If you have one minute, take two things. NCG 461 does not ask you for a carbon footprint in tonnes today. And the standard that does, IFRS S2, only becomes mandatory in Chile for the annual report covering 2027: the CMF pushed it back a year on July 27, 2026, through NCG 572.
The rest of this guide covers what has to be disclosed in the meantime, who it applies to and how to use that extra year. We worked from the text of the rules, linked at the end.
The calendar
| Annual report covering | Filed in | What applies |
|---|---|---|
| 2025 | 2026 | NCG 461 as amended by NCG 519: sustainability section, SASB metrics and the verification statement |
| 2026 | 2027 | The same. IFRS S1 and S2 are voluntary |
| 2027 | 2028 | IFRS S1 and IFRS S2 mandatory, with the first-period transition regime |
An entity that adopts the IFRS standards before the mandatory date must say so explicitly in the annual report.
Three rules, one annual report
NCG 461, issued on November 12, 2021, amended NCG 30 to bring sustainability and corporate governance into the annual report.
NCG 519, issued on October 28, 2024, amended NCG 30 and NCG 461. It created a sustainability section in the annual report, added an exemption for small entities and brought in IFRS S1 and IFRS S2.
NCG 572, issued on July 27, 2026, has a single operative paragraph: it changes the date from which the IFRS standards apply.
Who they apply to
Entities with securities registered in the CMF Securities Registry, and the others that prepare their annual report under NCG 30. The rule was phased in:
| Entity | From |
|---|---|
| Listed corporations with consolidated assets above UF 20 million | December 31, 2022 |
| Listed corporations with consolidated assets above UF 1 million | December 31, 2023 |
| Registered special corporations and other securities issuers | December 31, 2025 |
If your entity is small
NCG 519 exempts entities whose consolidated assets, averaged over the two previous years, do not exceed UF 1 million. They are released from the electronic form and from sections 3.1, 3.5, 3.6, 3.7, 4.1, 4.2, 5, 7, 8 and 9. Section 9 is the sustainability section, so the exemption covers the SASB metrics and the IFRS standards.
They must still describe the structure and operation of their corporate governance, and their risk management and internal control framework.
What has to be disclosed on climate today
NCG 461 asks the entity to explain how it manages climate change. There are four fronts, spread across different sections of the annual report:
- How the board incorporates sustainability topics, including climate change.
- The board's guidelines on managing environmental risks, in particular the physical and transition risks of climate change.
- The risks and opportunities that could materially affect performance and financial condition, and the resilience of the business model. Here the rule names the TCFD recommendations among the guidance to consider.
- How the strategy considers environmental matters, especially climate change.
That is narrative. The numbers come from somewhere else.
SASB metrics
The annual report must include the sustainability metrics that are material for the entity's industry, under the SASB standards. NCG 519 spelled out how:
- Use the SASB standard in force on January 1 of the reported year.
- Identify each metric with its SASB code and report it in that standard's format.
- If a metric cannot be estimated, or doing so involves disproportionate cost or effort, explain why.
In several industries those metrics include greenhouse gas emissions. That is why some companies already report emissions under NCG 461 and others do not: it depends on each industry's standard. Check yours before assuming either.
Verification
It is not mandatory. What is mandatory is saying whether it happened: the annual report must disclose whether a third party outside the entity verified the sustainability information and metrics, which information was verified and under which standard.
Stating that nothing was verified complies with the rule. How your investors read that is a separate matter.
What changes with IFRS S1 and S2
Section III of NCG 519 adds a new requirement: reporting in line with IFRS S1, on general sustainability requirements, and IFRS S2, on climate-related disclosures, for the same annual period as the report.
That is where emissions become a mandatory figure. IFRS S2 asks for gross Scope 1, 2 and 3 emissions, in tonnes of CO2 equivalent, measured under the 2004 GHG Protocol Corporate Standard unless an authority requires another method.
Three details worth knowing now:
- Scope 2 is reported with the location-based method. If the entity holds contractual instruments, such as renewable energy certificates, it discloses them separately.
- For Scope 3 the entity must consider the 15 categories of the GHG Protocol Value Chain Standard and state which ones it includes.
- Entities with asset management, commercial banking or insurance activities add financed emissions.
First-year relief
NCG 519 states that in the first period in which the IFRS standards are applied, the transition regime in those standards governs, and that the annual report must describe which provisions the entity is using.
IFRS S2 allows an entity, in that first annual period, not to disclose Scope 3 emissions. It also allows continued use of a measurement method other than the GHG Protocol if the entity was already using it in the previous period.
Our advice is not to read that relief as a free year. Scope 3 takes the longest, because it depends on supplier data, and the report covering 2028 will ask for it.
How to use the extra year
Scope 1 and 2 for 2027 are built from 2027 data. Use 2026 as a rehearsal: measure now, find the gaps and reach 2027 with a process you have already run once.
- Define the inventory boundary. It should be consistent with your financial statements.
- Measure Scope 1 and 2 for 2026, with the location-based method for electricity.
- Go through the 15 Scope 3 categories and note which are relevant and what data exists.
- Organize the evidence. Every figure should trace back to an invoice or record, which is exactly what a verifier looks at.
- Compare what you already report with your industry's SASB standard in force on January 1.
If you measure with ISO 14064-1 today, the GHG Protocol and ISO 14064 guide shows how it translates into scopes.
Where Grumbic fits
Grumbic calculates the footprint from your invoices and keeps every figure linked to the document it came from. For an annual report that covers two things: the inventory by scope that IFRS S2 asks for, and the evidence you need if you decide to verify.
See the platform or talk to us.
Sources
Information reviewed on October 10, 2026 in the texts published by the Financial Market Commission of Chile and the IFRS Foundation. This guide is informational and does not replace legal advice.
