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Ecuador's Yasuní-ITT Initiative: The old and new values of petroleum

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  • Rival, Laura

Abstract

This article examines the financial mechanism, currently known as the Yasuní-ITT Initiative, by which Ecuador would be compensated for not exploiting the reserves of heavy crude lying underneath the Yasuní National Park, a Biosphere Reserve for Humanity located in the Amazon Region. An analysis of the ways in which the proposal is being debated is offered to illustrate the unique problems posed by the incorporation of natural capital in economic decisions. A focus on the creative measurements and calculations offered by a range of social actors highlights the relevance of morally framed evaluations in defining the future economic use of the park. I show how an anthropological perspective may complement ecological economics and various political and economic approaches to development policy, and enrich our understanding of the specific challenges posed by the design of economic instruments for the protection of ecological wealth in Latin American countries poor in financial capital, but rich in biological diversity.

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  • Rival, Laura, 2010. "Ecuador's Yasuní-ITT Initiative: The old and new values of petroleum," Ecological Economics, Elsevier, vol. 70(2), pages 358-365, December.
    • Handle: RePEc:eee:ecolec:v:70:y:2010:i:2:p:358-365
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    Cited by:

    1. Anguelovski, Isabelle & Martínez Alier, Joan, 2014. "The ‘Environmentalism of the Poor’ revisited: Territory and place in disconnected glocal struggles," Ecological Economics, Elsevier, vol. 102(C), pages 167-176.
    2. Michel Damian, 2013. "Disparue entre les sables du Qatar et l'Amazonie équatorienne. La proposition Daly-Correa de gel du pétrole en terre (Initiative Yasuni-ITT)," Working Papers halshs-00854211, HAL.
    3. Vallejo, María Cristina & Burbano, Rafael & Falconí, Fander & Larrea, Carlos, 2015. "Leaving oil underground in Ecuador: The Yasuní-ITT initiative from a multi-criteria perspective," Ecological Economics, Elsevier, vol. 109(C), pages 175-185.
    4. Mauerhofer, Volker, 2019. "An introduction and overview on law, politics and governance: Institutions, organizations and procedures for Ecological Economics," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    5. Villalba-Eguiluz, C. Unai & Etxano, Iker, 2017. "Buen Vivir vs Development (II): The Limits of (Neo-)Extractivism," Ecological Economics, Elsevier, vol. 138(C), pages 1-11.
    6. Francesco Facchinelli & Salvatore Eugenio Pappalardo & Daniele Codato & Alberto Diantini & Giuseppe Della Fera & Edoardo Crescini & Massimo De Marchi, 2019. "Unburnable and Unleakable Carbon in Western Amazon: Using VIIRS Nightfire Data to Map Gas Flaring and Policy Compliance in the Yasuní Biosphere Reserve," Sustainability, MDPI, vol. 12(1), pages 1-26, December.
    7. Farrell, Katharine N., 2014. "Intellectual mercantilism and franchise equity: A critical study of the ecological political economy of international payments for ecosystem services," Ecological Economics, Elsevier, vol. 102(C), pages 137-146.
    8. Fisher, Brendan & Edwards, David P. & Wilcove, David S., 2014. "Logging and conservation: Economic impacts of the stocking rates and prices of commercial timber species," Forest Policy and Economics, Elsevier, vol. 38(C), pages 65-71.
    9. Murat Arsel & Natalia Avila Angel, 2012. "“Stating†Nature’s Role in Ecuadorian Development," Journal of Developing Societies, , vol. 28(2), pages 203-227, June.
    10. Sovacool, Benjamin K. & Scarpaci, Joseph, 2016. "Energy justice and the contested petroleum politics of stranded assets: Policy insights from the Yasuní-ITT Initiative in Ecuador," Energy Policy, Elsevier, vol. 95(C), pages 158-171.
    11. Santiago Bucaram & Mario Fernandez & Diego Grijalva, 2016. "Sell the oil deposits! A financial proposal to keep the oil underground in the Yasuni National Park, Ecuador," WIDER Working Paper Series 014, World Institute for Development Economic Research (UNU-WIDER).
    12. Escribano, Gonzalo, 2013. "Ecuador's energy policy mix: Development versus conservation and nationalism with Chinese loans," Energy Policy, Elsevier, vol. 57(C), pages 152-159.

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