Chile Advances Carbon Credit Expansion, Seeks New International Buyers Ahead of COP31
Chile is actively working to expand its carbon credit market through bilateral agreements and aims to approve carbon standards and methodologies for its Article 6 agreement with Singapore before COP31. The country has already issued five Letters of Authorisation (LoAs) under a bilateral agreement with Switzerland and anticipates issuing approximately 18 LoAs across its Article 6 activities by the end of 2026. Projects slated for authorization include battery energy storage systems (BESS), boiler replacements, electric mobility, and waste management. Additionally, Chile has approved rules and guidelines under the Article 6-aligned Joint Crediting Mechanism (JCM) with Japan, facilitating project authorization and the transfer of Internationally Transferred Mitigation Outcomes (ITMOs). The government is also transitioning 30 carbon projects developed under the Kyoto Protocol to the Paris Agreement Crediting Mechanism (PACM) and is open to establishing partnerships with additional buyer countries like Norway a...
