Speaking at a virtual eco-summit, Prince Charles stressed the importance of dealing with climate change in a decisive way following COVID-19 disaster.

Prince Charles has said companies must put nature and sustainability at the heart of their business models because the world is ‘literally at the last step’ in the fight against climate change.

The heir-to-the-throne, 71, who has spent most of his life campaigning on green issues, said the economic recovery from the coronavirus pandemic presented an unprecedented opportunity for a shift towards a sustainable model.

Speaking at the virtual Green Horizon Summit, the royal said: ‘I’m afraid we are literally at the last step. And there is real urgency for action, designed to mobilise the financial sector in the run-up to a U.N. climate change conference next year. We know now what we have to do to rescue the situation, rather than going on, talking about it.”

He outlined 10 immediate actions that could make a significant difference from mobilising investment in sustainable infrastructure to increasing carbon capture use and storage to ‘buy us precious time’ as the world moves to a net zero economy. “We must start accounting for natural capital on companies’ balance sheets,” he said. “Without this firms simply cannot tell the true value of their asset base nor how damaging their operations may be on the natural world.”

Charles’s call came the day after Britain’s financial watchdog said from January companies listed on the London Stock Exchange would have to improve disclosures on the risks they were facing from climate change. Finance minister Rishi Sunak also told parliament that Taskforce on Climate-related Financial Disclosures (TCFD) would become mandatory by 2025, going beyond ‘comply or explain’ to support the greening of the UK economy.

In September, Charles called for a military-style response to the threat of climate change reminiscent of the U.S. Marshall Plan to rebuild post-war Europe, saying the world was facing a catastrophe. “With the urgency required, I hope you will join me to drive a new Marshall-like plan for nature, people and planet, led by the private sector to align our collective efforts and resources for the highest possible impact,” he told the summit.

It comes as Charles eldest son Prince William has also launched his own campaign setting up the £50 million Earthshot prize dubbed the ‘green Nobel prize’. Launched on 8th October by the second-in-line and a global coalition of individuals, businesses and organisations, The Earthshot Prize aims to find new solutions to the world’s biggest environmental problems. The nominees can be individuals, communities, businesses and organisations whose solutions make the most progress towards achieving the five Earthshots – which are simple but ambitious goals which if achieved by 2030 will improve life for us all, for generations to come.

The Duke of Cambridge, 38, has followed in his father Prince Charles’ footsteps as a passionate campaigner to live in a greener world, with him recently saying he ‘gets upset and is kept awake at night by politicians’ failure to act over climate change. In a conversation with environmental campaigners, he said: “That is what I get most troubled about. Especially as I’m in a position of responsibility if you like, or leadership. I feel I can do a lot more if given that ability. So, therefore, I don’t understand why those who have the levers, don’t. I think that’s what really upsets me and keeps me awake at night.”

The launch of the Prize comes after two years of work by Prince William and The Royal Foundation of The Duke and Duchess of Cambridge to develop a project which will support the global effort to protect and restore the environment.

Original source: https://www.dailymail.co.uk