Codelco Secures $532M in Climate Financing

Chilean state miner Codelco secures $532 million in climate financing from Credit Agricole CIB, aimed at decarbonizing its energy matrix by 2030. The funds support its sustainability targets, including renewable energy contracts for the Chuquicamata site.

Chilean state miner Codelco, one of the world's largest copper producers, announced on Tuesday that it has secured $532 million in climate financing authorized by French bank Credit Agricole CIB.

The funds are earmarked to support Codelco's ambitious decarbonization plan, which aims to achieve a fully decarbonized energy matrix by 2030. This initiative began in 2018 when Codelco signed a landmark decarbonized supply contract with energy company Engie for its Chuquicamata site.

Codelco, which is responsible for approximately 9% of Chile's energy consumption, stated that the financing will be used to meet its sustainability objectives, including the renewal of electricity supply contracts with renewable energy sources.