Chile’s Environmentally Sustainable Taxonomy (T-MAS)
What is the T-MAS?
Chile’s Environmentally Sustainable Taxonomy (T-MAS) is a classification system designed to categorize economic activities based on criteria that determine whether they are being carried out in an environmentally sustainable manner. Its main purpose is to provide certainty, transparency, and comparability to markets regarding what is considered “environmentally sustainable,” thereby facilitating the transition toward a more sustainable economy.
How is the T-MAS applied?
The T-MAS is highly versatile in its application. Since the classification unit is economic activities, it can be used to evaluate entire companies, specific projects, financial products, loan portfolios, investment funds, and many other areas. This wide range of applications allows different sectors to benefit from the T-MAS in areas such as risk management, identifying investment opportunities, information disclosure, and attracting international financing, among others.
Who uses the T-MAS?
The main users of the taxonomy include, but are not limited to:
- Financial sector: guides sustainable investments, enables climate-risk assessment, and supports the development of green financial products.
- Productive sector: helps companies measure and communicate their sustainability performance and attract financing aligned with these criteria.
- Public sector: supports the design of policies, standards, and criteria for sustainable investments.
- Other stakeholders: NGOs, academia, and civil society use it to generate indicators and promote more responsible economic practices.
What is the T-MAS not?
The T-MAS is not a regulation—although it may serve as a reference for various regulatory frameworks and other uses by different actors—nor does it impose mandatory requirements on the environmental performance of companies or products. It is also not a certification, but rather a reference tool that introduces a common language to facilitate the comparison of activities across different economic sectors. Its nature as a public good ensures broad access and encourages its use by a wide range of actors, from the public and private sectors to academia and civil society.
Set of Eligible Economic Activities and Sectors and Their Classification
The first version of the T-MAS includes 9 Eligible Economic Sectors (EES), which correspond to a subset of the economic sectors defined in the top-level categories of the International Standard Industrial Classification (ISIC). This ensures the greatest possible interoperability with other jurisdictions that also use ISIC or an equivalent classification system as a reference.
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Agriculture, Livestock,
Forestry, Fishing/Aquaculture -
Mining and Quarrying
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Manufacturing Industries
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Electricity, Gas, Steam, and
Air Conditioning Supply -
Water Supply, Wastewater Management,
Waste Management, and
Remediation -
Construction
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Transportation and Storage
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Information and Communications
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Real Estate Activities
Includes activities focused on the production and extraction of living natural resources, both terrestrial and aquatic. It encompasses the planting, breeding, cultivation, management, and harvesting of agricultural, livestock, forestry, and fishery products, as well as aquaculture.
Covers activities related to the extraction of minerals and other natural materials from the soil and subsoil. This includes the operation of mines and quarries to obtain metallic and non-metallic minerals, as well as the extraction of coal, crude oil, and natural gas.
Encompasses activities that involve the physical or chemical transformation of materials, substances, or components into new products. The transformed inputs are raw materials originating from agriculture, livestock, forestry, fishing, and mining, as well as intermediate products from other manufacturing activities.
Includes activities related to the generation, transmission, distribution, and commercialization of electricity, as well as the supply of gas, steam, and air-conditioning systems.
Covers activities related to water abstraction, treatment, and distribution, as well as solid waste management, wastewater treatment, and environmental remediation services.
Includes activities for building and improving infrastructure and civil works in general. This encompasses the construction of buildings and housing, the execution of civil engineering projects, and activities for the maintenance, renovation, and repair of structures.
Encompasses activities related to the movement of passengers and freight, as well as the storage of goods. These activities include a wide range of transportation modes and auxiliary services associated with the movement and safeguarding of merchandise.
Includes activities related to the production and distribution of informational, cultural, and entertainment content, as well as telecommunications and information technology services.
Covers activities related to the purchase, sale, rental, and management of real estate, both residential and commercial. This sector focuses on the management of properties and land, as well as the provision of real estate brokerage services.
Environmental Objectives
The T-MAS includes six Environmental Objectives (EOs), selected based on the following principles: (i) they enable alignment with other international taxonomies; (ii) they are consistent with the country’s climate commitments; and (iii) they are coherent with internationally recognized taxonomies.
Climate change mitigation
Any action, measure, or process aimed at reducing greenhouse gas (GHG) emissions and other climate forcers; limiting the use of such gases as refrigerants, insulators, or in industrial processes; or increasing, preventing the deterioration of, or improving the condition of GHG sinks, in order to limit the adverse effects of climate change.
Climate change adaptation
Any action, measure, or process that adjusts human or natural systems to current or projected climate conditions or their impacts, with the aim of moderating or avoiding damage, reducing vulnerability, increasing resilience, or taking advantage of beneficial opportunities.
Sustainable use of water and marine resources
Any action aimed at ensuring the sustainable use of all waters within the national territory, including territorial seas, coastal zones, inland waters, rivers, lakes, streams, and wetlands. “Marine biological resource” refers to living aquatic marine species that are available and accessible, including anadromous and catadromous species during the marine phases of their life cycles.
Transition to a circular economy
A circular economy is understood as an economic system in which the value of products, materials, and other resources is maintained for as long as possible, promoting their efficient use in production and consumption. This reduces the environmental impact of their use and minimizes waste and the release of hazardous substances at all stages of their life cycle, applying the waste hierarchy when relevant.
Pollution prevention and control
“Pollution” is understood as the presence in the environment of substances, elements, energy, or combinations thereof, in concentrations or persistence levels above or below those established in current legislation, as applicable.
Conservation and restoration of ecosystems and biodiversity
“Ecosystems” are defined as dynamic complexes of plant, animal, and microorganism communities and their non-living environment interacting as a functional unit (European Union, 2020). “Biodiversity” refers to the variability among living organisms from all terrestrial and aquatic ecosystems. It includes diversity within species, between species, and across ecosystems.
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What is this taxonomy for? And why is a taxonomy like this relevant?
It enables comparability of assets, activities, and projects in terms of their environmental sustainability, adding credibility to the disclosure of this type of information.
It provides greater transparency to markets, reducing information frictions, improving market efficiency, and preventing greenwashing.
It helps increase investor interest by ensuring that their financing contributes efficiently and effectively to the sustainability objectives that are defined.
How does a taxonomy like this support the productive sector?
Standardization: It establishes a common language for assessing sustainability, improving consistency in financial decision-making and communications.
Risk mitigation: It allows for proactive identification and management of environmental risks in investments.
Investment opportunities: It opens the door to new green financial products in response to market demand.
Investor confidence: It increases transparency, giving investors assurance that their funds are directed toward sustainable investments.
Informed decision-making: It provides clarity on sustainability criteria, improving the quality and direction of financial decisions.
How does a taxonomy like this support the financial sector?
Globally, there are around 53 sustainable taxonomy initiatives in different stages of development. Of these, 24 jurisdictions have published and active taxonomies, another 24 are under development, and 5 are in early planning.
Among the most advanced jurisdictions are the European Union, China, Colombia, Mexico, Japan, and members of the Association of Southeast Asian Nations (ASEAN). There are also international collaboration efforts to improve interoperability across frameworks, such as the “Taxonomy Common Ground” initiative developed by China and the EU, which seeks to establish globally aligned standards.
Regarding Chile’s main trading partners—China, the United States, the European Union, Japan, Brazil, South Korea, and Mexico—several have already implemented their own taxonomies. China, the EU, South Korea, and Mexico have published taxonomies, while Brazil is making significant progress toward developing its own, according to official sources.
Japan has advanced in creating tools that support a future taxonomy, such as climate transition finance guidelines and sectoral decarbonization roadmaps.
In 2023, the U.S. Securities and Exchange Commission (SEC) issued regulations on climate-related and ESG disclosures, reflecting increasing interest in sustainability. However, as of July 2025, the United States remained the only one of Chile’s major trading partners that had not developed a taxonomy nor announced federal plans to do so.
Which jurisdictions have a sustainability taxonomy? Do Chile’s main trading partners have one?
Yes. Chile officially published its Environmental Sustainability Taxonomy for Economic Activities in May 2025, joining more than 50 jurisdictions that have developed similar frameworks worldwide. This tool aims to guide public and private investment decisions, enhance transparency, and support alignment of the financial and productive sectors with the country’s environmental goals.
Chile’s taxonomy was developed through the Public-Private Green Finance Roundtable with support from multilateral organizations and broad participation from public- and private-sector actors, academia, and civil society. Its design follows international standards and is adapted to Chile’s economic and environmental context.
Does Chile have an environmentally sustainable taxonomy?
Yes. Chile officially published its Environmental Sustainability Taxonomy for Economic Activities in May 2025, joining more than 50 jurisdictions that have developed similar frameworks worldwide. This tool aims to guide public and private investment decisions, enhance transparency, and support alignment of the financial and productive sectors with the country’s environmental goals.
Chile’s taxonomy was developed through the Public-Private Green Finance Roundtable with support from multilateral organizations and broad participation from public- and private-sector actors, academia, and civil society. Its design follows international standards and is adapted to Chile’s economic and environmental context.
Its structure is based on five main elements:
– The taxonomy has six Environmental Objectives. There is no prioritization among them, though development is gradual based on available information.
– Economic activities were defined using a comparative analysis with other frameworks and based on their actual or potential contribution to the Environmental Objectives and their relevance within the national GDP. These activities are grouped into nine economic sectors, corresponding to a subset of the highest level of the International Standard Industrial Classification (ISIC).
– Economic activities must meet three Minimum Requirements—defined through Technical Screening Criteria—to be considered “environmentally sustainable”: (1) substantial contribution; (2) do no significant harm; and (3) compliance with Minimum Social Safeguards.
Do you have questions about how to apply the Taxonomy or assess whether your activities meet the technical criteria?
We can help you understand the requirements, identify gaps, and guide your next steps to align your strategy with climate action expectations.