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24 September 2020
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Clyde & Co's associated Chilean firm, Grasty Quintana Majlis, has produced a report to provide an overview of the state of the art of Chile's regulation on liability for damages caused by climate change related events; specifically, regarding the responsibility of D&O's of companies listed in the Chilean stock market.
Though not a relevant emitter of greenhouse gases ("GHG") at the global nor at the Organisation for Economic Co-operation and Development ("OECD") scales, Chile's increased emissions in recent years have a significant local impact. This has led to a rise in environmental policies and judicial disputes related to damages, involving both the public and private sector.
Public concern regarding the country's vulnerability to climate change has also grown for a wide range of reasons, including the presence of areas with heightened air pollution, denominated "sacrifice zones", and a long-standing drought.
There are a set of new legislation projects and bill proposals addressing climate change, including a bill aimed to achieve carbon neutrality by 2050, which has been submitted to Congress this year.
Overall, the new Law on Climate Change would represent a long-term commitment by Chile's public sector in the fight against climate change, following Chile's international commitments (such as the 2015 Paris Agreement).
This report compiles a general overview of Chile's legal framework on damages to the environment, a summary of Chilean regulation on D&O's liability, and new legislation projects and bill proposals regarding climate change.