Pros and cons of Ecuadorian carbon offset proposal; is avoidance the same value as CO2 reduction

In Ecuador, Biotropica published an article by scientists from University of Maryland, the World Resources Institute and Save America’s Forests hailing the Yasuní-ITT Initiative , which would sell offset certificates, linked to the value of the unreleased carbon, to provide alternative revenue to that which would come from exploiting the oil reserves in Yasuní National Park.

The writers suggest that  forgoing extraction of oil and gas reserves in remote or sensitive places could be an important piece to a larger global strategy designed to limit carbon emissions and that this Initiative “is the first real offer to do just that.”

According to estimates by Ecuadorian official , avoiding the exploitation of the ITT oil fields, will keep 410 million metric tons of CO2 out of the atmosphere. Under the proposal, Ecuador seeks $350 million for each of the next 10 years in alternative revenue. Ecuador’s intent is to sell certificates linked to the value of the unreleased carbon. However, critics say that the carbon offsets would not reduce global CO2 if traded on the global carbon market. Germany is reported to be considering a $50-$70 million donation towards the project.

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