At this week’s Clinton Global Initiative, Ecuador announced its promise to cease the development of the country’s largest oil reserve, located in the Amazon basin just below Yasuni National Park.

This move will be a hard blow for Ecuador’s oil profits, as it will cut revenues by an estimated $4.6 billion, making it one of the most significant measures proposed by a developing nation to tackle climate change, yet will allow Ecuador to further its efforts to become the first sustainable economy in Latin America.

Ecuador plans to pursure the development of alternative energy projects, as well as the development of minor and/or localized hydroelectric projects.

The proposal also allows Ecuador to support and promote the service economy via eco-tourism and community tourism (geo-tourism), while plans that will legislate legal consequences to parties responsible for social and environmental damages in the Ecuadorian Amazon will also be put into place.