The effective protection of 40 Natural Areas (12 million acres) that hold the largest biological diversity in the world, the last two indigenous peoples groups in voluntary isolation and 13 million acres of Indian and Afro-Ecuadorian communities. (Totaling: 38% of Ecuadorian territory).
      1.
      • Natural recovery, reforestation and aforestation of 6 million acres of forest, preventing vast areas of monocrops, respecting the lands owned by communities and farmers, ensuring that they become the major beneficiaries of this project.
      PROJECTS OF THE SUSTAINABLE DEVELOPMENT AGENDA 2.
      • Changing Ecuador's energy supply matrix: reduction of fossil fuels for electric generation, replacing them with renewable energy production: hydro, geothermal, wind, tidal power and solar.
      PROJECTS OF THE SUSTAINABLE DEVELOPMENT AGENDA 3.
      • Change in the energy demand matrix, offering subsidies for home and industry sustainable energy technology.
      PROJECTS OF THE SUTAINABLE DEVELOPMENT AGENDA 4.
      • Financing initiatives for sustainable development
      • through alternative use of renewable resources, ensuring integrated management of ecosystems, reinforcing education and capacity building.
      PROJECTS OF THE SUSTAINABLE DEVELOPMENT AGENDA 5.
      • This is a proposal for the world to follow, that will allow developing countries to substitute non-renewable natural resources in favor of the conservation of invaluable biological assets.
      • The revenues of the trust fund will be invested in in long term social and environmental objectives.
      1. 2. ADVANTAGES OF THE YASUNI INITIATIVE
      • Protection of 25 million acres of the most diverse forests of the world, that represents world conservation record.
      • It offers platform for other countries of similar economic and environmental conditions to reduce their GHG emissions and to actively participate in common efforts to avoid global warming.
      3. 4. ADVANTAGES OF THE YASUNI INITIATIVE
      • It prevents, in the long term, an emission of 410 million metric tons of carbon to the Planet’s atmosphere.
      • It supports the will of two communities to live in voluntary isolation within the Yasuní National Park: the Tagaeri and the Taromenane.
      ADVANTAGES OF THE YASUNI INITIATIVE 5. 6.
      • Guarantees access to clean technology and financial resources to a developing country, setting an example for other countries not yet subject to Annex I.
      • Provides a new mechanism for post Bali negotiations.
      7. 8. ADVANTAGES OF THE YASUNI INITIATIVE
      • Creates incentives for collaboration between industrialized and developing countries where Certificates of Reduction of Emission (CREs) and Reduction of Emissions due to Deforestation and Degradation (REDDs) can be combined.
      ADVANTAGES OF THE YASUNI INITIATIVE 9.
    • WHAT DOES THE INITIATIVE REQUIRE?
        • The decision of a pioneer group of Annex I countries to support this creative Initiative, so that the CGYs can be introduced in the carbon market.
    • PRESIDENT’S COMMISSION FOR YASUNI-ITT INITIATIVE CONTACTS
      • ROQUE SEVILLA (CHAIR)
      • MINISTER OF FOREIGN AFFAIRS
      • FRANCISCO CARRION
      • YOLANDA KAKABADSE
      • SECRETARIAT – GALO ARMAS
      For more information contact: [email_address]
    •