Prince Charles has warned governments need the support of the private sector to prevent the climate crisis.
Writing in the Sunday Telegraph, His Royal Highness said “we need trillions of dollars of investment every year” to limit global warming to 1.5C.
“Governments alone cannot muster those sorts of sums. But the private sector can, working in close partnership with governments and civil society,” Charles said.
His comments come as the UN’s COP26 climate summit kicked off in Glasgow today.
The conference’s chief, Alok Sharma MP, has warned that COP26 is the final chance for the world to agree a deal to prevent a climate catastrophe.
Meanwhile, former governor of the Bank of England and current UN envoy on climate and finance Mark Carney has said the transition to net-zero will not happen “overnight”.
There is mounting scepticism over whether an agreement to quash the worst effects of global warming can be reached in Glasgow.
China, the world’s biggest greenhouse gas emitter, is not attending the conference in person, but its leader, Xi Jinping will deliver a video address. Russian President Vladimir Putin has ruled himself out from attending.
Charles urged global leaders to “set aside differences” and take advantage of this “unique opportunity to launch a substantial green recovery for the benefit of all.”
His Royal Highness heads the Sustainable Markets Initiative, an action group created two years ago that gathers a “global coalition of the willing” to accelerate progress towards sustainability.
The group has a 10 point plan designed to gear the global economy toward greener methods of production and consumption, including strengthening incentives for sustainable energy and creating a common reporting framework for firms to report their environmental credentials.