The government of Ecuador is pioneering a new strategy to promote development in poor countries while also minimizing environmental damage caused by extraction of natural resources.

Under Ecuador’s proposal known as ”ITT Yasuni,” Ecuador will refrain from exploiting an oil field under the Amazon rainforest park, noted for being the most biodiverse region in South America.

In exchange for leaving the oil in the ground, funds will be provided to Ecuador for development. The trust will be comprised of voluntary contributions from developed countries, international or multilateral organizations, civil society organizations, private sector companies, and citizens worldwide.

Alberto Acosta is the former President of the Constituent Assembly as well as a former minister of Energy in Ecuador. Democracy Now! producer Sharif Abdel Kouddous caught up with Acosta at the World People’s Summit on Climate Change in Cochabamba, Bolivia, last week.