Climate Leadership

How Chile’s Bilateral Agreements enhance global cooperation against climate change

Chile is rapidly emerging as a leading figure in the realm of Bilateral Agreements, demonstrating a strong commitment to sustainable development and carbon neutrality through Internationally Transferred Mitigation Outcomes (ITMOs). With two Bilateral Agreements already in place: the first signed with Japan in 2015 (Pre Article 6.2), and the second one with Switzerland signed last December during COP28, Chile is proactively leveraging Article 6.2 of the Paris Agreement.

The Memorandum of Understanding (MOU) signed with Singapore in 2023 signifies another step forward, embodying the mutual dedication of both nations to advance International Cooperation approaches. This MOU sets the stage for a Bilateral Agreement anticipated to be signed later this year, further expanding Chile's influence and role as a source of mitigation actions in global climate cooperation.

Looking ahead, Chile is also in discussions with South Korea, aiming to establish a new Bilateral Agreement under Article 6.2. This potential collaboration was highlighted at COP28, where South Korea expressed its intentions to expand its Article 6.2 deals, including negotiations with Chile among others.

With Chile leading by example through its Bilateral Agreements with Japan and Switzerland, the forthcoming Singapore Agreement, and potential cooperation with South Korea, there is a wealth of opportunities to engage in meaningful climate action. As Carbon Consultants, we’ll be glad to assist businesses and organizations in understanding and integrating these Bilateral Agreements under Article 6.2 into their mitigation business.