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Economy & Business - February 2024
ECUADOR: Noboa reconsiders green pledges
Ecuador’s President Daniel Noboa is considering postponing a ban on oil drilling in the Yasuní national park which was approved in a referendum last August. During his electoral campaign Noboa declared that he would abide by the result of the referendum on ending drilling in the Ishpingo, Tambococha and Tiputini (ITT) block, located in Yasuní – one of the most biodiverse places on earth. The terms of the referendum required that all oil infrastructure in Yasuní be dismantled within one year – that is, by August 2024. But on 22 January, Noboa argued that the fiscal situation has changed since the referendum result, saying that his government was “at war” with criminal gangs and needed to maximise its oil revenue. He has suggested the government will seek to delay the drilling ban for one or two years through the constitutional court or another referendum.
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