Ecuador’s Yasuní-ITT initiative for mitigating the impact of climate change

This article analyses theYasuní-ITT initiative through which Ecuador proposed to leave an estimated reserve of one billion barrels of crude oil underground, in exchange for an international commitment of half the revenue that the exploitation would have generated. The article argues that the Yasuní-ITT initiative was a coherent and innovative proposal to address climate change. It first reviews the background, structure and content of the Yasuní-ITT initiative. Second, it examines the initiative under the innovative concept of avoided net emissions. Third, it outlines the Yasuní-ITT Fund. Fourth, it assesses the theoretical and legal analysis underpinning the implementation of the Yasuní- ITT initiative, specifically reviewing its advantages in comparison to other international mechanisms such as CDM and REDD+. It concludes by asserting that this strategy was an innovative measure for the mitigation of climate change in a developing country and that it can, and should, be replicated in the future.