The Sustainable Market Initiative publishes 2022 Impact Report
The Sustainable Markets Initiative (SMI) has published its 2022 Impact Report, showcasing action taken towards an ambitious and sustainable future over the past 12 months
Wednesday 18th January 2023: The Sustainable Markets Initiative (SMI) has published its 2022 Impact Report, showcasing action taken towards an ambitious and sustainable future over the past 12 months.
In response to the increasing environmental, social, and economic impacts of climate change and biodiversity loss, His Majesty King Charles III, in his former role as His Royal Highness The Prince of Wales, launched the SMI in 2020. The SMI is guided by the mandate set out in the Terra Carta, which includes ten principles, and a call to action for the private sector to put Nature, People, and Planet at the heart of global value creation.
In 2022, the 180+ active SMI CEOs and over 500 Terra Carta supporters have driven action across all 10 articles of the Terra Carta. 48 projects highlight the SMI’s impact on the delivery of the Terra Carta, driven through the collaborative work of the private sector. This includes finding new approaches to climate change, driving clean technologies to market, scaling innovation, and addressing common metrics and transparency.
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.
Brian Moynihan, Chair and CEO, Bank of America and Co-Chair, Sustainable Markets Initiative said: “Through the Terra Carta, the SMI is addressing some of the biggest challenges we face as a society today and helping us advance toward more sustainable economies through the power of the private sector, with civil society and country engagement.”
Reflecting on the combined work of the SMI in 2022, the SMI recognises there is more to do. In 2023 the SMI will continue to drive towards the shared mission to build a more sustainable future for Nature, People, and Planet.
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.
To mark the launch of the 2022 Impact Report, the SMI hosted a reception during the World Economic Forum Annual Meeting in Davos 2023.