The Prince of Wales urges business leaders to move faster on climate change

The Prince of Wales opened the European Bank for Reconstruction and Development’s 29th Annual Meeting on Wednesday with a powerful pre-recorded video message, urging business leaders to be “even more ambitious, and even more radical” in moving towards a low-carbon future, as “time is rapidly running out”.

At the meeting, the EBRD is seeking permission from its governors to make a majority of its investments green by 2025. The Bank is a leader in worldwide efforts to keep global warming below 2C, which are focussed on cutting greenhouse gas emissions to reach “net zero” emissions – no more greenhouse gas emitted than can be saved by carbon capture – by 2050.

The Prince of Wales urged the business community to go further still. “If we have the resolve to shift our trajectory, we must start now by bringing forward our net-zero target – I am afraid 2050 simply suggests we have room to delay. We do not,” he said in the recorded speech released at the opening of the two-day meeting.

“International financial institutions and development banks such as the EBRD have an absolutely crucial role to play in this.  After all, we know that it is not a lack of capital that is impeding our progress, but how we deploy it,” he added.

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