Technical cooperation and coordination of financial stability Chile is facilitated via the Financial Stability Board (Consejo de Estabilidad Financiera) created In 2011, and reinforced in 2014 by Law, most notably allowing for a more robust information sharing framework. Consolidation of macroprudential tools have been incorporated through several legal amendments. The Central Bank Law, General Banking Las and CMF Law, together with instances of coordination among financial authorities have been allowed to respond better to the materialization of risks during critical periods such as the pandemic and avoid risk incubation. Monitoring of risks and vulnerabilities by the Central Bank and close coordination with CMF and other financial supervisors is providing the authorities with a more integral view of risk incubation, allowing prompt adoption of measure to preserve financial stability. The CCyB is the main macroprudential policy tool under BCCh authority, and BCChCMF coordination. As applied, the objective of this bank capital requirement is to increase banks' resilience in the face of severe stress scenarios, resulting from systemic risks, thus contributing to reduce the impact of these events on financial stability, avoiding restricting essential banking services, such as credit supply, hence protecting the economy. The BCCh has so far not activated this requirement. The first official Financial Policy Meeting, formally communicated to the market, took place in  2/3  BIS - Central bankers' speeches  May 2022 and the most recent one occurred this week. In both occasions, the Board unanimously decided not to activate the RCC the CCyB.

We have reported our Scope 1, Scope 2, and part of our Scope 3 emissions over the past three financial years. Scope 3 emissions from MAS’ outsourced currency operations, namely currency production, processing, and transportation are currently not included. We are working with our currency vendors to better understand the carbon profile of these activities, and we will report them in the future. MAS’ carbon footprint has declined over the last two years but the magnitude was amplified by the COVID-19 pandemic. MAS’ carbon emissions declined 47% from FY2019/20 to FY2020/21, mainly due to a near collapse in air travel due to the COVID-19 pandemic. Emissions in FY2019/20 saw a decline of 8% from FY2018/19, reflecting in part the impact on air travel during the start of the pandemic. We will develop a roadmap to set out our targets and strategies for emissions reduction. We will, by next year’s sustainability report, set targets for emissions reduction in 2025 and 2030 and consider the earliest possible timeframe to achieve net-zero emissions. We will develop strategies to reduce the major contributors to our carbon footprint, namely 7/9  BIS central bankers' speeches  electricity consumption, air travel, and currency operations. MAS has made good progress in reducing energy consumption and will continue to do so. Our electricity consumption peaked in 2013 and has declined by 23% since through a variety of measures to enhance the energy efficiency of the central air conditioning and lighting systems in the MAS Building.