The Helsinki Principles set out the key areas for policy engagement of the Coalition of Finance Ministers for Climate Action in support of the implementation of the Paris Agreement. The Santiago Action Plan takes the next step by laying out the priority workstreams and deliverables for 2020 and beyond aimed at making progress on each of those principles. Released at the COP25 in December 2019, the Santiago Action Plan recognizes that a fundamental change is required to bring considerations of climate change into decision-making about economic and financial policies, and reflects Members’ engagement to work actively towards common goals of mainstreaming climate change actions, keeping in mind countries’ realities and contexts. It aims to help reaffirm commitments, accelerate action, and boost ambition to operationalize and implement fully the Paris Agreement.
The Santiago Action Plan proposes a cross-thematic work program built around the six core elements of the Helsinki Principles, which underpin the commitment of Finance Ministers to: align policy actions with the Paris Agreement (Helsinki Principle 1); promote capacity building, and mutual exchange of knowledge and expertise (Helsinki Principle 2); work towards measures that result in effective carbon pricing (Helsinki Principle 3); integrate climate change in macroeconomic management and public finance (Helsinki Principle 4); mobilize private climate finance and develop a financial sector that recognizes mitigation and adaptation (Helsinki Principle 5); and engage as a key stakeholder in the preparation and implementation of the NDCs (Helsinki Principle 6).