…Over 50 business leaders convened at Davos to chart a way towards more sustainable markets and champion industry-specific transitions under the theme Stakeholders for a Cohesive and Sustainable World
…Sustainable Markets Initiative and Sustainable Markets Council, or “brain trust”, were launched to identify and champion leading approaches globally; 17 founding council members urged others to join forces
…Over 12 industry roundtables are planned for 2020 to accelerate industry transitions and to develop paths to more sustainable markets by 2030
Davos-Klosters, Switzerland, THUR, JAN 23 2020-theG&BJournal– The World Economic Forum Wednesday launched the Sustainable Markets Initiative, a collaboration between HRH Prince of Wales and the World Economic Forum. “We now at last have a hugely important opportunity to reimagine our world through the lens of sustainable markets and to put people and planet at the heart of global value creation,” said the Prince of Wales.
He added: “Sustainable markets generate long-term value through the balance of natural, social, human and financial capital. Systems-level change within sustainable markets is driven by consumer and investor demand, access to sustainable alternatives and an enhanced partnership between the public, private and philanthropic sectors.”
He said: “In order to secure our future and to prosper, we need to evolve our economic model … to move forward, we need nothing short of a paradigm shift, one that inspires action at revolutionary levels and pace.”
10-Point Action Plan
Within the framework of sustainable markets and rapid decarbonization, Prince of Wales believes that changing our current trajectory will require bold and imaginative action in 10 key areas:
-Shifting our default setting to sustainable by putting sustainability at the centre of our business models, our analysis, our decisions and our actions.
-Outlining responsible transition pathways to decarbonize and achieve net and negative zero. Moving together with clear roadmaps will create efficiencies and economies of scale that will allow us to leapfrog our collective progress and accelerate our transition.
-Reimagining industries through the lens of sustainable markets to create entirely new industries, products, services and supply chains while, in parallel, helping to transition our existing systems.
-Identifying game-changers and barriers to transition. To accelerate, we need to showcase and invest in the game-changing technologies and emerging solutions while eliminating the barriers to progress.
-Reversing perverse subsidies and improving incentives for sustainable alternatives. It is time to level the playing field and to think about how we properly deploy taxes, policies and regulation in a way that catalyses sustainable markets.
-Invest in STEM, innovation and R&D with a focus on sustainable solutions, alternatives and industries. 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. It is time to invest in solutions.
-Investing in nature as the true engine of our economy. Building conservation and nature-based solutions into our asset base and supply chains can offer significant economic growth opportunities, including in areas such as the circular bioeconomy, ecotourism and green public infrastructure.
-Adopting common metrics and standards. An increasing number of corporations are adopting environmental, social and governance (ESG) methodologies and highlighting their investments aligned with the Sustainable Development Goals. However, it is time to move to unified metrics and global standards.
-Making the sustainable options the trusted and attainable options for consumers. With consumers controlling an estimated 60% of global GDP, people around the world have the power to drive the transformation to sustainable markets. We must better communicate with consumers about the sustainability of the goods, services and investments we offer.
-Connecting investments to investables using platforms that can rapidly scale solutions. It is time to align sustainable solutions with funding in a way that can transform the marketplace. This requires not only showcasing high potential investments but also reimagining financial analysis, structuring and models of return.
2020 is the time for solutions and practical action. A series of monthly roundtables will identify game changers, investments and barriers to transition in 12 industries including Aviation, Shipping, Automotive, Energy, Steel and Cement, Financial Services, Healthcare, among others. In order to design and create sustainable markets and industries, these roundtables will bring together system innovators, investors and decision makers to start designing and charting the course and committing to tangible actions over the coming year.
The 10-point plan aims to serve as a compass for the Sustainable Markets Initiative to mobilize the 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 would at once provide a catalytic incentive for the public sector to follow.
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