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Yasuni Revenue Fund Window
Overview
The Yasuni Ishpingo Tambococha Tiputini Trust Fund (Yasuni ITT Trust Fund) is established for receipt of contributions from supporters of Ecuador’s historical decision to permanently forego the extraction of the Yasuni ITT oil fields (about 846 million barrels). The contributions will finance renewable energy and sustainable development investments such as avoidance of deforestation and conservation of ecosystems.
In the spirit of co-responsibility, Ecuador is requesting the world community to contribute 50 percent of the income it is forgoing, amounting to US$ 3.6 billion (over a 13 year period), with the balance being the contribution of the people of Ecuador to global goods.
Purpose, Principles and Structure of the Yasuni Capital Window
The Capital Fund Window of the Yasuni ITT Fund will finance the following strategic renewable energy projects, aimed at changing Ecuador’s energy matrix from fossil fuel dependence to renewable energy sources and increasing national energy efficiency and energy savings:
The Recipient Organizations will provide mandatory annual revenue payments for the use of the Capital Fund Window funds. The terms of repayments will be approved by the Steering Committee.
Yasuni Guarantee Certificates (CGYs)
In exchange for contributions, the Government will provide a guarantee to maintain the ITT field oil reserves within the National Park underground indefinitely. The Government will issue Yasuni Guarantee Certificates (CGYs) in US dollars equivalent to the face value of each contribution. The CGYs will also include the metric tons of CO2 avoided according to the price of the European Union Allowances (EUAs) in the Leipzig Carbon Market. Where the contribution is below the $50,000 minimum threshold established by the Steering Committee, it shall constitute a donation to the Yasuni ITT Trust Fund and will not entitle the Contributor to CGYs. The CGY is an instrument that does not earn interest and does not have an expiration or maturity date as long as the Government maintains its commitment not to exploit the Yasuni ITT oil reserves.
Governance
The Yasuni Fund Steering Committee
The Yasuní ITT Trust Fund will be governed by a Steering Committee chaired by a representative of the Government. The Steering Committee will have six full members: (i) three representatives of the Government, including the Chairperson with casting vote; (ii) two representatives from the Contributor Governments; and (iii) one Ecuadorian civil society representative, with UNDP Resident Representative/UN Resident Coordinator and the UNDP MPTF Office Executive Coordinator participating as ex officio members. The Steering Committee shall make decisions by majority, aiming to consensus with the Chairperson casting the deciding vote in case consensus is not reached.
The Yasuni Fund Technical Secretariat
The Technical Secretariat is an impartial entity providing administrative, technical and substantive support to the Steering Committee. It shall undertake four functions under one management structure: (i) Technical support; (ii) Project appraisal; (iii) Monitoring and evaluation; and (iv) Administrative support.
The Government Coordinating Entity
As the Government designated Government Coordinating Entity, the Ministry of Heritage through the Yasuni ITT Coordination Office, in cooperation with the National Secretary of Planning and Development, is responsible for the development, implementation and monitoring and evaluation of the Yasuni Fund portfolio implemented by national entities. It assumes full programmatic and financial accountability, on behalf of the Government, for activities implemented by the Recipient and Implementing Organizations.
National Recipient Organizations
Through the Government Coordinating Entity, National Recipient and Implementing Organizations will prepare proposals for funding and submit them to the Steering Committee for approval after review by the Technical Secretariat.
Project Identification and Review
For detailed info on the Yasuni ITT Trust Fund project identification and review, release of funds, monitoring and evaluation and other policy and operational matters, please see the detailed Yasuni ITT Trust Fund Terms of Reference.
