'Nature is not an asset class': Prince Charles calls for 'evolution' of economic model
Heir to the throne launches Sustainable Markets Council to bring together industry leaders to drive breakthroughs in decarbonisation
The Prince of Wales has announced plans to host a series of industry roundtables that will bring together experts, executives, and investors to identify ways to rapidly decarbonise the global economy.
Speaking at the World Economic Forum in Davos yesterday, Prince Charles said he hoped to help build a new "systems-level" framework to that "ground markets in a high-purpose mission".
"If there is one critical lesson we must learn from this crisis, it is that nature is not an asset class," he said. "Nature is in fact the lifeblood of our financial markets, and as such we must rapidly realign our own economy to mimic nature's economy and work in harmony with it."
He also argued that the global economy could be on the cusp of a tipping point. "After nearly 50 years of championing this cause I cannot help feeling that finally we are ready to change our trajectory," he added. "For my part I have made sustainable markets my priority for 2020 - actually beyond, however long it takes."
Backed by the World Economic Forum, Prince Charles said he would convene a series of industry roundtables in the coming months covering sectors such as aviation, automotive, carbon capture and storage, shipping, forestry, financing, digital technology, renewable energy, battery storage, fisheries, cement & steel, and agriculture.
"At the end of which I shall probably be dead," he joked.
He said he hoped the roundtables would help "bring the right people together" to help remove roadblocks hampering decarbonisation. "We all know the problem, and increasingly we agree on the direction," he said. "2020 is the time for solutions and practical action."
Wonderful to see the Prince of Wales announce the Sustainable Markets Council at #Davos.
— COP26 (@COP26) January 22, 2020
The Council will bring together leading individuals from charity, public and private sectors, and investors to decarbonise the 🌍 economy, and transition to #sustainable markets. #WEF20 https://t.co/pFaHtuKMY1
The Prince also called for a wider "evolution" of the global economic model to better incorporate the value of nature. The approach would include requiring every business executive to think about environmental protection, outlining a pathway to net zero, and adopting common reporting standards for climate-related issues. He also called on policymakers to work together to reverse "peverse" subsidies and improve incentives for sustainable alternatives, make it easier for consumers to choose sustainably, and boost investments in game-changer technologies.
"What good is all the extra wealth in the world gained from business as usual if you can do nothing with it except watch it burn in catastrophic conditions?" he asked.
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