Chile's financial regulator requires companies that publish an integrated annual report to include a climate and sustainability report based on the global IFRS S1 and S2 standards.
In July 2026 the regulator moved the start back one year: the first compulsory reports cover the 2027 financial year and are published in 2028.
The rule covers listed companies, banks, insurers and other companies registered with the regulator to issue shares or bonds, apart from the smallest companies and some financial institutions, such as fund managers and stock exchanges.
Companies can report on climate alone in year one and add supply-chain emissions (Scope 3) from year two; an outside check of the report is each company's choice, and the report states whether one took place.
| Regulator | Comisión para el Mercado Financiero (CMF), Chile's Financial Market Commission |
| Standard | IFRS S1 and IFRS S2 as issued by the ISSB, required through NCG 30 (integrated annual report) as amended by NCG 461 (12 November 2021), NCG 519 (28 October 2024) and NCG 572 (27 July 2026) |
| Companies in scope | Securities issuers registered with the CMF that file an integrated annual report: listed corporations, banks, insurers and other issuers. Exempt: entities whose consolidated assets average UF 1 million or less over the two prior financial years, and some financial institutions, including fund administrators, exchanges, securities depositories and clearing houses |
| Estimated population | Not yet published |
| First reporting year | Financial year 2027, reported in 2028. Voluntary for financial year 2026, with CMF feedback for early reporters |
| Scope 3 required | Yes, under IFRS S2 where material, with a first-year relief: financial year 2028 for a company that uses it |
| Assurance | Voluntary. Each in-scope annual report states whether a third party verified any information, which information it covered and the standard used |
| Penalty regime | Not specified in the rule |
Chile's Financial Market Commission (Comisión para el Mercado Financiero, CMF) requires companies that file an integrated annual report to report under IFRS S1 and IFRS S2 from financial year 2027, with the first reports published in 2028, after General Rule NCG 572 of 27 July 2026 moved the start back by one year. Chile adopts both standards as issued by the ISSB, with no local modifications, so its listed companies, banks and insurers will report on the same global baseline used across other ISSB-adopting jurisdictions.
Chile has required climate disclosure in the annual report since financial year 2022, starting with the largest listed companies. NCG 461, issued on 12 November 2021, turned the annual report into an integrated annual report (Memoria Anual Integrada) covering governance, sustainability and climate. Companies describe physical and transition climate risks and opportunities over the short, medium and long term, drawing on recommendations such as those of the Task Force on Climate-related Financial Disclosures, explain the board's role in managing climate risk, and report industry metrics under the SASB Standards.
The rule phased in by size and entity type: open corporations with consolidated assets above UF 20 million from 31 December 2022, those above UF 1 million from 31 December 2023, and special corporations and all other issuers from 31 December 2024, a date NCG 519 later moved to 31 December 2025.
NCG 519, issued on 28 October 2024, added a requirement to report under IFRS S1 and IFRS S2 from financial year 2026. It also exempted entities with average consolidated assets of UF 1 million or less from most sustainability content, including the IFRS requirement, and required every in-scope report to state whether a third party verified any of its information. After workshops with the market in June 2026, NCG 572 moved the IFRS start to financial year 2027.
From financial year 2027, each in-scope company includes in its integrated annual report a sustainability-related financial disclosure prepared under IFRS S1 and IFRS S2, for the same annual period as the report.
IFRS S1 (General Requirements): the company reports material sustainability-related risks and opportunities that could reasonably be expected to affect its cash flows, access to finance or cost of capital, across the four pillars of governance, strategy, risk management, and metrics and targets.
IFRS S2 (Climate-related Disclosures): physical and transition risks, climate resilience informed by scenario analysis, industry-based metrics, and gross Scope 1, Scope 2 and Scope 3 greenhouse gas emissions.
The Greenhouse Gas Protocol as the measurement standard: IFRS S2 paragraph 29(a)(ii) requires emissions to be measured under the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard (2004), unless a jurisdictional authority or exchange requires another method.
Chile applies the standards with no modifications and no extension of their transition reliefs. Each report carries an explicit and unreserved statement of compliance with the ISSB standards, and the disclosures are published at the same time as the financial statements, subject to the first-year relief in IFRS S1 paragraph E4. The CMF's September 2026 FAQ states that a company discloses IFRS S2 information, including greenhouse gas emissions, where that information is material.
First-year reliefs: in its first reporting period a company can report on climate only, omit Scope 3, keep an emissions measurement method other than the GHG Protocol, omit comparative figures and publish after its financial statements. NCG 519 requires the report to name the reliefs it uses.
The IFRS requirement applies to every securities issuer that files an integrated annual report with the CMF under NCG 30, above a size floor.
Listed corporations (sociedades anónimas abiertas): companies with shares registered with the CMF, which already report climate risks under NCG 461.
Banks, insurers and other issuers: special corporations whose securities are registered with the CMF, and other securities issuers, including unlisted publicly accountable entities.
Size exemption: an entity whose consolidated total assets, averaged over the two financial years before the report year, are UF 1 million (Chile's unit of account) or less is exempt from the IFRS requirement. It still describes its corporate governance and its risk management and internal control framework.
Excluded financial institutions: according to the IFRS Foundation's Chile profile, general fund administrators, stock and commodity exchanges, securities depositories and custodians, and clearing and settlement system managers sit outside the IFRS requirement.
Private companies: Chile's accounting standard setter, the Colegio de Contadores de Chile, has permitted voluntary use of the ISSB standards for financial years from 1 January 2025.
Supply-chain reach: a reporting group adds Scope 3 from its second reporting year. Scope 3 covers the emissions of its growers, suppliers, contractors and logistics providers, so Chilean and overseas suppliers to in-scope groups will receive data requests.
| Milestone | Measurement year | First reporting date |
| NCG 461: open corporations above UF 20 million in assets | Financial year 2022 | 2023 integrated annual report |
| NCG 461: open corporations above UF 1 million in assets | Financial year 2023 | 2024 integrated annual report |
| NCG 519 issued: IFRS S1 and IFRS S2 adopted | Financial year 2026 (original start) | 28 October 2024 |
| NCG 461 as amended by NCG 519: special corporations and other issuers | Financial year 2025 | 2026 integrated annual report |
| NCG 572 issued: IFRS start moved back one year | Financial year 2027 | 27 July 2026 |
| Voluntary IFRS S1 and IFRS S2 reports, with CMF feedback | Financial year 2026 | 2027 |
| IFRS S1 and IFRS S2 compulsory (first-year reliefs available) | Financial year 2027 | 2028 |
| Scope 3 and full IFRS S1 for a company that used the reliefs | Financial year 2028 | 2029 |
Assurance stays voluntary throughout. Every in-scope report states whether a third party verified any of its information.
1. Supply-chain reach into global food and mining chains. Chilean agricultural and mining exporters supply companies that report Scope 3 under the EU's European Sustainability Reporting Standards and under ISSB-based rules in Japan, Singapore, South Korea and Australia. In our experience those buyers ask for supplier-specific emissions on their own timetable, so the same Scope 3 supplier engagement data serves the buyer and the Chilean report. For farm-sourced products, that data includes land emissions and removals.
2. Latin America's clearest full adoption. Mexico requires IFRS S1 and S2 for listed issuers from financial year 2025, and Brazil moved to voluntary reporting with comply-or-explain notices from 2027. Chile adopts both standards in full, with no local changes, for financial year 2027. In our view, a group with subsidiaries in all three markets can run one inventory to serve each regime.
3. A global compliance statement. Chilean reports state compliance with the ISSB standards as issued, so investors can compare them directly with reports from other ISSB-adopting jurisdictions. A corporate carbon footprint measured once on the GHG Protocol is the base for that comparison.
Financial year 2027 data is the first compulsory reporting period, so measurement starts on 1 January 2027 for a calendar-year company.
Establish your greenhouse gas inventory on the GHG Protocol. Scope 1 and Scope 2 across every consolidated entity, measured under the 2004 Corporate Standard, form the base of an IFRS S2 report.
Map your value-chain exposure. Identify which Scope 3 categories dominate your footprint, and which overseas customers already ask for your emissions data, before the Scope 3 relief ends in year two.
Build assurance-ready processes early. Every in-scope report states whether a third party verified its figures, and investors read that line. Methodology documentation, source-data traceability and review controls set up during measurement let every figure answer the auditor's question: where did this number come from?
Build on the frameworks you already use. Companies reporting under NCG 461 already hold climate risk descriptions and SASB metrics. The new work is the IFRS S1 materiality assessment, scenario analysis, financial effects and a full Scope 1, 2 and 3 inventory.
Terrascope's AI-powered platform helps companies operating in Chile and across Latin America move from baseline emissions data to audit-ready disclosures, including Frutura, the vertically integrated fruit producer that brought greenhouse gas management for its six business units across Latin America and the United States onto a single platform.
Scope 1, 2, and 3 emissions measurement. Integrations pull emissions data from your source systems monthly, so your inventory stays current across every consolidated subsidiary, farm, plant and Scope 3 category.
Audit-ready reporting. Audit Trail makes every figure traceable from data entry to disclosure, with assurance-provider access built in, so a third-party verifier works from evidence.
Supply-chain intelligence. Analytics shows where your Scope 3 hotspots sit, so overseas customer requests and your IFRS S2 inventory draw on one dataset.
Multi-framework alignment (Climate reporting). ISSB Reporting drafts your IFRS S1 and IFRS S2 disclosures from your measured data, reviewed by your team, ready for your integrated annual report.
Are you ready to get ahead of Chile's NCG 519 requirements? Speak to a Terrascope expert and see how we help companies move from baseline emissions data to audit-ready disclosures.