On Monday, at the One Planet Summit in
Paris, Prince Charles launched the Terra
Carta — a charter that offers the basis of a recovery plan to 2030 that "works in harmony with Nature's own economy, rather than against it."
A year after the launch of his Sustainable Markets
Initiative (SMI) at the World Economic
Forum in Davos, the Prince of Wales — a lifelong environmentalist and heir
to the British throne — is using the charter to urge big business, industry and
the financial worlds to commit to the plan that he hopes will "reunite people
and planet,” with nearly 100 actions to become sustainable by 2030.
Video credit: Sky News
In the Terra Carta’s statement of
intent,
the voluntary commitments include supporting international agreements on the
climate, biodiversity and desertification, backing efforts to protect half of
the planet by 2050, and make investment and financial flows consistent with a
future of low greenhouse gas emissions.
OK, Now What?: Navigating Corporate Sustainability After the US Presidential Election
Join us for a free webinar on Monday, December 9, at 1pm ET as Andrew Winston and leaders from the American Sustainable Business Council, Democracy Forward, ECOS and Guardian US share insights into how the shifting political and cultural environment may redefine the responsibilities and opportunities for companies committed to sustainability.
As the Prince says in the
foreward
to the charter:
“To build a productive and sustainable future, it is critical that we accelerate and mainstream sustainability into every aspect of our economy. To move forward, there must be a
center of gravity to catalyze such a monumental effort, and to mobilize the resources and
incentives required.
"Over the past year, through my Sustainable Markets Initiative, I have
convened leaders from across industries and almost every sector, and challenged them to
identify ways to set our planet on a fundamentally more sustainable trajectory. Together,
these outstanding business leaders have seized this opportunity to develop a charter of
ambitious, but practical action. With these insights, I am launching this ‘Terra Carta’ as the
basis of a recovery plan for Nature, People & Planet. I am calling on CEOs from
around the world to engage and play their part in leading the global
transition.”
Early supporters including AstraZeneca, Bank of
America, BP, BlackRock, EY, Fidelity International, Heathrow
Airport,
HSBC and Unilever have signed on to the charter — and committed to a $10B fund to invest in environmental sustainability initiatives, according to Sky News. While
some of these signatories remain big investors or financiers for the fossil fuel
industry and sectors linked to biodiversity
loss,
this latest commitment hopefully signals an intention to move beyond
pronouncements
and toward definitive action — to enable the transition to a low-carbon future
that also backs biodiversity restoration.
The Terra Carta now serves as SMI’s "guiding mandate," and will be updated
annually over the next ten years.
According to
CNN,
one of the initiatives arising out of the charter is a private-sector
alliance that aims to invest $10 billion in natural capital by 2022,
including regenerative farming and biofuels.
Swiss bank Lombard Odier, asset manager Mirova, and funds jointly
managed by HSBC and
climate advisory firm Pollination Group are founding partners of the
initiative — dubbed the Natural Capital Investment
Alliance.
The group will direct money to businesses that try to harness or preserve the
power of nature, such as those using nature-based
materials
or deploying zero-waste strategies. The Alliance will also seek to capitalize on
the growing number of companies investing in sustainable development projects in
order to offset carbon emissions and reach net-zero targets — as even more
brands (including Unilever) and financial institutions demonstrated just before
the new
year.
Get the latest insights, trends, and innovations to help position yourself at the forefront of sustainable business leadership—delivered straight to your inbox.
Sustainable Brands Staff
Published Jan 13, 2021 1pm EST / 10am PST / 6pm GMT / 7pm CET