Times of accelerated and profound change, marked by major geopolitical conflicts, deep social crises and the progress of climate change, with an overwhelming and generalized pessimism that causes concern.

Today, moreover, it is becoming increasingly difficult to unite wills and reach agreements with a majority that, while recognizing genuine differences, can conceive a common horizon, a better future for all.

In particular, Chile is going through a complex political moment. The deterioration of civic coexistence is evident. A political activity that seeks immediate rewards has been sterile in articulating answers to the social pains of the population. This has kept us in an economic stagnation that is mortgaging growth opportunities and, consequently, delaying life projects and postponing the possibilities of welfare for our society.

This is not only a local phenomenon. The lack of will to promote consensus has allowed the emergence of personalisms that have eroded democratic coexistence. In fact, according to a survey carried out in 2023 in Latin America and collected by The Economist magazine, a significant part of the new generations does not know a system other than the democratic one and, therefore, do not value it. In this context, if there is no change in the perception of young people, support for democracy will continue to decline as our elders are no longer around.

It is no coincidence that the Royal Spanish Academy defined «Polarization» as the word of the year in 2023, precisely because of its high presence in the media during that period.

How did we arrive at this hopeless scenario? I believe that one of the determining factors has undoubtedly been short-termism, a silent enemy that has permeated all aspects of our modern society and that stands as one of the great evils of our time. A mentality that prioritizes immediate benefits over long-term repercussions.

In the political sphere, short-termism manifests itself in the pursuit of electoral victories, rather than in the development of policies that address structural challenges and promote lasting well-being for society. It also poses a threat to the environment by driving the unbridled exploitation of natural resources and ecosystem degradation. Thus, the lack of consideration for the long-term consequences of our actions is accelerating climate change, biodiversity loss and pollution. In the business world, short termism can also drive decisions based solely on the next quarterly results, instead of investing with a long-term view that promotes sustainable development. Organizations that are blinded by short-term financial gains run the risk of neglecting the needs of their employees, the environment and the communities with which they interact.

In the midst of this complex panorama, it is important to understand the role that companies should play. In our case, it is essential to ask ourselves why it is important for Empresas Copec to exist and what is the best contribution it can make to society.

We are part of a long business history that over the last nine decades has faced and overcome difficulties of all kinds: natural, political, economic and social. This, thanks to a long-term strategy, always thinking in decades.

Today, Empresas Copec is a multinational of local origin, with productive assets in 16 countries, globally mobilizing an economy of nearly US$30 billion, comparable to the GDP of a country like Iceland. It is undoubtedly a relevant player in the development and perspectives of many people, communities and countries where it is present, contributing to the task of addressing the great challenges we face as a society.

And this is done through its businesses and activities. It is fundamental for Empresas Copec that the development of the companies in which it participates is carried out under a sustainable management model that considers and ensures care for the environment and the generation of social and economic value for all its stakeholders.

Thus, our subsidiary ARAUCO, the first forestry company in the world to be certified as carbon neutral, is a relevant player in the task of fighting climate change, since its forests capture and store enormous amounts of carbon, favoring the reduction of greenhouse gases in the atmosphere. In addition, forest products make it possible to replace the use of less environmentally friendly materials, especially in industries such as construction, textiles and plastics.

Our subsidiary Copec, meanwhile, is seeking to play a relevant role in the energy transition process, focusing on investments that aim towards renewable energy, energy efficiency and sustainable mobility projects. Abastible has joined this same challenge, developing and implementing new energy solutions for industrial, commercial and public service companies. In addition, we have presence in copper mining, a key area to make this transition more likely to succeed.

Our subsidiaries are thus participating in building the future. A process that is being carried out now, but whose results we will see in the long term. A vocation that is based on a philosophy that has been a permanent part of our way of doing business, applied for decades, during which we have always pursued objectives that go beyond immediate economic success.

In a world increasingly dominated by instant gratification and immediate satisfaction, it is essential, then, to align ourselves with projects that will yield results over a long-time horizon, with effort, perseverance and, of course, optimism. Because, as we have always said, you cannot do business if you are not optimistic.

It is essential, therefore, that we confront the short-term mentality with urgency and determination, prioritizing a vision of the future in all our actions and decisions, taking responsibility for the well-being of future generations. Only in this way will we be able to address global challenges, from climate change to economic inequality.

A long-term approach forces us to consider the impact of our actions on the environment, the economy and society as a whole. This implies making decisions that not only generate immediate benefits, but also ensure sustainability and equity for generations to come.

Likewise, adopting a long-term view encourages investment in innovation and technological development, thus driving sustainable economic growth and improving people’s quality of life in the years to come.

It is in this context that we have defined Empresas Copec’s Corporate Purpose as To shape the world for future generations. We do this by raising our eyes, with a much broader temporal scope, which is essential to guarantee a prosperous and sustainable future. It is about a way of thinking and acting, prioritizing prevention over reaction, sustainability over exploitation, and long-term well-being over immediate profits. Only by adopting this approach can we successfully meet the challenges of the 21st century and contribute to building a better world for all.

Shaping the world that we will probably never know is the purpose we worked on during most of 2023, together with our collaborators, in a process that invited us to think about the meaning of our business activities. Thus, respecting our history, based on our values and projecting ourselves forward, we have set ourselves to play an active role in the construction of new horizons, planting trees whose shadows will not be for us, but for our children, grandchildren and future generations.