Side Event

The ITT Initiative: keeping the oil in the ground

Organizer
Technical Secretariat of the ITT, Government of Ecuador

Date and Time
28 May 2008 18:15 - 19:45

Meeting
Ninth meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 9)

Present the proposal to keep close to one billion barrels of heavy crude in ground. The oil reserves known as Ishpingo, Tambococha, Tiputini (ITT) would remain underground in exchange for intenational compensation of at least 50% of Ecuador`s forgone revenue if extraction had taken place.