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

Former Honduran president found guilty in drug trafficking...

March 9, 2024

Bishop among several people stabbed in Sydney, days...

April 15, 2024

Hurricane watch issued for Florida’s Gulf Coast as...

August 28, 2023

Part of southern France suffers power cut with...

May 24, 2025

Heading platoons, repairing machines and doing twice as...

March 9, 2024

Israel confirms its forces are in central Rafah,...

June 1, 2024

Seismic blasting for gas project threatens whales off...

September 27, 2023

More intense rain expected as Brazilian flood death...

May 10, 2024

Israeli President Herzog opens Holocaust museum in Amsterdam...

March 11, 2024

Pooping, splooting, spitting: How wild animals beat the...

October 19, 2023

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


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

    Popular

    • 1

      ‘This is a life-changing event’: Floridians start an arduous recovery as Idalia keeps thrashing North Carolina

      September 1, 2023
    • 2

      Letter from the CEO: Unlocking the True Value of Electric Royalties Ltd

      March 26, 2025
    • 3

      Waymo offers teen accounts for driverless rides

      July 9, 2025
    • 4

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

      January 3, 2025
    • 5

      Strong Leach Recoveries and Low Impurities

      July 9, 2025
    • 6

      Tesla asks shareholders to vote again on Musk’s $56 billion payout

      April 18, 2024
    • 7

      Eruption of Indonesia’s Mount Lewotobi Laki Laki volcano sends ash 11 miles high

      July 7, 2025

    Categories

    • Business (1,092)
    • Investing (2,145)
    • Politics (2,979)
    • Uncategorized (20)
    • World (3,421)
    • About us
    • Contacts
    • 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