Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

World

Ecuadorians vote to ban oil drilling in the Amazon in ‘historic’ referendum

by August 24, 2023
August 24, 2023
Ecuadorians vote to ban oil drilling in the Amazon in ‘historic’ referendum

Ecuadorians have voted to ban oil drilling in one of the most biodiverse places on the planet, the Yasuní National Park, situated in the Amazon rainforest.

With more than 92% of the votes counted, nearly 59% of voters rejected the oil drilling while 41% voted in favor, according to the National Electoral Council of Ecuador (CNE) on Monday morning.

The referendum comes as the impacts of human-caused climate change accelerate, as the world continues to burn fossil fuels. Last month was the planet’s hottest June on record, and some scientists warn that the Amazon is heading towards a dangerous tipping point.

The Yasuní National Park park spans around 1 million hectares (2.5 million acres) at the meeting point of the Amazon, the Andes and the Equator. Just one hectare of Yasuní land supposedly contains more animal species than the whole of Europe and more tree species than exist in all of North America.

But underneath the park lies Ecuador’s largest reserve of crude oil.

In 2007, President Rafael Correa proposed that the international community give Ecuador $3.6 billion to leave Yasuní undisturbed. But the plan failed.

In 2016, the Ecuadorian state oil company began drilling in Block 43 – around 0.01% of the National Park – which today produces more than 55,000 barrels a day, amounting to around 12% of Ecuador’s oil production.

Yasunidos, an environmental collective, has been pushing for the vote to ban drilling in the park for a decade. In May they and other groups secured a victory when the country’s constitutional court authorized the vote to be included on the ballot of the presidential election held on August 20.

Some politicians, including energy minister Fernando Santos, have argued that a ban it would have negative impacts on Ecuador’s economy.

“It could cause huge damage to the country,” Santos told local radio in June, according to a Reuters report, estimating the country could lose $1.2 billion in revenues. He also denied there has been environmental harm from the drilling.

But environmental and Indigenous groups argued that Ecuador needs to move away from fossil fuels and protect the Amazon, saying that other economic activities such as eco-tourism could help fill the gap.

In a post on X (the platform formerly known as Twitter), Yasunidos called the result “a historic victory for Ecuador and for the planet!”

Mitch Anderson, executive director of the non-profit Amazon Frontlines, said in a statement: “In one fell swoop, the Ecuadorian people struck a mighty blow to the oil industry, protected one of the most biodiverse forests in the Amazon, and showed the world what grassroots climate action really looks like.”

But Fernando L. Benalcazar, a senior consultant at APD Proyectos, which works with the extractive industry, said that Ecuadorians had voted to ban drilling “without understanding the implications for the economic and social development of Ecuador.”

The referendum took place alongside the presidential and legislative elections on Sunday.

Luisa González, of the Movimiento Revolución Ciudadana party, took the lead in the first round of the elections, which have been marred by political assassinations and violence driven by criminal organizations vying to control the country’s drug trafficking routes.

González will face second-place finisher Daniel Noboa in a run-off election in October as no candidate won more than 50% of the ballot.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
Saudi guards killed hundreds of migrants crossing border from Yemen, rights group says
next post
The ‘Norway of Arabia’ is home to the world’s only desert fjords

Related Posts

Diplomatic spat grows between Ecuador and Mexico

April 6, 2024

Argentina’s Milei bans gender-inclusive language in official documents

February 28, 2024

Netanyahu says Israel will cut Gaza off from...

January 14, 2024

US-made munitions used in deadly strike on Rafah tent camp,...

May 30, 2024

Seven dead after fire at nightclub in Murcia,...

October 1, 2023

Mysterious Russian plane crash raises more questions than...

January 25, 2024

NASA says it expected space station garbage to...

April 17, 2024

Israel vows more raids in Gaza as calls...

October 27, 2023

India suspends 141 lawmakers as ruling BJP accused...

December 20, 2023

Israeli airstrikes on Syria’s Aleppo result in civilian...

March 29, 2024

    Sign up for our newsletter to receive the latest insights, updates, and exclusive content straight to your inbox! Whether it's industry news, expert advice, or inspiring stories, we bring you valuable information that you won't find anywhere else. Stay connected with us!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      Top 10 Countries for Natural Gas Production (Updated 2024)

      April 6, 2024
    • 2

      Understanding Lithium Mineralogy from an Investment Perspective

      September 12, 2023
    • 3

      US Capital Global Facilitates $50MM Financing to Accelerate Charbone Hydrogen’s North American Expansion

      June 6, 2025
    • 4

      Israel confirms it is arming Hamas rivals in operation opposition calls ‘complete madness’

      June 6, 2025
    • 5

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 6

      Crypto Market Recap: Strategy Eyes US$1B Raise for Bitcoin Push, UK Regulator Reverses ETN Ban

      June 6, 2025
    • 7

      China’s aircraft carriers send message in the open Pacific for the first time – and bigger and more powerful ships are coming

      June 16, 2025

    Categories

    • Business (1,053)
    • Investing (2,079)
    • Politics (2,977)
    • Uncategorized (20)
    • World (3,387)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved