In order to “rewire the economy” and build synergy between ecological, social and economic goals there must be an “unprecedented level of cooperation and integration”, Prince Charles has said.
Speaking at the University of Cambridge Institute for Sustainability Leadership ‘Rewiring the Economy’ dinner, Charles said that governments will have to set targets in order to signal the direction of travel and create the fiscal conditions to create change. While finance and business leaders need to develop strategies and work together for successful implementation and citizens must understand why change is necessary.
As a result the actions of different actions and how they are coordinated is “crucial” to achieving the impact required.
The Prince argued that summits taking place this year, including the UN climate summit in December, are critical to peoples’ and nature’s long-term health, wealth and security.
Charles continued, “The need to join up disparate effort on finance, sustainable development, climate change and a whole range of related challenges has been apparent for decades. But the irresistible power of ‘business as usual’ has so far defeated every attempt to ‘rewire’ our economic system in ways that will deliver what we so urgently need.
“Yet it we are to limit climate change, conserve resources and keep ecosystems functioning, while at the same time improving the health and wellbeing of billions of people – including several billion who are projected to be added to our population later this century – then we will need to see profound changes.”
During his speech, the Prince of Wales recognised several businesses that work to recycle products and operate within a circular economy. He added that the questions now is how all businesses can be persuaded to reconsider their supply chains and bring forward strategies that deliver a positive impact for both people and the environment.
Charles continued, “Time is short and the stakes simply could not be higher. If, however, we begin not just to conceive, but actually implement the kinds of integrated economics strategies that will lead us towards different outcomes, then we might still manage to achieve a secure human future within the ecological boundaries of our small planet.
“To do this will require us to take a longer view; to see that we urgently need to rewire the economy – to tilt policy and finance in favour of sustainable, low carbon business models and unlock real business leadership.”
Photo: John Williams via Flickr