Introduction

The impacts of climate change are occurring at an increasing pace with the time for remedial action rapidly narrowing. With just 1.1-degrees of warming, widespread disruption is being experienced in every region in the world.

Launched by The former Prince of Wales at The World Economic Forum 2020 Annual Meeting in Davos, the Sustainable Markets Initiative was created to build a coordinated global effort to enable the private sector to accelerate the transition to a sustainable future.

The Sustainable Markets Initiative is the implementation body that facilitates the delivery of the Terra Carta mandate which aims to reunite Nature, People and Planet. The Terra Carta provides a roadmap for acceleration towards an ambitious and sustainable future; one that will harness the power of Nature combined with the transformative power, innovation, and resources of the private sector.

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.

His Majesty King Charles III, in his former role as His Royal Highness The Prince of Wales

The achievements of the SMI in 2022 in progressing the mission of the Terra Carta, demonstrate the impact that the collaborative efforts of the private sector, and effective public-private partnership working, can have on accelerating the transition to a sustainable future.

In order to drive progress and measure tangible change and impact for 2023 and beyond, the SMI recognises the importance of agreeing upon a common set of metrics and measuring and delivering change against these. Alongside this, the improved governance processes developed within the SMI throughout 2022 will serve to support the delivery of Task Force activities, enabling the SMI to have a more significant impact on the sustainability of the private sector.

In Figures

silhouette of mountains covered with fog

Below is an overview of SMI’s impact on the delivery of this mandate in 2022, driven through the collaborative work of the private sector.

Under His Majesty’s leadership, the most powerful private sector alliance in living memory has been convened and put to work.

Matthew Freud, Chairman, The Freuds Group

Events

To deliver on the mandate of the Terra Carta, throughout 2022, the SMI has had a significant presence at key sustainability events across the globe, focusing on driving action through collaboration.

1
CEO Summit, May, London, UK

2
Terra Carta House, Commonwealth Heads of Government Meeting, June – Kigali, Rwanda

3
CEO Summit, NY Climate Week and UNGA September – New York, US

4
Terra Carta Action Forum, COP27 November – Sharm el-Sheikh, Egypt

5
COP15, December – Montreal, Canada

Approximately 20 SMI members and partners attended the biodiversity conference where they shared the mission and vision of the SMI. Discussions included key biodiversity items such as the important role in financing a nature-based transition to tackle both climate change and biodiversity loss and the need for innovative ways of collecting environmental DNA.