mproving Technical Capacity and Enabling Conditions to Mobilize Public Climate Finance for Nature-based Solutions Projects, Accelerating the Implementation of Chile's Climate Change Framework Law
mproving Technical Capacity and Enabling Conditions to Mobilize Public Climate Finance for Nature-based Solutions Projects, Accelerating the Implementation of Chile's Climate Change Framework Law
Chile has developed a robust legal framework to address the climate crisis through the enactment of the Framework Law on Climate Change (LMCC). This legislation mandates the government—across central, regional, and local levels—to create a variety of essential instruments, including national adaptation plans (12 PSAs) and mitigation plans (7 PSMs), as well as regional (16 PARCCs) and local (345 PACCCs) climate action plans.
During 2025, all Sectoral Adaptation Plans (PSAs), PMAs, PARCCs and PACCCs must be under implementation in compliance with the new legal requirements, necessitating substantial mobilization of national resources. At the same time, most of these plans include Nature-based Solutions (NbS) projects as key mitigation and/or adaptation measures. NbS are acknowledged for their comprehensive approach to simultaneously tackle both mitigation and adaptation to climate change while also demonstrating cost-effectiveness. They also present an opportunity to fulfill at the same time the commitments of multiple plans, serving as a versatile mechanism for achieving the objectives of both mitigation and adaptation. Accordingly, this proposal seeks to develop a framework that enhances financing for NbS public development investments as a mechanism to comply with the requirements outlined by the PSAs, PSMs, PARCCs, and PACCCs and in order to fully implement the LMCC.
The goal of this proposal is to develop a framework that enhances financing for NbS public development investments as a mechanism to comply with the requirements outlined by the PSAs, PSMs, PARCCs, and PACCCs and in order to fully implement the LMCC.
Specific objectives include:
- Developing specific evaluation methodologies for NbS for climate change project typologies under the SNI;
- Strengthening the coordination and governance structures for the prioritization and development of strategic NbS projects for climate change adaptation and mitigation; and,
- 3 Strengthening the technical capacity within the national, subnational and local government, officials to design and assess public NbS investment projects for climate change adaptation and mitigation.