Marking a year since HRH announced his Sustainable Markets Initiative at Davos, the Terra Carta offers the basis of a recovery plan to 2030 that puts Nature, People and Planet at the heart of global value creation.
Designed by former Chief Design Officer at Apple, Sir Jony Ive, the Terra Carta sets out a ten-point action plan for businesses reflecting HRH’s year convening ‘coalitions of the willing’ across industries around the world; Supporters include Bank of America, Unilever, BlackRock, EY, AstraZeneca, Schroders, BP, Heathrow Airport.
In support of global agreements such as the Paris Climate Agreement, the Convention of Biological Diversity and the Sustainable Development Goals, the Terra Carta outlines ten areas for action and comprises of nearly 100 actions for business as the basis of a recovery plan that puts Nature, People and Planet at the heart of global value creation. The Terra Carta aims to encourage and provide a framework for each actor to accelerate their respective transition journeys.
Speaking at the One Planet Summit, His Royal Highness The Prince of Wales said: “I am making an urgent appeal to leaders, from all sectors and from around the world to give their support to this ‘Terra Carta’ – to bring prosperity into harmony with Nature, People and Planet over the coming decade. I can only encourage, in particular, those in industry and finance to provide practical leadership to this common project, as only they are able to mobilise the innovation, scale and resources that are required to transform our global economy.
“The ‘Terra Carta’ offers the basis of a recovery plan that puts Nature, People and Planet at the heart of global value creation – one that will harness the precious, irreplaceable power of Nature combined with the transformative innovation and resources of the private sector.”
The Terra Carta is based on a series of recommendations developed over a year of HRH convening ‘coalitions of the willing’ among global business leaders across industries in almost every sector, challenging them to identify ways to set our planet on a fundamentally more sustainable trajectory. Together, they have developed a charter of ambitious, but practical action aimed at building a truly sustainable future.
The Terra Carta further aims to unlock the catalytic potential of consumer demand, and to drive investment into solutions (Nature-based and engineered) that address the climate and biodiversity crises. Over the next ten years the Terra Carta will be updated and reported on annually by HRH’s Sustainable Markets Initiative in order to reflect the rapid pace of change and continuous progress being achieved around the world.
Brian Moynihan, SMI Co-chair and Chairman and CEO Bank of America and Founding Partner of SMI said: “The Terra Carta is a comprehensive roadmap for the private sector to help drive toward a sustainable future. 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. HRH Prince of Wales’s leadership and commitment has created a spirit of possibility that business leaders are proud to join.”
One of the actions in the Terra Carta has already been initiated. The Prince’s SMI has created a Natural Capital Investment Alliance to develop Natural Capital to help us arrive at a common language on Natural Capital Investment so that we can start putting money to work and improve the flow of capital. This Alliance will work to actively increase capital allocation in this direction targeting $10 billion by 2022. It will also aim to expand the flow of Natural Capital investment through corporate offsetting and carbon pricing prospects. Founding partners of the Alliance are HSBC Pollination Climate Asset Management, Lombard Odier and Mirova.