Tuesday, May 26, 2009

Unique Carbon-Credit Plan to Leave Oil Untapped in Ecuador

Beneath the tropical jungles of northeastern Ecuador lies a vast pool of oil, representing one-fifth of the small Andean country's petroleum reserves and potentially billions of dollars in revenue. Directly above that pool, the Yasuni National Park is home to a diversity of wildlife that is among the richest on the planet, Ecuadoran and U.S. biologists say.

Faced with these two treasures, Ecuador is pursuing an unusual plan to reap the oil profits without actually drilling for oil.

The idea envisions wealthy countries effectively paying Ecuador to leave its oil -- and the carbon dioxide that would result from using it -- in the ground. Environmentalists hail the proposal as a potentially precedent-setting approach to conservation in developing countries.

Read more in the Washington Post...

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