Chilean president Gabriel Boric called on the richest countries to step up and take responsibility for climate change at the Climate Summit 2025 in New York on Wednesday.
As the world's largest carbon emitters, developed economies need to commit to accelerating carbon emission reductions and supporting developing countries in the energy transition, he said.
"We cannot discuss or doubt that the climate crisis exists. That's lying," Boric said at the summit, part of the UN General Assembly's meetings.
The former student leader said that Chile has updated its nationally determined contribution (NDC), or emissions pledge, to reduce greenhouse gas (GHG) emissions and achieve carbon neutrality by 2050. It is among more than 50 countries to have done so. While Chile's is among the more ambitious, environmental groups and others consider that the pledges will fall short of climate commitments.
Chile's update contains a plethora of new commitments through 2035 to mitigate and adapt to climate change impacts.
Among new measures, the beefed-up NDC requires Chile to cut methane emissions by 10pc by 2035 from their peak, which it expects to hit this year.
It also proposes a new GHG emissions budget of no more than 480mn t of carbon dioxide equivalent (CO2e) from 2031-2035 and a GHG emissions level of 90mn t CO2e in 2035.
It has not changed the emissions budget for 2020-2030 of no higher than 1,100mn t CO2e, peaking in 2025, and a GHG emissions level of 95mn t CO2e in 2030.
The NDC also pledges that the emissions of the transport sector — Chile's highest emitter — will peak in 2030 through commitments to foster "sustainable" road, marine and air travel.
Carbon pricing instruments will be used to mobilize financial resources and accelerate the implementation of climate action.
The Social Cost of Carbon (SSC), currently valued at $71.1/t of CO2e, will be reviewed and strengthened as a tool to evaluate public investment. The NDC requires taxes to be strengthened by 2035 on fixed and mobile GHG emission sources to reflect carbon emission impacts.
Chile currently has a carbon price tax of $5/tCO2e for fixed sites that emit over 25,000 t/yr of CO2e.
Boric also confirmed his centre-left government's commitment to close all coal plants by 2035. Coal-fired generation accounts for about 15pc of monthly power generation.
The international Paris Agreement requires countries to formally update NDCs in 2025. Chile's 2022 climate change law legally binds it to its NDCs and carbon neutrality by 2050.
