Oil

Ecuador's President to Allow Drilling in Amazon

Ends plan to preserve jungle in exchange for money from other countries

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President Rafael Correa said Thursday that he has abandoned a unique and ambitious plan to persuade rich countries to pay Ecuador not to drill for oil in a pristine Amazon rainforest preserve.

Environmentalist had hailed the initiative when Correa first proposed it in 2007, saying he was setting a precedent in the fight against global warming by lowering the high cost to poor countries of preserving the environment.

"The world has failed us," Correa said in a nationally televised speech. He said the global recession was in part responsible but chiefly blamed "the great hypocrisy" of nations who emit most of the world's greenhouse gases.

"It was not charity that we sought from the international community, but co-responsibility in the face of climate change."