Te Yasuni National Park in Ecuador is generally considered to be one of the richest biodiversity ‘hot spots’ in the world. It is also rich in natural resources, including oil.
In 2007 Ecuador proposed a plan under which it would stop oil exploitation in the region if sufficient funds could be raised to compensate for lost oil revenues; the deal called for a compensa- tion payment of 50 per cent of an estimated US$7.6 billion in lost oil revenues.
According to the UN, by November 2011 US$116 million had been raised – enough to temporarily stop oil exploitation in what is described as a ‘core’ area of Amazonian rainforest. Funds were raised from a wide variety of sources – termed ‘crowdfunding’. Regional governments in France and Belgium contributed while countries which pledged support included Chile, Colombia, Peru, Australia, Spain, Georgia and Turkey. A New York invest- ment banker donated her annual salary and several celebrities also contributed.
Supporters of the scheme – a form of national scale PES – say it could be a model for the way the world pays to protect important places. Te money raised is guaranteed to be used only for nature protection and renewable energy projects. Te challenge now is to broaden the scheme, ensuring the conservation of a wide range of vital ecosystem services while at the same time guaran- teeing ongoing development revenue for the country.
Te biological diversity of the Yasuní area has astonished scien- tists. One six-square-kilometre patch of the park was found to have 47 amphibian and reptile species, 550 bird, 200 mammal and more species of bats and insects than anywhere in the west- ern hemisphere. Te Yasuni region is also home to as yet uncon- tacted indigenous tribes.