$300 Million Raised by Ecuador to Leave the Oil in the Soil

Carol Foil/CC BY-SA 2.0

Oil may not actually reside in the soil, unless you count rock as soil or intend soil as ground more broadly, but it is a catchy turn of phrase. And it's what the Yasuni project intends to do, by raising money to protect the Ishpingo-Tambococha-Tiputini part of Yasuni national park in Ecuador.

Let's leave aside criticisms of project right now and focus instead on the latest financing success.

The Guardian reports that so far $300 million has been promised, $64 million of which has actually been deposited, the rest being pledges at this point.

The money is coming from a diverse range of sources. Germany has pledged $50 million over three years. Smaller amounts, in the hundreds of thousands of dollar range, from a variety of nations. There's a single donation of $50,000 from a musician in Puerto Rico.

The goal: Raise $3.6 billion over 13 years, to protect one of the most biodiverse areas of the planet, avoid several million tons of carbon emissions, as well as protect the lives and livelihoods of the indigenous people who make the area their home.

Tags: Ecuador | Oil