Yasuni ITT Trust Fund: First meeting of the Steering Committee held on 1 June 2011 marking the Fund’s operational status

10 Jun 2011
Yasuni ITT Trust Fund: First meeting of the Steering Committee held on 1 June 2011 marking the Fund’s operational status

Quito - The first meeting of the Yasuni ITT Trust Fund Steering Committee took place in Quito on 1 June 2011. The meeting was attended by  representatives of the Government of Ecuador:  the Minister of Heritage (Chair of the Steering Committee); the Minister of Planning and National Development (SENPLADES), and the Minister of Strategic Sectors; two representatives of contributing countries - the Ambassadors of Spain and Italy; a representative of the Huorani indigenous people representing civil society; and the UN Resident Coordinator/UNDP Resident Representative and the UNDP MDTF Office Executive Coordinator, as ex-officio members. The Ambassador Plenipotentiary of the Yasuni ITT Initiative and the Minister of Environment were invited members of the Steering Committee.

At the meeting, the Steering Committee reviewed and approved a number of major organizational and institutional decisions of the Fund, including the Steering Committee’s Terms of Reference and Rules and Procedures and the Terms and Conditions for the issuance of the Yasuni Certificate of Guarantee (CGYs), including US$ 100,000 contribution threshold for CGYs.  Ambassador Plenipotentiary of the Yasuni ITT Initiative presented a detailed strategy for resource mobilization of the Yasuni Initiative, which covered governments, private sector, non-profit section and general public.

The Committee was also presented, by the Minister of SENPLADES, typologies of ready-to-fund renewable energy projects that can be considered for Yasuni Fund financing when funds become available. It was agreed at the meeting that such “Summary of Project Portfolio” will be prepared by SENPLADES for the Steering Committee Review and subsequent sharing of info with Yasuni Fund partners. The Steering Committee agreed to meet again on 27 July 2011 to take stock of progress and continue review of Yasuni developments.

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