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Ecuador’sYasuni-ITT (IshpingoTambocochaTiputini) Initiative, launched in 2007, was an example of both an innovative and ambitious approach to securing a low-carbon future and of the developed world’s lack of support for such initiatives.The idea was that the international community (governments, foundations and individuals) would pay Ecuador to keep oil reserves within theYasuni National Park in the ground and that part of the ‘climate finance’ funds raised would go to indigenous peoples living there.The area, which covers a section of Ecuador’s Amazon rainforest, is recognised as one of the most biodiverse regions in the world.The Ecuador government believes that not exploiting the oil would have avoided the release of some 400 million tonnes of CO2 into the atmosphere by preventing deforestation of a significant area of the jungle. Ecuador had hoped to raise an initial US$100m for the Yasuni-ITT initiative by the end of 2011, increasing to a total of US$3.6 billion by 2024. However, during the six-year history of the initiative, only US$336 million was pledged, and of that only $13.3 million was actually delivered. In 2013, the Ecuadorian government decided to call time on the initiative, with the likely result that the state will now exploit the oil reserves. Sources Factbox: Ecuador’s Yasuni jungle protection plan, Reuters, http://uk.reuters.com/ article/2010/09/15/us-ecuador-yasuni-factbox-idUSTRE68E0A620100915 Ecuador regulator OKs two fields in large Amazon oil project http://in.reuters.com/ article/2014/05/22/ecuador-oil-itt-idINL1N0O816R20140522 3.2.2. Financing The implementation of energy efficiency, energy conservation and renewable energy measures requires significant investment, far more than Latin American and Caribbean countries could assume. Low-carbon development therefore requires funding from different sources, not only governmental but also from the private sector, multilateral banks and developed countries. Government funding may be achieved through the countries’ own economic resources, by means of incentives to facilitate private investment or through laws that regulate compulsory generation targets from renewable sources, such as requiring the installation of solar thermal systems in new buildings or setting compulsory renewable share targets for power generation companies. Private investment can be driven by regulatory conditions that enable companies to make investments in renewable technologies and subsidies, among others. The financing of renewable energy projects could come from multilateral banks. At least 20 multilateral funds operating in the region are involved in climate finance, yet the resources of climate financing is still below that required due to the countries’ failure to promote renewable energies. Assistance from developed countries, in the form of technology, professional and technical training and financial resources, is essential. The Green Climate Fund (GCF), launched in 2010, during the 16th session of the Conference of the Parties (COP 16) to the United Nations Framework Convention on Climate Change (UNFCCC), is intended to mobilise financial resources from developed countries to help developing countries mitigate and adapt to the impacts of climate change. However, little progress has been made towards reaching the $100 billion pledged by industrialised countries.76 It is essential that developed countries contribute to the sustainable development of Latin America and the Caribbean, in order to preserve the resources and the environmental services available. In conclusion, with the right mix of technologies, policies and management, a transformation in energy generation and use could address poverty, development, sustainability and climate change objectives in a cost-effective and sustainable way. Low-Carbon Development in Latin America and the Caribbean: Evolution, experiences and challenges 23PDF Image | Low-Carbon Development in Latin America
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