Story at a glance

  • Prince Charles announced his “Sustainable Markets Initiative” in collaboration with the World Economic Forum at Davos.
  • The initiative will restructure and reorganize markets to engage in greener business practices.
  • Prince Charles says the core aspect of his initiative is building a coalition of industry leaders and influencers to promote sustainability.

Prince Charles took to the stage at the World Economic Forum in Davos today to emphasize the importance of combating the climate crisis, specifically at the business and financial level.

Speaking in front of global industry leaders, Prince Charles called for the reallocation of capital toward more responsible, sustainable business practices. 

“Global warming, climate change and the devastating loss of biodiversity are the greatest threats humanity has ever faced,” he said in front of an audience of global industry leaders. “We need nothing short of a paradigm shift,” 

Prince Charles also announced his own “Sustainable Markets Initiative” in collaboration with the World Economic Forum. The initiative aims to connect leaders in both the public and private sectors to move toward a carbon negative future. It will start with “a new systems-level framework which grants markets a higher purpose mission, in other words, putting people and planet at the heart of global value creation,” he said.

Several companies have taken measures to work toward more sustainable business practices that benefit both people and the environment, mainly driven by increasing public outcry and pressure. Under Prince Charles’ plan, taxes may be a viable option to accelerate businesses and markets to go green, as well as laws and policies. 

Other steps Prince Charles supports involve investing in sustainable technology, creating eco-friendly goods and services and increasing supply chain transparency. 

The future head of state in Britain has long been a vocal environmentalist and even met with teenage activist Greta Thunberg at this year’s Davos convention. Presumably after the 50th World Economic Forum, the prince will hold discussions with various industry leaders to help catalyze a transition to sustainable market practices. 

"I intend to do my utmost to ensure that the message of urgency, systemic change, collaboration and integration is heard," he said. "We simply cannot waste any more time — the only limit is our willingness to act, and the time to act is now."

Published on Jan 22, 2020