Sustainable Markets Initiative Publishes 2022 Impact Report – Environment + Energy Leader

(Credit: Canva Pro)

“Since its launch in 2020, the Sustainable Markets Initiative (SMI) has helped drive efforts in support of a just transition toward a sustainable future. The SMI’s vision and mission demonstrate His Majesty King Charles III’s longstanding commitment to Nature, People, and Planet. I am honoured to have been asked to co-chair this initiative with him, and the SMI has made significant progress. With representatives from around the world, the SMI’s 200 active CEO members and over 500 Terra Carta supporters are finding new approaches to climate change, driving clean technologies to market, scaling innovation, and addressing common metrics and transparency.” Brian Moynihan, Chair and CEO, Bank of America and Co-Chair, Sustainable Markets Initiative (SMI)

SMI & The Terra Carta

Bringing together leaders from businesses of all sizes and industries to drive the transition to a more sustainable economy and business activities, the SMI connects private sector leaders and teams around the world. The Sustainable Markets Initiative, introduced by The Former Prince of Wales at The World Economic Forum 2020 Annual Meeting in Davos, was established to provide a coordinated worldwide effort to enable the private sector to expedite the transition to a sustainable future.

Terra Carta seeks to connect Nature, People, and Planet, named after the historical Magna Carta, which founded the belief in people’s fundamental rights and freedoms. It provides a path to accelerating toward an ambitious and sustainable future, a future that harnesses the power of nature.

“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 180+ active SMI CEOs and over 500 Terra Carta supporters have campaigned for action on all ten articles of the Terra Carta, as detailed in the 2022 Impact Report. Finding alternative approaches to climate change, bringing clean technology to market, expanding innovation, and addressing shared metrics and transparency are key aspects laid out in the report. A task force made up of 34 asset managers around the world was established in order to ensure investors aren’t simply disinvesting from more difficult, emerging sectors.

Key Achievements in 2022

The SMI held a panel at COP27 focusing on sustainable buildings and the need to decarbonize the global building stock, which contributes nearly 40% of all global greenhouse gas emissions.
The S30, an SMI Alliance of over 30 global Chief Sustainability Officers have developed leading work on executive remuneration.
The SMI Energy Transition Task Force released a report detailing how businesses can place customers at the heart of the Energy Transition
Representatives from SMI businesses took part in a range of events and panels at COP15, speaking on the importance of driving innovation and low-carbon solutions, and the integration of biodiversity.

2023 and Beyond

The 2022 Report breaks down goals and objectives into 3 categories:

Actions to be undertaken by businesses – Integrate sustainability data into management choices to redefine value measurement. Improve board members’, employees’, shareholders’, clients’, suppliers’, and consumers’ grasp of sustainability measures and industry benchmarks.
Actions to be undertaken by investors – Assist the international commercial, financial, and accounting communities in establishing a consistent global system of ESG reporting in collaboration with governmental agencies and leading voluntary standards. Focusing on sustainability data integration to enable responsible decision-making, trust, and transparency.
Actions to be undertaken by regulators – Promote the integration of standards and reporting in the direction of global measures, such as those provided by the WEF-IBC and the TCFD framework and outline ways to improve the symmetry, coherence, and integration of global environmental policy.

“As we reflect on the work in 2022 from the SMI and its Task Forces and Alliances, we know there is much more to be done. The 10 Articles of the Terra Carta provide a roadmap for SMI CEOs, Alliances, and supporters to continue to partner, engage, and enable the transformation toward sustainable markets and economies. We share a goal of driving and accelerating a just transition for future generations.” -Brian Moynihan

Source: environmentalleader.com

Sustainable Markets Initiative Publishes 2022 Impact Report – Environment + Energy Leader

SMI & The Terra Carta

Key Achievements in 2022

2023 and Beyond

About the author

Amanda

SMI & The Terra Carta

Key Achievements in 2022

2023 and Beyond

You may also like

About the author

Amanda