The letter, which will be unveiled at the One Planet Summit in Paris on Monday, aims to protect the world’s natural resources and accelerate the transition to a greener future. It contains about 100 actions that companies can take, including a commitment to achieve zero net emissions by 2050 or earlier and to protect natural ecosystems.
“I can only encourage, in particular, those in industry and finance to provide practical leadership for this common project, as only they are able to mobilize the innovation, scale and resources needed to transform our global economy,” said the Prince Charles in a statement.
“What’s the use of all the extra wealth in the world, obtained from ‘business as usual’, if you can’t do anything with it, except to see it burn in catastrophic conditions?”, He said in an exclusive interview with CNN at the annual meeting of the global elite.
At that event, he launched the Sustainable Markets Initiative (SMI), co-chaired by Bank of America CEO Brian Moynihan, to put people and the planet “at the center of global value creation”.
Terra Carta serves as SMI’s “guiding mandate”, according to a statement released by SMI on Monday. It will be updated annually for the next ten years.
One of the initiatives arising from the charter is a private sector alliance that aims to invest $ 10 billion in “natural capital” by 2022, including regenerative agriculture and biofuels.
It will direct money to companies that try to harness or preserve the power of nature, such as those that use nature-based materials or implement zero waste strategies. It will also seek to capitalize on the growing number of companies investing in sustainable development projects in order to offset carbon emissions and achieve zero net targets.