Ecuador proposes new PA — if rich countries pay

Ecuador, a member of OPEC, is willing to preserve a tropical forest with reserves of 900 million barrels of oil if rich countries pay it about $360 million a year to keep the petroleum in the ground. 

Under the proposal, the international community would pay Ecuador an annual fee equal to about half of the total cash it would generate from selling the crude. Leaving the oil under the Yasani rainforest would prevent the release of up to 410 million tons of carbon.

 

"We have to attack the cause of climate change, which is the elevated use of energy by industrialized countries," Ecuador's Foreign Minister Fander Falconi told Reuters.

 

"Climate change has a very clear origin ... high energy use by rich countries," he said.

 

Some developing countries at a U.N. climate change summit on Tuesday said rich countries should pay for damage they have caused and compensate poor countries for taking steps to prevent carbon emissions.

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