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