- His Royal Highness, the Prince of Wales, announced on Sunday the creation of the ‘Terra Carta’ – a letter that gives companies a roadmap for a more sustainable future.
- The letter is supported by some of the largest companies in the world, including: Bank of America, BlackRock, Unilever, AstraZeneca and BP.
- Prince Charles’ also launched the new ‘Natural Capital Investment Alliance’, which aims to reach $ 10 billion by 2022
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His Royal Highness, the Prince of Wales, has unveiled a new sustainability statute, called “Terra Carta”, supported by leading international companies, including Bank of America, BlackRock, Unilever, AstraZeneca and BP.
The letter, designed by former Apple design director Sir Jony Ive, is a 10-point 2030 roadmap for companies, supporting companies like the Paris Climate Agreement. With about 100 actions for companies, the plan should serve as “the basis for a recovery plan that puts Nature, People and the Planet at the center of creating global value”, according to a press release. Each actor was given a framework for their individual plans, he said.
This publication is Prince Charles’ latest effort to support sustainable practices in the private sector, following his speech in Davos in January 2020 and the creation of the Sustainable Markets Initiative.
“’Terra Carta’ provides the basis for a recovery plan that puts Nature, People and the Planet at the center of creating global value – which will harness Nature’s precious and irreplaceable power combined with transformative innovation and resources from the private sector, “His Royal Highness the Prince of Wales will say at a One Planet Summit event.
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One of the objectives of the initiative is to boost investment in solutions based on nature and designed to address climate and biodiversity crises. To that end, Prince Charles’ SMI created the Natural Capital Investment Alliance, which aims to increase the allocation of natural capital by $ 10 billion by 2022.
Natural capital is the term used to describe the pool of combined resources that make human life on Earth possible. For example, plants, animals, minerals, soil, air and water.
The alliance, founded alongside HSBC Pollination, Lombard Odier and Mirova, will also seek investment in natural capital through corporate compensation and prospects for carbon pricing.
Terra Carta supporters already include some of the largest companies in the world, with Brian Moynihan, CEO and President of Bank of America, calling it “a comprehensive roadmap for the private sector to help steer towards a sustainable future”.
“By aligning development goals within our operational models, the private sector can pool the resources that will be needed to achieve development goals. His Royal Highness Prince of Wales’ leadership and commitment have created a spirit of possibility from which business leaders are proud to join “.
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The letter’s commitments include:
- Commit to rapidly accelerating the world’s transition to a sustainable future.
- To recognize that to guarantee the integrity of all ecosystems, terrestrial and underwater, it is necessary that the climate, oceans, desertification and biodiversity be treated as a common system and treated simultaneously.
- To recognize that we need to make health our goal; individual health, community health, economic health and health of our natural resources (for example, soil, air and water).
- To recognize the importance of ‘local’ – local traditions and culture, local products, local jobs and local sustainability – and how these ‘locals’ connect and support each other in the wider tapestry of regional and global systems.
- To recognize that Nature sustains the inherent prosperity, well-being and future of all people and the planet we share. Furthermore, that the restoration of the natural world is of common benefit to all mankind, regardless of borders.
- To recognize that the necessary global path is sustainable, where the private sector has a critical role to play. To accelerate along this path, a ‘future of the industry’ and ‘future of the economy’ approach must be adopted.
- Take into consideration the need to guarantee a qualified workforce and a cadre of leaders prepared to participate in a fair, equitable and just transition to a sustainable future.
- To recognize that to scale sustainable solutions and investments, ‘mega’ cross-border and long-term projects need to be explored, highlighting the importance of public, private and philanthropic collaboration.
- To recognize the need for zero net commitments to be reached by 2050 or earlier. Setting more ambitious schedules, such as 2035, emphasizes and catalyzes immediate action, innovation and continuous improvement.
- Undertake to collaborate, share knowledge and ideas to propel the world towards sustainability at a faster pace through public, private and philanthropic collaboration.
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Initial supporters of Carta Terra include: AstraZeneca, Fidelity International, Bank of America, freuds, Jony Ive / LoveFrom, Refinitiv, Manyone, Heathrow Airport, Coutts, IIGCC, HSBC, Schroders, EY, BP, Macquerie, State Street, Pollination, Lombard Odier, Mirova, Drax Group, Eurasia Resources Group, EFI, Compass Group, ReNew Power, Polymateria, CCm Technologies, Lanzatech.