| The best things in life do come in small packages, and | | | | greenhouse gases to the atmosphere. The G1 bonds |
| such is the case of an idea that came from a little | | | | are given to companies with environment generating |
| package: a country called Ecuador. As some may | | | | practices, while the G2 bonds are given to the |
| already know, Ecuador's economy depends directly on | | | | companies that reduce their deforestation and pollution |
| oil resources whose gains are then invested on health, | | | | levels. These bonds are placed into the Carbon Market |
| education and housing. This is the reason why, even | | | | so that the companies with environment polluting |
| though the planet is experiencing a climate crisis, the | | | | practices can buy them. Depending on the amount of |
| Ecuadorian and worldwide oil industry are expanding to | | | | bonds they buy, these companies are allowed to |
| new frontiers. | | | | pollute the environment. |
| One of these oil industry's new horizon is located in the | | | | All these been said, Ecuador's Yasuni ITT Proyect is |
| heart of the Amazon basin: the Yasuni Forest. | | | | proposing the European Union to place into the Carbon |
| Declared a World Biosphere Reserve by UNESCO in | | | | Market bonds called "Yasuni Certificates of Guaranty |
| 1999, Yasuni is the most biologically diverse place on | | | | (CGY)", that would be Third Generation bonds given to |
| earth, with 13.000 species of mammals, amphibious, | | | | countries that avoid or prevent environmental pollution, |
| reptiles, birds and fish; and more than 100.000 species | | | | something that would keep millions of tons of COa,, |
| of insects. Just one hectare of this forest has as | | | | from being emitted to the atmosphere. The money |
| many as 655 tree species, more than what the United | | | | raised from these "green bonds" would be placed into |
| States and Canada combined have. | | | | an international trust foundation to support local |
| The Yasuni forest is also home to some of the last | | | | environmental and social development programs that |
| indigenous people still living in voluntary isolation. These | | | | would help Ecuador move towards a sustainable |
| people are now waiting for a miracle for the | | | | economy, while preserving the rain-forest and |
| deforestation to stop, since they happen to live above | | | | recognizing the rights of the indigenous communities in |
| Ecuador's largest undeveloped oil reserve: the | | | | Yasuni. This preventive model is the Ecuadorian's |
| "Ishpingo-Tambococha-Tiputini" (ITT) Oil Block. This | | | | major initiative to become supporters and contributors |
| block contains 20% of all the oil reserves in Ecuador | | | | to the preservation of the planet. |
| (850 million barrels), representing 407 million metric tons | | | | From 2007 until today, this historical initiative has been |
| of COa,, to the atmosphere, a 7 billion dollars gain and | | | | supported by the Medicine laureate Rita Levi-Montalcini |
| an extra 7.2 billion dollar for the carbon market. | | | | and several Nobel Peace Prices such as Muhamad |
| Two decades ago, the Yasuni forest got considerably | | | | Yunus, Desmond Tutu, Rigoberta Menchu; as well as |
| reduced from 1.476.000 hectares to only 625.000 due | | | | by various countries such as France, Germany, |
| to the pressure of the oil companies, so the Ecuador | | | | Norway, Spain and Switzerland. If the plan succeeds, it |
| government is facing now a huge dilemma: should it | | | | could even become a worldwide accepted model. |
| keep deforesting the reserve and drill for the oil, which | | | | With the current Kyoto Protocol model resulting in |
| would provide the country with the economic sources | | | | global emissions 40 percent above the ones registered |
| it needs to develop; or should it help preserve the | | | | in 1990 (the basis year), this is an alternative that has |
| environment by not deforesting the world's biggest | | | | already being considered as effective not only for |
| ecological reserve? Looking for the best possible | | | | Ecuador, but for countries with similar conditions such |
| solution, the Ecuadorian government came up with a | | | | as Bolivia, Brazil, Indonesia, Malaysia, Peru, the |
| revolutionary idea and started to contribute to this race | | | | Philippines, the Republic of Congo and Venezuela. For |
| for life: "The Yasuni ITT Project". | | | | Ecuador's plan to succeed, the international community |
| The idea is quite simple: The government will leave the | | | | has to get engaged with the initiative in a significant |
| Yasuni oil underground and request, as a | | | | way. Will the world respond? Perhaps the following |
| compensation for having avoided environmental | | | | letter, written by a Yasuni native to the former |
| pollution, a 50% of what the Country would have | | | | Ecuadorian president, back in 1995, could motivate the |
| gained if the area had been exploited ($350 million a | | | | countries provide an answer: |
| year) for a period of 10 years, giving up the rest of the | | | | "What will happen when our children grow up? |
| gains. | | | | Where will they live when they are older? |
| To better understand the foundations of this project, | | | | Our rivers are peaceful and in our forests we find the |
| it's essential to know that there is something called the | | | | food, the medicines and everything that we need. |
| "Carbon Market", regulated by the Kyoto Protocol. The | | | | What will happen when the oil companies finish |
| program has created First and Second Generation | | | | destroying what we have? |
| bonds (G1 and G2) to reduce the emission of | | | | |