On June 13, 2022, Chile published its Climate Change Framework Law (“the Climate Act”). The Climate Act includes a binding goal of net zero emissions by 2050 at the latest, following the recommendations of the IPCC. It creates regulatory instruments, a new crosscutting governance, and opportunities for public participation. The Climate Act also creates important challenges and opportunities for Chile’s private sector. This blog explores these elements and how they imply a paradigm shift in Chilean climate governance, becoming a leader in Latin America for climate action.