Ecuador's $4B Failure Cripples Climate Strategy's Prospects

Law360, New York (August 22, 2013, 6:39 PM EDT) -- The government of Ecuador last week abandoned an ambitious plan to raise $3.6 billion in exchange for banning oil drilling in the Amazon rainforest, a move experts say forecloses any realistic possibility of another state pulling off a similar big-budget scheme to keep resources buried in the ground.

After the government received a paltry $13 million in deposits, Ecuadorean President Rafael Correa lamented the lack of international support for the proposal during a nationally televised speech. He said he was left with no choice but to...
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