Ecuador's sustainability referendum highlights the Energy Trilemma for EM
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Ecuadorians voted to ban oil drilling in Yasuni; major victory for environmentalists but will hurt Ecuador's economy
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Other EMs are also grappling with the trade-off between energy security and environmental/economic sustainability
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Among large EMs, Brazil, Russia and Saudi Arabia lead in this balancing act, while Nigeria, India and South Africa lag
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.