Ecuador’s Indigenous People, represented by the Confederation of Indigenous Nationalities (Conaie), are urging a “yes” vote in a referendum to ban oil exploitation in Block 43-ITT within the Yasuní National Park.
The referendum is set to coincide with the upcoming elections on August 20.
Conaie President Leonidas Iza emphasized the importance of protecting Yasuní, a UNESCO-recognized biodiversity hotspot, to combat global warming and preserve the livelihoods of indigenous communities like the Tagaeri and Taromenane.
Iza proposed increasing income taxes for wealthier individuals and households to offset the fiscal gap that would result from abandoning oil exploitation.
He argued that exploiting Block 43 is not financially beneficial.
However, Minister of Energy and Mines Fernando Santos warned that rejecting oil exploitation would have severe economic consequences for Ecuador, as the country currently earns US$1.2 billion annually from oil sales.
Oil is Ecuador’s primary export and a significant source of funding for the national budget.
Santos stressed the gravity of the decision, calling it crucial for the country’s future.
The government remained neutral in the referendum campaign, but Santos encouraged citizens to vote thoughtfully.
Block 43-ITT, operated by Petroecuador, is Ecuador’s fourth most productive oil field, contributing 55,000 barrels of crude oil daily, accounting for 11 percent of the country’s total production.