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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 Revenue Fund Window
The Revenue Fund Window of the Yasuni ITT Trust Fund will finance the following strategic sustainable development programmes, within the guidelines of the Ecuadorian National Development Plan:
a) Effectively prevent deforestation and conserve ecosystems and allow the Tagaeri and Taromenane indigenous peoples to remain in voluntary isolation. The total surface area currently under State’s protection amounts to 20% of Ecuador’s territory, one of the highest percentages in the world.
b) Reforestation, afforestation, natural regeneration, watershed management and appropriate management of one million hectares of forest. A substantial reduction in the current rate of deforestation considered to be one of the highest in South America.
c) Promote social development in the Initiative’s zones of influence, with programs that include health, education, training, technical assistance and productive job creation in sustainable activities, such as ecotourism, agriculture, protection of ecosystems´ services and agro-forestry.
d) Support research, science, technology and innovation with programs that enhance: i) the generation of goods and services based on bio-knowledge, ii) integrated river basin management, and iii) change in the energy matrix.
The Revenue Fund Window: the replenishments will be financed from the contributions to the Yasuni Fund account as well as from annual revenue payments received from National Entities 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.
The Yasuni ITT Trust Fund Steering Committee
The Yasuní Fund will be governed by a Steering Committee chaired by a representative of the Government. The Steering Committee will have six full members comprising of: (i) three representatives of the Government, including the Chairperson; (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 Committee will make decisions by majority aiming at consensus, with the Chairperson casting the deciding vote in case consensus is not reached.
The key functions of the Steering Committee are to provide overall leadership of the Fund and set its strategic direction and oversight; make fund allocation decisions; authorize the release of funds; and oversee effective monitoring and evaluation of financed activities and ensure transparency. It will ensure coordination with relevant international initiatives such as UNCBD, UNFCCC, UN REDD…etc
The Yasuni Fund Technical Secretariat
The Technical Secretariat is an impartial entity providing administrative, technical and substantive support to the Steering Committee. Under one management structure it will provide: (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 and Implementing 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.
Participating Organizations are required to submit final year-end expenditures by April 30 in the following year; Interim expenditure figures are submitted on a voluntary basis and therefore current year figures are not final until the year-end expenditures have been submitted.
Funds with Administrative Agent
Funds with Participating Organizations
For Fund Resource Mobilization Issues
For Policy and Programme Issues
Ministry of Patrimony of Ecuador
For UNDP overall support to the Yasuní ITT Fund, UNDP Ecuador:
For Fund Administrative Agent Issues
Multi-Partner Trust Fund Office (MPTF Office), United Nations Development Programme, 730 Third Avenue, 20th Floor, New York, NY 10017, USA; Fax: +1 212 906 6990;