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Ecuador's suspension of environmental consultations hits $2bn of investment -business leaders

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Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday. The Andean nation's top court last month suspended the decree from outgoing conservative President Guillermo Lasso after Indigenous group CONAIE argued the processes favored development of mining projects over local communities.

QUITO - Ecuador's suspension of a decree enabling environmental consultations prior to the licensing of industrial and mining projects has paralyzed investments worth $2-billion, business associations said on Wednesday.Guillermo Lasso

The decree issued in May allowed the consultations for communities in areas close to the industrial and extractive projects to be used to obtain environmental licenses, seeking to speed up permitting., president of the Ecuadorean Chamber of Mining. "This means freezing $2-billion in investments for a series of projects."

 

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