Successes and challenges financing projects on climate in Chile

The article presents Chile's experience in mobilizing financial resources to combat climate change, mitigate its negative effects and adapt to climate change. An overview of the accompanying factors is briefly presented and the process of formation of state policy to support climate finance and the reasons that restrain it are analyzed. The main institutions, mechanisms, sources and directions of climate finance are listed. International and national initiatives and measures to mobilize resources from institutional investors are presented and barriers to funding are analyzed. The conclusion is made about the expediency of studying the experience of Chile in the context of the development of climate finance in Russia.

Keywords

institutional investors, government climate policy, mobilization of resources to combat climate change

Received

02.06.2021

Publication date

02.11.2021

Number of characters

28865

Cite

GOST	Ershov D. Successes and challenges financing projects on climate in Chile // Latin America – 2021. – Issue 11 C. 33-47 [Electronic resource]. URL: https://latamerica-journal.ru/S0044748X0017110-0-1 (circulation date: 07.05.2024). DOI: 10.31857/S0044748X0017110-0
MLA	Ershov, Dmitry N "Successes and challenges financing projects on climate in Chile." Latin America 11 (2021):33-47. DOI: 10.31857/S0044748X0017110-0
APA	Ershov D. (2021). Successes and challenges financing projects on climate in Chile. Latin America (11), pp.33-47 DOI: 10.31857/S0044748X0017110-0

100 rub.

When subscribing to an article or issue, the user can download PDF, evaluate the publication or contact the author. Need to register.

Number of purchasers: 0, views: 567

Readers community rating: votes 0

1. Vozmozhnosti i predely innovatsionnogo razvitiya Latinskoj Ameriki. Otv. red. Simonova L.N. M., ILA RAN, 2017, 552 s.

2. Nikolaeva L.B. Latinskaya Amerika v poiskakh puti ehkologicheski ustojchivogo razvitiya. Latinskaya Amerika. M., 2019, № 5, ss. 90-99.

3. Davydov V.M. Enfoques conceptuales para interpretar la problemática del desarrollo sostenible. Iberoamérica. Moscow, 2020, N 4, rp. 5-23. DOI: 10.37656/s20768400-2020-4-01.

4. Simonova L.N. Renovación tecnológica y desarrollo sustentable de América Latina. Iberoamérica. Moscow 2021, N 2, pp. 5-34. DOI: 10.37656/s20768400-2021-2-01.

5. Costos marginales, estrategias comerciales y regulación. Available at: http://www.centralenergia.cl/2011/09/20/costos-marginales-estrategias-comerciales-y-regulacion/ (accessed 01.06.2021).

6. Chile usa sus volcanes para avanzar en su transformación energética. Available at: https://www.nytimes.com/es/2017/08/14/espanol/america-latina/renovables-chile-cerro-pabellon.html (accessed 01.06.2021).

7. A Solar Saudi Arabia. Available at: https://www.washingtonpost.com/sf/world/ 2017/03/31/while-trump-promotes-coal-other-countries-are-turning-to-cheap-sun-power/ (accessed 01.04.2021).

8. Wind Energy in Chile. Available at: https://www.borgenmagazine.com/wind-energy-in-chile/ (accessed 01.05.2021).

9. Reporte Anual 2016. Coordinador Eléctrico Nacional. Available at: https://www.coordinador.cl/wp-content/uploads/2017/05/Reporte-Anual-2016.pdf (accessed 01.02.2021).

10. Renewable energy to power irrigation in the Atacama Desert. Available at: https://www.iadb.org/en/news/renewable-energy-power-irrigation-atacama-desert (accessed 01.02.2021).

11. Chile's third biennial update report. Available at: https://unfccc.int/sites/default/files/resource/5769410_Chile-BUR3-1-Chile_3BUR_English.pdf (accessed 01.06.2021).

12. Climate Change Strategies 2020. Available at: https://reliefweb.int/report/world/climate-change-strategies-2020 (accessed 01.04.2021).

13. Akimova V.V. Sravnitel'nyj analiz traektorij razvitiya solnechnoj ehnergetiki v Chili i Brazilii. Latinskaya Amerika. M., 2019, № 9, cs. 64-75. DOI: 10.31857/S0044748X0006155-9.

14. Yarygin G. O. The renewable energy revolution in Chile. Rossiya i Iberoamerika v globaliziruyuschemsya mire: istoriya i sovremennost'. Doklady i materialy tret'ego mezhdunarodnogo foruma. Sankt-Peterburgskij gosudarstvennyj universitet. 2017, ss. 501 – 509.

15. Energy 2050. Chile’s Energy Policy. Available at: https://www.energia.gob.cl/sites/default/files/energia_2050_-_politica_energetica_de_chile.pdf (accessed 01.09.2021).

16. D'yakova L.V. Novoe pravitel'stvo Chili: pered vyzovami spravedlivosti i ehffektivnosti. Mirovaya ehkonomika i mezhdunarodnye otnosheniya. 2015, № 5, ss. 71-80.

17. Holmes I., Moya G. et. al. Considerations for a Climate Finance Strategy in Chile. 2016. 125 p. Available at: https://www.jstor.org/stable/resrep17703.10 (accessed 01.03.2021).

18. Chile National Climate Change Action Plan 2008 — 2012. Available at: http://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/laws/1306-ENtranslation.pdf (accessed 01.04.2021).

19. Jaramillo M. How Chile’s new finance strategy can support it achieve carbon neutrality. Available at: https://blogs.iadb.org/sostenibilidad/en/how-chiles-new-finance-strategy-can-support-it-achieve-carbon-neutrality/ (accessed 01.09.2021).

20. Cullen K. How did Chile become a global climate leader? Available at: https://ensia.com/articles/chile-climate-leader-cop25/ (accessed 01.06.2021).

21. Clean energy targets in Chile: 20/25 and the contribution of solar power. Available at: https://www.centreforpublicimpact.org/case-study/clean-energy-targets-chile-2025/ (accessed 01.06.2021).

22. Renewable Energy Policy Brief. Chile Available at: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2015/IRENA_RE_Latin_America_Policies/IRENA_RE_Latin_America_Policies_2015_Country_Chile.pdf?la=en&hash=304E17839F669D9E62CD40C68391A31364F97892 (accessed 01.06.2021).

23. The IDB supports Chile in a sovereign green bond development. Available at: https://www.iadb.org/en/news/idb-supports-chile-sovereign-green-bond-development (accessed 01.06.2021).

24. Sovereign Green Bonds: 4 reasons to pay attention in LAC. Available at: https://blogs.iadb.org/sostenibilidad/en/sovereign-green-bonds-5-reasons-to-pay-attention-in-lac/ (accessed 01.06.2021).

25. Chile makes 3rd sovereign green issuance: Record rates for Jan 2020 Climate Bonds certified transaction. Available at: https://www.climatebonds.net/2020/02/chile-makes-3rd-sovereign-green-issuance-record-rates-jan-2020-climate-bonds-certified (accessed 01.06.2021).

26. Chile's Third Biennial Update Report 2018. Available at: https://www4.unfccc.int/sites/SubmissionsStaging/NationalReports/Documents/5769410_Chile-BUR3-1-Chile_3BUR_English.pdf (accessed 01.05.2021).

27. Chile advances South America's biggest wind farm. Available at: https://www.windpowermonthly.com/article/1674269/chile-advances-south-americas-biggest-wind-farm (accessed 01.04.2021).

28. Chile: Tax Rebate for Construction Companies. Available at: https://www.solarthermalworld.org/news/chile-tax-rebate-construction-companies (accessed 01.06.2021).

29. Clean energy targets in Chile: 20/25 and the contribution of solar power. Available at: https://www.centreforpublicimpact.org/case-study/clean-energy-targets-chile-2025/ (accessed 01.05.2021).

30. UITP Summit 2019, Enel X wins with its Santiago e-buses. Available at: https://corporate.enelx.com/en/stories/2019/06/uitp-summit-2019-award-buses-electric (accessed 01.04.2021).

31. Chile. Vulnerability as strength addressing climate change. Available at: http://taisgadealara.com/2016/07/chile-vulnerability-as-strength-addressing-climate-change/ (accessed 01.04.2021).

32. Nature-based solutions to climate change: stories from Chile. Available at: https://reliefweb.int/report/chile/nature-based-solutions-climate-change-stories-chile (accessed 01.06.2021).

33. Avery H. Chile conservation: Project finance for permanence. Available at: https://www.euromoney.com/article/b1hhkl965pcydc/chile-conservation-project-finance-for-permanence (accessed 01.06.2021).

34. Leprince-Ringuet N. Chile's Enhanced Climate Plan Sets an Example for Other Countries. Available at: https://www.wri.org/blog/2020/07/chiles-enhanced-climate-plan-sets-example-other-countries (accessed 01.06.2021).

35. Taxing Energy Use 2019: Country Note – Chile. Available at: https://www.oecd.org/tax/tax-policy/taxing-energy-use-chile.pdf (accessed 01.06.2021)

36. How to include environmental, social and corporate governance factors: Design and Construction of Sustainability Reports. Guidance for Issuers. Available at: https://sseinitiative.org/wp-content/uploads/2014/08/2017-Design-and-Construction-of-Sustainability-Reports-Santiago-Exchange.pdf (accessed 01.02.2021).

37. Government of Chile Supports Green Hydrogen. Available at: https://fuelcellsworks.com/news/government-of-chile-supports-green-hydrogen/ (accessed 01.05.2021).

38. Stimulirovanie klimaticheskogo finansirovaniya. Available at: http://rusecounion.ru/sites/default/files/UNDP-Catalysing_RUS_Dec2011.pdf (accessed 01.05.2021).

39. Electricity Regulation in Chile 2020: overview. Available at: https://uk.practicallaw.thomsonreuters.com/w-019-3060?transitionType=Default&contextData= (sc.Default)&first Page=true (accessed 01.05.2021).

40. Chuvakhina L.G. Ehkonomicheskoj "tsunami" yaponskoj ehkologicheskoj katastrofy. Finansovyj zhurnal. M., 2011, № 3, ss. 33-44.

41. Mingaleva Zh.A. Institutsional'nye osobennosti mezhdunarodnogo finansirovaniya programm adaptatsii k klimaticheskim izmeneniyam. Finansovyj zhurnal. M., 2020, № 4, ss. 10–25.