Q3 investments submitted for environmental review in Chile fell nearly 50%

Chile’s environmental evaluation service SEA received 165 projects worth nearly US$6.4bn for review in Q3, compared to 183 projects in the third quarter of 2021 worth US$12.3bn.

In 2Q22, 156 proposals for US$7.7bn were submitted, of which 85 worth US$2.6bn were approved, compared to 71 worth nearly US$3.2bn in Q3. In the third quarter last year, 110 worth US$7bn were approved.

So far this year, 664 projects worth US$42.7bn have been submitted, versus 947 worth US$54.9bn during the first nine months of 2021. 

Of this year’s total, 455 were approved, involving US$18.8bn in investments. In the same period of 2021, 480 projects worth US$19.9bn passed evaluation.

SEPTEMBER 

SEA received 49 proposals worth US$1.3bn last month, down from 58 projects and US$2.4bn in investments registered in August.

The biggest investment drop was seen in energy, where capex went from US$1.64bn to US$798mn. Submissions fell from 14 to 11.

In mining, submissions remained almost flat, with 13 in August versus 12 in September, but investments dropped from US$203mn to US$11.2mn. 

There were no submissions for transport or port infrastructure in September, just like the previous month, but three water infrastructure projects were submitted for US$3.2mn, compared to one in August for US$360,000. 

The biggest projects submitted are the Dañicalqui wind farm (US$120mn), the Padre Hurtado data storage center (US$205mn) and the Junquillos wind farm (US$570mn), which was withdrawn by the proponent, however.

Project approvals fell from 32 in August to 19 in September and investments from US$1.4bn to US$1.04bn.

Mining approvals remained flat at three projects, but investments jumped from US$2.7mn to US$448mn.

Energy fell from 15 to seven approvals, while investments dropped from US$689mn to US$85mn.

There were no approvals for water, transport or port infrastructure. 

The biggest approved projects are the Vivo Santiago Mall stage II (US$200mn) and the Catabela tailings deposit upgrade (U$400mn).

All but one of the projects approved last month were submitted with an environmental impact assessment (EIA), as opposed to an environmental impact study (EIS) which takes longer to review.

By end-September, 382 projects worth nearly US$35.7bn were under evaluation, of which 307 were submitted with EIAs and 75 with EISs.

On average, it takes 64 working days to review an EIA and 164 for an EIS.