Chile's Ministry of Finance published an update on the launch of the international forum “Connecting the Southern Cone through Sustainable Finance”, convened with UNEP FI, BancoEstado and CAF, where it presented Chile’s latest work on sustainable finance and climate risk management. The ministry’s contribution centred on the First Progress Report of the 2024 Green Agreement and on tools being promoted to strengthen climate risk management in Chile’s financial system, including the IFRS disclosure frameworks and the Taxonomy for Environmentally Sustainable Economic Activities (T-MAS). The progress report reviews voluntary commitments split between Working Group 1 (financial authorities) and Working Group 2 (financial sector institutions). Average progress was higher for Working Group 1 at 67%, versus 51% for Working Group 2, with challenges to full implementation highlighted particularly for insurers and stock exchanges; the Green Agreement provides a four-year period to meet these commitments. The presentation also pointed to structural gaps such as the lack of standardized information, limited technical capacity and technology constraints, and highlighted the need to reduce uneven progress between public and private actors while strengthening the use of international frameworks and shared tools; the event also showcased sustainable finance coordination arrangements from other Southern Cone countries and Peru.

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