“The world’s first really green oil deal”
While the world’s industrialised countries are building complex carbon markets to enable them to carry on polluting, Ecuador has come up with a much simpler idea for mitigating climate change: leave the oil underground. It is promising to lock up as much as a fifth of its oil reserves indefinitely, providing rich nations pay out at least half the market value of the oil – some $3.6bn – as compensation.
The trail-blazing proposal was first floated in 2007, but it took a step towards reality last week when the UN Development Programme signed an agreement with the Ecuadorean government to be the independent administrator for the project’s trust fund. The accord makes Ecuador the only country in the world offering to leave lucrative oil reserves untapped in an attempt to slow climate change.
Full article: http://www.independent.co.uk/environment/climate-change/the-worlds-first-really-green-oil-deal-2046512.html