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Press release from the SMI 11 November 2022

Convening power of the Sustainable Markets Initiative on full display at the COP27 Terra Carta Action Forum

Global CEOs and world leaders discussed how to accelerate change whilst keeping Nature, People and Planet at the core of industry and financial services

Sharm el Sheikh, Friday 11th November: The convening power of the Sustainable Markets Initiative was on full display at the Terra Carta Action Forum, as global CEOs and world leaders discussed how to accelerate change whilst keeping Nature, People and Planet at the core of industry and financial services.

More than 500 people attended 20 events across the two-day COP27 forum held at the Four Seasons in Sharm el Sheikh.

Shaped by its mandate, the Terra Carta, the programme showcased the work of the SMI Industry Task Forces and Alliances which are playing a key role in turning ambition into implementation.

The opening event was a Commonwealth Breakfast with keynote speeches from Chair and CEO of Bank of America and Co-chair of the SMI Brian Moynihan, Commonwealth Secretary General Baroness Patricia Scotland, Prime Minister of Barbados Mia Mottley, COP26 President Alok Sharma and President of the Republic of Rwanda, Paul Kagame.

At this breakfast, SMI CEOs joined Commonwealth leaders and ministers to continue discussions from CHOGM in June on opportunities for public-private collaboration to accelerate delivery towards a just and sustainable future.

Speaking at the breakfast, Baroness Scotland said: “Accessing the right private sector support has unrivalled potential to unlock transformational investments mitigation and adaptation, especially for small, vulnerable, and developing countries.”

The two-day SMI Terra Carta event at COP27 brought together 26 CEOs that provided remarks and insights alongside government representatives, NGOs and public sector organizations. Discussions included a range of topics such as scaling blended finance, the energy transition, sustainable air travel, agribusiness, sustainable buildings, and regenerative fashion.

Brian Moynihan, Chair and CEO of Bank of America and Co-Chair of SMI said: “At COP27 the Sustainable Markets Initiative CEOs met to continue their work on advancing clean technologies and low-carbon solutions, addressing the aims of the Terra Carta. We will continue to work together, including with the public sector where needed, to build more sustainable pathways across sectors to drive a just transition.”

 Three announcements were highlighted:

  1. Sustainable Buildings Task Force issued a white paper  outlining actions to accelerate the decarbonization of the built environment.

  2. Sustainable Aviation Fuel (SAF) pocket guide  was released, following a session led by Heathrow Airport CEO, John Holland-Kaye, calling private sector businesses to commit to 30% SAF usage by 2030. 

  3. Energy Transition Task Force published a framework with Sustainable Fitch  to accelerate global progress to net zero.

All three serve as industry-led signposts guiding both the private and public sectors towards a more sustainable low-carbon future.

The SMI’s COP27 activity started on Friday 4th November, at a reception hosted by His Majesty King Charles III who convened the Sustainable Markets Initiative’s ‘Coalition of the Willing’ alongside NGOs, the United Kingdom Prime Minister and G20 Government Ambassadors/High Commissioners.

Ahead of COP27, global health leaders from the private and public sectors announced shared action  to accelerate the delivery of net zero, patient-centric health systems, as part of the SMI Health Systems Task Force and the SMI Agribusiness Task Force released ‘Scaling Regenerative Farming: An Action Plan’ , making clear what the private sector can do to make regenerative farming a ‘no-brainer’ for farmers and accelerate its adoption worldwide.

Learn more about the Sustainable Markets Initiative here