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Saturday, Aug 17
Ecuador OKs drilling in Amazon rainforest after rich countries fail to pay up
- If you're a progressive South American leader and your economy is shaky, it's good politics to bash those capitalist pigs: Ecuador President Correa says he will allow oil drilling in a part of the Amazon rainforest only because rich countries wouldn't pay not to drill there.
- Correa had sought $3.6B in contributions to maintain a moratorium on drilling in the remote Yasuni National Park, but “the world has failed us," he says, blaming "the great hypocrisy" of nations that emit most of the world’s greenhouse gases.
- Correa doesn't say who might fund more drilling, but Ecuador hasn't been friendly to western oil majors: Chevron (CVX) was ordered by an Ecuadorean court in 2011 to pay ~$19B in damages for the alleged dumping of toxic drilling waste in its rainforest.