Terra Carta: Prince Charles asks companies to join 'Earth charter'

Andrew Cummings
January 13, 2021

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 previous year.

Dubbed the "Terra Carta" in homage to the historic Magna Carta - the charter of basic rights agreed over 800 years ago - the 17-page framework sets out 100 broad actions for businesses to harness their resources and innovation to combat escalating global climate and biodiversity crises.

The commitments include recognising the importance of local traditions, culture and jobs, acknowledging the need for net zero commitments to be achieved by 2050 or sooner, and recognising that to scale sustainable solutions and investment, cross-border and "mega" projects need to be explored.

He hopes the new charter will help "reunite people and planet".

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

Having campaigned for a greener world for 50 years now, the Prince spoke at the One Planet Summit in Paris: "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". It's being backed by huge worldwide corporations including HSBC, Bank of America, and BlackRock - companies historically linked to the fossil fuel industry, according to the Guardian. "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 serves as the "guiding mandate" of the SMI, according to a statement issued by the SMI on Monday.It will be updated annually over the next ten years.

In addition to the Charter, HRH is also launching today the Natural Capital Investment Alliance, an initiative to mobilise Dollars 120 trillion of investment. 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.

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