Prince Charles urges business to put planet and people first

  • Prince Charles urges business to put planet and people first

Prince Charles urges business to put planet and people first

Prince Charles is leading a fresh charge to tackle the climate crisis, this time with the support of several major companies including Bank of America and BP. It contains almost 100 actions that businesses can take, including a commitment to achieving net zero emissions by 2050 or sooner and protecting natural ecosystems.

Charles hopes to raise £7.3 billion to invest in the natural world, and harness the "irreplaceable power of nature", the prince will say in his virtual address to the One Planet Summit on Monday.

The 72-year-old royal has launched the Terra Carta, an action plan for companies as part of a recovery process created to drastically improve the carbon footprint of businesses by 2030 and he's urged as many organisations as possible to sign up to it.

Bank of America, AstraZeneca, HSBC, and BP are among the companies backing Terra Carta, which was designed by former Apple Inc chief designer Jony Ive and his company LoveFrom.

The charter forms part of the Sustainable Markets Initiative - a 10-point plan to accelerate the shift to eco-friendly markets - launched by Prince Charles with the World Economic Forum a year ago. Very few listed companies have climate action plans in place and there are still "a lot more people to convince", he told Richard Quest of Quest Means Business.

The aim is "to bring prosperity into harmony with nature, people and planet over the coming decade", he is expected to say in a speech, as per the comments released in a statement.

Indian solar energy firm ReNew Power is among an initial list of over two dozen worldwide companies already signed up to the charter, including AstraZeneca, Unilever, Bank of America, EY and BP.

One of the Terra Carta's key actions, initiated today, is the creation of a Natural Capital Investment Alliance to develop a "common language" for natural capital investing, with a target to drive $10bn of capital allocation in this direction by 2022.

"By integrating sustainability into our operating models the private sector can marshal the resources that will be needed to reach the climate, biodiversity and development goals", he said. It comes from the Royals' The Sustainable Markets Initiative, launched by Charles in January 2020; the initiative aims to support communities, businesses, investors and consumers to take the urgent and necessary steps required to transition to more sustainable practices.