Ecuador asks Europe for billions to help preserve the Amazon

The Amazon Rainforest, the largest on earth, covers 40% of South America and encompasses parts of nine countries. It is rich in biodiversity, and includes hundreds of indigenous groups. One of these indigenous groups, the Tageri, are especially threatened by the oil drilling and development in Ecuador. Ecuador's president Rafael Correa is proposing that Europe pay Ecuador 3 billion to halt drilling in the oil-rich Yasuni National Park in the Amazon region of Ecuador.

"This is the first time the government of a major oil-producing country has voluntarily offered to forego lucrative oil extraction in order to help combat climate change," said Dr. Matt Finer, staff scientist for Save America's Forests and author of a study on Correa's initiative.

Drilling would be blocked in three oil fields in Yasuni National Park, which was declared a biosphere reserve by the United Nations and is home to many indigenous groups. In Ecuador, drilling is allowed in national parks if the president gives approval because of national interests. Ecuador depends on oil for a third of its national budget and the three oil fields in Yasuni represent 20 percent of its crude oil reserves.

Correa is asking the international community to come forward and also take responsibility for preserving the world's natural resources by covering the cost of income that Ecuador would lose for not going forward with drilling. Companies like Repsol and Texaco (Chevron) are keys players in drilling for oil in the Ecuadorian region of the Amazon.

Online Sources: Associated Press, Mongabay.com, The Wall Street Journal, Amnesty International USA
Photo: Mongabay.com