Eldest son of Queen Elizabeth II and Prince Philip, Duke of Edinburgh; heir apparent to the British throne. 1970, graduated from Cambridge University (BA in History) and took seat in the House of Lords. 1971-76, served with the Royal Navy. Since 1977, Chancellor, University of Wales; since 1978, President, International Council of United World Colleges. Currently President of International Business in the Community. President or Patron of more than 200 organizations covering the arts, medicine, education, conservation and the environment, architecture, disability, history, archaeology and sport. Has written and presented two television documentaries: "A Vision of Britain" (on architecture, also published as a book) and "The Earth in Balance" (on the environment).View the profile
About the talk
Special Address by H.R.H. The Prince of Wales
The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.
World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
Twitter ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF
#WorldEconomicForum #Davos2020 #PrinceCharles
It is time to level the playing field and to think about how we properly deployed taxis policies and regulation. Anyway, that catalyzes sustainable markets. It is too late. A great tunnel and privilege to welcome his Royal Highness to welcome him back to the annual meeting. I'm particularly delighted because it has been almost 50 years ago since your last doctor see patient. I send signals to be out reaching a global Tipping Point as it has been mentioned many times seal in areas. So
close to the office Royal hotness. Your highness your years of dedication passion and work a highly relevant to the seam of six years on your meeting stakeholders for mulcahey Civ and the more sustainable evolved accelerating transition toward sustainable market and we already have to be to work with you on such a flagship initiative today. We are all Keen to heal from his Royal Highness for a more cohesive. Please welcome his Royal Highness the Prince of Wales.
This gentleman should be inviting me to be with you is me Mark the 50th anniversary of the world economic forum and its mission to improve the states of the world. It is this machine and the urgent need to shape the next 50 years that's has inspired me to be with you here today. After an absence says he is I hate to tell you. Now this is what we are in the midst of a crisis. That is now I hope well understood. Global warming climate change and the devastating loss of biodiversity the greatest
threats to humanity has ever faced and one large liver in creation. Now I've dedicated much of my life to the restoration of Harmony between humanity and nature and the environment and to the encouragement of corporate social and environmental responsibility. Quite frankly. It is being a bit of an uphill struggle. But I know it is time to take it to the next level. In order to secure a future and to prosper we need to evolve a lie. Can I make model? Having been engaged to these issues since I spent his 1968
when I made my first speech on the environment and having talked to countless experts across the globe baby those decades. I've come to realize it is not a lack of capital that he's holding his back but rather the way in which we deploy it. Therefore to move forward we need nothing short of a paradigm shift one that inspires action at revolutionary levels and pace. And with this in mind I am delighted to be launching a sustainable markets initiative with the generous support of the world economic forum.
Tumi sustainable markets of renue systems level framework which grounds markets in a higher purpose Mission and Planet at the heart of global value creation. Set o matic generate long-term value through the balance of natural social human and financial capital. Systems that will change with insisted Lamarcus. He's driven by consumer and invested to Mom access to sustainable Alternatives and and in her sponsorship between the public-private and philanthropic sectors. Sanibel markets can also
Inspire the Technology Innovation and scale that we so urgently need. The past decade has shown us just how quickly industry transformation can happen when you reimagine and re-engineer the business model. We need only look to move on technology electric vehicles the space industry e-commerce and online streaming for inspiration. Looking forward new employment opportunities in town you Industries and markets rooted in sustainability are within our grasp with the potential to unprecedented economic growth.
Changing our current trajectory will require bold and imaginative action together with determination and decisive leadership. We all know the problem and increasingly we agree on the direction. 20/20 is the time for Solutions and practical action. With our STG and Paris commitments in mind and the good news is that they are well within our reach if there's Johnson we all pull together in a corroded AZ global initiative to tackle the greatest Global threat. I would like to type line 10 practical actions
that would drive for sustainable markets approach. Festival shifting out of full setting to successes to sustainable Closest Ingles markets this means everyone in a leadership role putting genuine sustainability at the center of our business models are analysis of decisions and erections. In other words put simply we need to put nature and the protection of nature is capital for which we draw an annual return at the house of how we operate. It also means further to finding and developing the discipline and
framework of sustainable markets and sustainable Industries. second outlining responsible transition Pathways to decarbonise and move to NetZero. It is time to businesses Industries and countries like to design and Implement how they were decarbonise and transition to NetZero. Moving together with Pierre road maps will create efficiencies and economies of scale that will allow us to LeapFrog our Collective progressed and accelerates our transition. A little competition in this area could go a long way.
Said reimagining Industries through the lens of sustainable markets. Using a sustainable markets framework. We have an incredible opportunity to create entirely new state of Industries a product services and supply chains based on a circular bioeconomy wired in parallel helping to transition out existing systems. To do this. We must look at our markets using a business model approach to revenue generation and Systems Operations. Force identifying game changes and barriers to transition we need to identify showcase and
invest in the game changing Technologies and solutions that are emerging around the world. To accelerate we must also identify the barriers to progress the policy regulation infrastructure Investments or The Wider enabling environment. Not often I find it is simply about bringing the right people together to help lift those roadblocks out of the way. This convening row is I hope at least one practical contribution. My sustainable markets initiative can make Because it is only by seeking out these game changes and barriers that we will be able
to make tangible progress. reversing perverse subsidies and improving incentives for sustainable alternatives to achieve scale with in sustainable markets. We must not be afraid to adapt to a long-standing incentive structures. If we are to reap the benefits afforded by a more sustainable world. Reorientation economics subsidies Financial incentives and regulations can have a dramatic and transformative effect on a market system. It is time to level the playing field and to think
about how we properly deployed taxis policies and regulation. Anyway, that catalyze at sustainable markets. For instance how many years I've tried to encourage the adoption of the polluter-pays principle, you know, what is to provide the necessary incentives? Public policy therefore has a critical role to play. 6 investing in stem Innovation and R&D whether it's a I wear that does not seek to challenge or replace unique human characteristics of intuition is balanced and avoids the Lord of unintended consequences. Or indeed
nuclear fusion 3D printing energy storage electric transportation carbon capture at Renewables or biotech. We are on the verge of catalytic breakthroughs that will alter our view of what is possible and profitable within the framework of a sustainable future. To move forward we must acknowledge that sustainability and profitability no longer mutually exclusive. Effective Solutions must ensure that sustainable Technologies and Alternatives competitively priced.
7 best thing in nature as the true engine of our economy Beyond major Innovations and Technologies, we must also look to invest in nature-based Solutions in sectors like agriculture forestry and Fisheries indeed for all the resources. We take from the Earth. Nature's contribution to the global economy is estimated to be worth more than a hundred twenty five trillion dollars annually greater than the entire world annual GDP estimated 85.91 trillion dollars in 2018. Building
conservation of nature based Solutions into our acid-base and Supply chains and level off of significant economic growth opportunity for countries and businesses alike. Including in areas such as the secular vairocana me eco-tourism and green public infrastructure. If there's just really valued our natural Capital properly. Cuz I've been trying to save a credit long time. I would National and individual balance sheets might look very different indeed.
hates adopting Common metrics and standards an increasing number of corporations are adopting ESG methodologies and highlighting the STG aligned Investments. However, it is time to move to unified metrics and Global standards. People want to trust that the goods and services they buy socially environmentally and ethically for juice. Two new technologies. We have the ability to tag track-and-trace Supply chains in unprecedented ways. So it is time to make this level of supply chain transparency The Gnome. night making the sustainable
options the trustees and attainable options for consumers. With the consumers controlling an estimated 60% of global GDP people around the world have the power to drive the transformation to sustainable markets. Yes, we channel to expect consumers to make sustainable choices if these choices delayed before As consumers increasingly demand sustainable products. They deserve to be told more about product life cycles Supply chains and production methods.
Full a transition to take place being socially and environmentally conscious can only be for those who can afford it. If all the true cost to take it into a can being socially and environmentally responsible should be the least expensive option because it leaves the smallest footprint behind. Should we miss communicate with consumers about the sustainability of the goods services and Investments we offer? tents connecting Investments to investable's using platforms that can rapidly scale Solutions. On every person you see we Face
their solutions that are not just available about the increasingly cost-effective. At the same time there are trillions of dollars in Sovereign wealth funds Pension funds insurance and asset portfolios looking for investable and sustainable projects with good long-term value and rates of return. So just time to align Sustainable Solutions with funding in a way that can transform the marketplace. this requires not only showcasing high potential Investments box that we
reimagine financial analysis structuring and models of That way we all accept that a profitable yet. Sustainable future is the desired end-state. The Christians he was telling us how quick can we get there and who are the leaders who will drive us forward? I submit that we are in fact far further ahead than we might stink making it critical that we leverage the life of work already underway. I would like to highlight just a few examples to demonstrate that they nearly every industry. We are seeing progress that we can build them. Stop Waze.
Despite great efforts over the past 35 years. I found that we could never convince financial and capital markets all the overwhelming needs to invest in ways of truly benefit people and planet. Get in the last two or three years. We've seen a dramatic increase in sustainable investing. Investment managers are frequently telling me that but your mom for these Investments 5 strip strip Supply. At the same time Returns on investments are increasingly outperforming traditional portfolios. In the financial sector many central banks and financial institutions
have committed to integrating climate risk into stress-testing supervision and disclosure. With this Progressive Era now driving course from financial institutions and company that like to make disclosure mint a tree. in aviation There are opportunities to develop commercially viable hydrogen powered electric aircraft within the decade. Indians remaining in the industry are ready to adopt sustainable aviation fuel made from waste material that can reduce carbon emissions
starting today. Shipping the manufacturers of ship engines to proposing it may take two to three years to build engines that run on green ammonia and methanol made from solar and wind power. These ships could start operations in the middle of the decade and become the norm around 20, Sissy. Now this hasn't gold be certified and tested box if the industry and The Regulators make a real effort, we can make it work creating a real Tipping Point. In renewable energy. We are witnessing breakthroughs in the coast of soda that have the potential to revolutionize almost every industry. We are
rapidly approaching a time when renewable energy will be an order of magnitude cheaper than fossil fuels. Carbon capture and storage. There are a growing number of initiatives that might just buy us vital time as we make our transition to sustain markets in a net-zero economy. In far as religion when we cannot transform would the most versatile natural material on the planet into a new generation of wood base products capable of offering alternatives
to plastic chemicals textiles transport and construction. Appreciate we are seeing that the byway condiment has the potential to ignite you Industries and a few sustainable markets that's providing at lost the economic incentive to Value the fossil important ecosystem Services provided by the immense biodiversity and carbon capture potential of restored and expanded Forest. Along with huge opportunity. Is it Integrated agroforestry Systems? When when the right sustainable goods and services are developed proved
and affordable. the choice to adopt the movie come over his truly to seize these opportunities. We need to visualize the future and have the confidence to invest in it. If there is one critical lesson, we have to learn from this crisis. It is the nature of Legends of them is not a separate asset cost. Nature is in fact. The lifeblood of our financial markets and as such we must rapidly realign Iran economy to mimic Nature's economy and working harmony with it. up to
nearly 50 years of trying to Champion this cause I can't help feeling the finally. We are ready to change out trajectory. My pot I have the maid sustainable markets my priority for 20/20 and I should be on to the Bible only takes I'm instructed my teams and my organizations similar to align with this effort and I expect them to contribute. And with the stakes this high I would challenge you all to do the same. Intrinsically we were supposed to innovation.
I'm scared. If you would love me. I would like to acknowledge the New Year's. Yes. Your estrogen is still with my son is in the carriage which seems to me to extol the sort of horizon lifting approach. We need in order to give us hope. So beginning here at Devils on throughout the year and in order to identify game changes Investments and barriers to transition. I will be convening a broad range of Industries to round tables including but not limited to Aviation water carbon capture
and storage shipping Florida Street Plastics financing digital technology. The Bible economy nature-based Solutions renewable energy battery storage electric vehicles histories integrated Healthcare cement Steel traceability in labeling and agriculture. At the end of which I should probably be dead. Do they sell man as we look to design and create sustainable markets and industries these round tables will bring together system innovators investors and decision-makers to
start designing and charting the course. I believe from finding the critical importance of this juncture of forming an unprecedented Global Alliance of investors, which can genuinely memorize the kind of trillions of dollars needed to put our economy on the correct path. This would be the most dramatic Act of responsible leadership ever seen by the global private sector and what it wants to provide a catalytic incentive for the public sector to follow. So with 20/20
being seen as the super, yeah, kick-starting executive actions of people and planets. There is also an opportunity to bring sustainable markets into focus in each of this year's major Global meeting. Why you would be a bit of a challenge for me to get to the mole? I tend to do my utmost to ensure that the message of agency systemic change collaboration and integration. Go through lesson judgment. 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? I don't want to And just think for a moment what good is all the extra wealth in the world gain from business as usual if you couldn't do nothing with it acceptable should be catastrophic conditions. This is why I need your help your Ingenuity and your practical skills to ensure that the private sector leads the world. I should be approaching catastrophe into which we have engineered ourselves. It is my greatest possible. Hope that you will join me this year and accelerating the transition to sustainable markets and Rafi decarbonization.
This. When you all have a seat at the table as this must be the year that we put ourselves on the right track. Everything I've tried to do an edge over the past 50 years is being done without children and grandchildren in mind. Because I did not want to be accused by them of doing nothing except for barricades and deny the problem. Not of course, they are accusing is that exactly that? To put yourselves in that position that isn't judgment. We simply cannot waste any more time. The only
Buy this talk
Access to all the recordings of the event
Buy this video
With ConferenceCast.tv, you get access to our library of the world's best conference talks.