In Reshape the economy to fight climate crisis, Graeme Weardon (The Guardian January 23, 2020) reports on the address given by Prince Charles to delegates at the World Economic Forum, Davos, Switzerland – that incidentally was attended by Mathias Cormann, Finance Minister in the Australian federal parliament.
The Prince of Wales has urged business and political leaders at Davos to embrace a radical reshaping of economies and markets in order to tackle the climate crisis.
In a special address at the World Economic Forum on Wednesday, Charles outlined a 10-point plan to help the global economy become more sustainable including the imposition of green taxes and investing in environmentally friendly technologies.
He argued that taxes, regulations and policies could all be changed, as part of a drive to reverse environmentally damaging subsidies such as financial assistance for the fossil fuel industry. He also cited the “polluter pays” principle that requires those who create environmental damage to pay for the clean-up.
“In order to secure our future and prosper, we need to evolve our economic model,” the Prince told an audience of politicians and business and civic leaders at Davos. “Do we want to go down in history as the people who did nothing to bring the world back from the brink in time to restore the balance, when we could have done?”
Here’s the 10-point plan for a sustainable economy and planet …
1) Put nature and the protection of nature’s capital at the heart of operations.
2) Create responsible pathways to decarbonise to reach net zero, and for governments and businesses to set a clear plan for how they will decarbonise.
3) Reimagine industries through the lens of sustainable markets.
4) Identify game-changing technologies that can speed up the creation of a sustainable economy and eliminate barriers to change.
5) Remove subsidies that prevent the economy becoming more sustainable, and set taxes, policies and regulations in a way that catalyses sustainable markets.
6) Invest in science, technology, engineering and maths skills, and in research and development, to help bring emerging technologies to market.
7) Invest in nature as an economic driver of growth.
8) Agree unified metrics for measuring environmental, social and governance standards, to provide transparency to company’s supply chains.
9) Make it easier for consumers to see which products are ethical and sustainable.
10) Realign investing so it can support sustainability. This would direct trillions of pounds in pension funds, sovereign wealth funds into environmentally responsible projects that offer long-term value and rate of return.
Read We need revolutionary action to save the planet, full transcript of Prince Charles’ Davos speech, January 23, 2020, here: Ten point plan released at WEF, Davos
