CEOs Present Climate Initiatives for World Leaders at G7

CEOs Present Climate Initiatives for World Leaders at G7

The first initiative is an investment pipeline tool co-developed by the world’s four largest accountancy firms. The tool enables users to compare the investment pipeline for specific green technologies and sustainability-related projects. Governments could use this information to close financing gaps and to identify which opportunities are most attractive to which private sector actors.

The main G7 Summit will take place between 11-13 June in Carbis Bay, Cornwall, with business meetings on day one

Convened by Prince Charles’ Sustainable Markets Initiative (SMI), the cohort of businesses will present three new initiatives to UK Energy Secretary Kwasi Kwarteng and US Special Envoy for Climate John Kerry at the G7 business meeting in Cornwall. This will be the first time any of the schemes has been revealed to the public.

Signatories of the Terra Carta should, it has been proposed, contribute to at least one of ten new ‘transition coalitions’ as well as the commitment’s overarching vision. Coalitions will be launched on energy; road transport; aviation; shipping; fashion and textiles; health systems; waste management; plastics and chemicals; technology and natural capital. Each coalition will begin work ahead of COP26 and will focus on assessing how sustainable investment can be scaled to deliver low-carbon “transformations” in their respective sectors. The third and final initiative falls under the Prince of Wales’ Terra Carta commitment. Translating to ‘earth charter’ and launched in January 2021, the Terra Carta requires businesses to do all they can to play their part in the delivery of a just global transition to net-zero by 2050 at the latest. It also includes commitments on worker rights, future-ready skills and nature.

A suite of ‘market signals’ – metrics that governments can use to track and encourage private investments into sectors that assist the low-carbon transition and/or are beneficial to nature – has been developed to complement the investment pipeline tool. It is hoped that this will help governments promote fast-growing sectors and technologies, while also providing support to those that are not faring as per predictions. There will now be consultation with Ministers and other experts before a final set of market signals is agreed.

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