SMI Quarterly Newsletter – 1 February 2022
February 2022 Newsletter
Moving into the New Year, the Sustainable Markets Initiative is excited to share this quarter’s updates to our community. We are grateful for your continued support and look forward to building on our many successes in 2021 to drive even greater impact.
In the last six months, the Sustainable Markets Initiative (SMI) hosted a two-day event at COP26 – the Terra Carta Action Forum launched the Terra Carta X-Change – an interactive digital hub showcasing sustainable investment opportunities, and on the anniversary of the Terra Carta, the first Terra Carta Impact Report .
This edition highlights the Health Systems Task Force – focusing on digital healthcare, health system supply chains and net-zero patient care pathways.
It provides an update on the Hydrogen Task Force, and the Hydrogen Pledge announced at COP, and a proposed new framework for carbon reporting and policy instruments that aim to create and mobilise demand for CO2 abatement and removal services from the Carbon Capture, Use and Storage Task Force .
The Science Working Group has published a paper on the Technical Advancements in Assessing Natural Capital Climate Solutions , in particular the measuring of forest carbon, providing routes to risk integrity for natural climate solutions in global carbon markets.
Curated by His Royal Highness The Prince of Wales, RE:TV – a showcase for inspiring innovations and ideas, launches on Amazon Prime to mark New York Climate Week and announces a partnership with Waterbear.
As featured in the July newsletter, the Terra Carta Design Labs aims to highlight the urgent need to focus on the creative collaboration between art, science, design and engineering to produce credible and sustainable solutions to the climate crisis. In partnership with Jony Ives and the Royal College of Art, 20 finalists were announced this month, ahead of the final four winning projects being selected in April 2022.
To finish the January update, the Prince’s Foundation has published a children’s edition of the Terra Carta – It’s Up to Us . The book tells the story of how the balance of nature works and how people have disrupted it with devastating consequences for the Earth’s environment.
The Sustainable Markets Initiative at COP26
The Sustainable Markets Initiative, at COP 26, played a critical role in convening the global private sector to discuss key sustainability and climate issues. At the invitation of His Royal Highness The Prince of Wales, SMI CEOs came together during COP26 at the Terra Carta Action Forum. This was held at Glasgow’s Kelvingrove Art Gallery on 3rd and 4th November.
Events hosted by the SMI included: the launch and inaugural award of the Terra Carta Seal ; a reception of mayors from around the world focused on accelerating transition in cities, a listening session with representatives of indigenous groups; a session showcasing impactful companies addressing climate change; a session on the Terra Carta Design Lab ; roundtables, panels and working sessions on consumers; investing in nature at scale; the power of enterprise; a disaster resilience framework for climate-vulnerable countries, among others. There were exhibitions and demonstrations by Stella McCartney, McClaren, and RiverSimple; a screening of Yann Arthus-Bertrand’s new documentary “Legacy”; a meeting of the Asset Manager & Asset Owners Task Force and launch of Sustainable Markets Initiative (SMI)’s Health Systems Task Force .
The Action Forum ended with a reception for the Chief Negotiators at COP26, hosted by HRH.
At the invitation of His Royal Highness, The Prince of Wales, industry leaders are brought together as part of the SMI, to drive progress as a group and accelerate the pace of industry transitions towards a more resilient and sustainable future, putting Nature, People and Planet at the heart of global value creation.
This quarter, our Spotlight below focuses on the newly-launched Health Systems Taskforce.
Spotlight: Health Systems Taskforce
The Health Systems Taskforce is led by AstraZeneca’s Chief Executive Officer, Pascal Soriot, and includes CEO or equivalent-level representation from GSK, Merck, Roche, Samsung Biologics, Sanofi, Novo Nordisk, the World Health Organization, UNICEF, NHS England, the Sustainable Healthcare Coalition, the Health and Global Policy Institute of Japan, the Karolinska Institute, and the University of Pavia. The group was launched at COP26, building on the momentum of the gathering of global leaders.
The healthcare sector contributes over 4% of global greenhouse gas emissions. Recognising that the sector must do more to drive the sustainable transition, members of the Task Force are committed to developing a collective roadmap to accelerate the delivery of a net-zero, sustainable health system.
In coordination with other SMI Taskforces, the Health Systems Task Force will focus its attention on delivering action in the following three priority areas:
Identify opportunities to utilise digital innovation and technology to accelerate the shift to net-zero across the sector
Accelerate the net-zero transition across health systems supply chains
Patient care pathways
Identify opportunities to deliver net-zero, patient-centric care
Terra Carta Impact Report
The 11th January 2022 marked a year since HRH announced the Terra Carta. At its launch, HRH committed that the Terra Carta would be a living document that would be reported on and updated annually. The Impact Report measures the progress against the Terra Carta and our collective recovery for Nature, People and Planet.
As the SMI and adoption of the Terra Carta builds momentum, being able to demonstrate progress against this mandate has never been more important. Aligning the Terra Carta narrative with the stories of its audience will strengthen the key messages it conveys, improve adoption of the principles and reinforce the transformation required.
With assessment drawn from across private sector, government, philanthropic, non-profit, consumer and academic sources, it demonstrates key success, bold and imaginative examples, and evidence actions that can be adopted to drive improvement.
The Impact Report launched a multi-edition series, using a range of formats. The first edition was published on the first anniversary of the Terra Carta, with supporting cases studies representing the activities undertaken by the Financial Services Task Force on Net-Zero Pathways for Banks, the partnership between the Task Force for Nature-related Financial Disclosures (TNFD) and the SMI, the Terra Carta children’s book “It’s Up to Us”, and a perspective from a Terra Carta supporter.
By curating the content in a digital and accessible way, the Report amplifies collective successes, encourages engagement, broadens the SMI's reach, builds consensus, creates conversations, and amplifies the adoption of net-zero and beyond accelerators.
The World Business Council for Sustainable Development (WBCSD) and the SMI convened ambitious companies to drive growth in the demand for, and supply of, hydrogen – an essential part of the future net-zero energy system.
Pledges across three categories – demand, supply and financial or technical support – have been made by 28 companies representing different sectors from mining to energy, vehicle and equipment manufacturers, and financial services.
The Hydrogen Council estimates that in 2030, the decarbonisation potential for hydrogen could equate to approximately 800 million tonnes per annum (mtpa) of carbon dioxide (CO2) emissions avoided. The pledges announced already equate to nearly one quarter of this total.
Science Working Group paper on technical advancements in the assessment of natural capital assets
The Science Working Group has written a paper on the technical advancements in the assessment of natural capital assets, in particular the measuring of forest carbon, providing routes to risk integrity for natural climate solutions in global carbon markets.
The SMI Science Working Group aims to connect nature, science, and technology in addressing root-challenges to scaling natural climate solutions. Its first technical note provides a snapshot of the best available technologies and techniques for credible assessment of natural capital assets’ carbon sequestration and carbon storage performance. The ambition is that, with replicable and scalable approaches for measuring and reporting carbon sequestration in natural systems, natural capital assets can be (re)considered for global carbon compliance markets.
The paper is a recommended read for technology and policy experts, and indeed anyone with an interest in what can be done to cease deforestation and drive effective afforestation across appropriate ecozones.
RE:TV Partners with Prime Video
Earlier this year His Royal Highness, The Prince of Wales’ sustainability channel, RE:TV, launched on Prime Video to mark New York Climate Week. This followed a partnership with Waterbear as a distributer, a documentary streaming that raises viewers’ awareness by allowing them to interact with content and take action.
RE:TV is a showcase for inspiring innovations and ideas that point the way towards a sustainable future, curated by editor-in-chief, His Royal Highness, The Prince Of Wales. Covering a huge range of innovation from recycling coffee, reseeding rainforests, and refining solar to revitalising cities and remodelling fashion, for each film, RE:TV works with local crews and international partners to champion inspiring solutions from around the world and highlights the work of projects in Asia, Africa, North America and Europe.
Terra Carta Design Lab
Hosted by HRH and Sir Jony Ive, the Terra Carta Design Lab event at COP26 highlighted the initiative that has been developed in collaboration with the Royal College of Art (RCA). The Terra Carta Design Lab aims to highlight the urgent need to focus on the creative collaboration between art, science, design and engineering to produce credible and sustainable solutions to the climate crisis. In attendance were academics, business leaders, philanthropists and students who are involved in the Terra Carta Design Lab – who were introduced and spoke about their concepts to both HRH The Prince of Wales and Sir Jony Ive.
The event at COP26 featured an exclusive screening of the Terra Carta launch film, panel discussions from RCA academics on the role of innovation and design in tackling the climate crisis, bringing the Terra Carta Design Lab o life. Greg Jackson, one of the Terra Carta Design Lab partners, CEO and Founder of Octopus Energy, spoke on the importance of the Design Lab and how climate change is one of the fundamental design problems of our time.
The highlight of the event was an ‘in conversation’ between HRH and Sir Jony Ive. Moderated by Sarah Douglass, Editor of Wallpaper, the ‘in conversation’ explored how disruptive design and innovation can address the world’s most intractable challenge – climate change.
The Terra Carta Design Lab has announced 20 finalists to help develop solutions to the climate crisis – ahead of the final four winning projects being selected in April 2022.
Carbon Capture Use and Storage (CCUS)
The members of the CCUS Task Force propose a new framework for carbon reporting and policy instruments that aims to create and mobilise demand for CO2 abatement and removal services as an enabler to net-zero. This introduces the concept of a new asset class - Carbon Storage Unit (CSU), that allows the benefits of storing CO2 to be attributed appropriately and uniquely to those activities which can drive to net-zero. The framework also introduces the concept of a Carbon Storage Obligation (CSO) and how it can be implemented.
Terra Carta X-Change Launch
In November the SMI launched the Terra Carta X-Change: An interactive digital hub on the SMI website, showcasing impactful sustainability projects across the globe, including several Earthshot Prize nominees, which are aligned with the ambition set out in the Terra Carta. The hub also showcases the range of insurance products in place to support sustainable projects across all sectors and in all regions of the world.
Terra Carta Children’s Book Published
“Children have a unique curiosity for Nature and for the amazing planet we call home,” writes His Royal Highness, The Prince of Wales in his foreword to a new children’s book that was published to coincide with the COP26 environmental conference in Glasgow.
‘It’s Up to Us – A Children’s Terra Carta for Nature, People and Planet’, tells the story of how the balance of nature works and how people have disrupted it with devastating consequences for the Earth’s environment. The last section spells out, in simple terms, the Terra Carta pledges first outlined by His Royal Highness, The Prince of Wales in January 2021. The book, written by world history author Christopher Lloyd, is aimed at children aged 6 upwards. Thirty-three artists from all over the world have teamed up to illustrate the story, echoing the Terra Carta essence that we are all in this together.
Any organisation that would like to discuss purchasing copies for their staff at a 50% discount to the retail price of £16.99 can do so by emailing firstname.lastname@example.org or visiting What on Earth Books . For large volumes, special custom editions with a message from a company’s chairman or CEO can also be provided. Half of all proceeds go towards the sustainable development and educational initiatives run by The Prince's Foundation.