The Sustainable Markets Initiative (SMI), a global sustainability coalition launched last year by His Royal Highness The Prince of Wales, announced today the launch of Terra Carta, aiming to put sustainability at the heart of the private sector. Signatories supporting the new charter include leaders and CEOs of leading global investors and companies including BlackRock, Bank of America, Fidelity International, State Street, Schroders, Refinitiv, Unilever and BP, among others.
The new charter states:
“The Terra Carta aims to provide an integrated roadmap towards an inspiring, inclusive, equitable, prosperous and sustainable future for the sake of present and future generations; one that will harness the power of Nature combined with the transformative power, innovation and resources of the private sector.”
According to the charter, the Terra Carta will serve as the guiding mandate for the SMI, providing a roadmap to 2030 for businesses to move towards an ambitious and sustainable future. The actions launched today under Terra Carta includes the creation of a Natural Capital Investors Alliance targeting $10 billion by 2022.
His Royal Highness The Prince of Wales, said:
“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.”
Some of the goals outlined by the new charter include furthering, and where possible exceeding, the goals and targets of initiatives including the Paris Agreement, the Sustainable Development Goals (SDGs), the Convention on Biological Diversity, the Convention to Combat Desertification and the UN Convention on the Law of the Sea, supporting the protection and restoration of a minimum of 30% of biodiversity, on land and below water, by 2030 and 50% by 2050, and gaking global investment and financial flows consistent with a pathway towards low greenhouse gas emissions, climate-resilient development and Natural Capital/biodiversity restoration.