What is the Terra Carta Seal?
The introduction of the Sustainable Markets Initiative.
In 2020, at the World Economic Forum Annual Meeting, HRH Prince of Wales formally announced the 10-Point Plan and Sustainable Markets Initiative (SMI), a collaboration between him and the World Economic Forum, that was created with the intent to offer the basis of a recovery plan to 2030 that puts nature, people, and the planet at the heart of global value creation.
Enter Terra Carta.
About a year after the launch of the SMI, the Terra Carta was introduced as a roadmap to 2030 to help businesses execute on their sustainability intents and ambitions. Specifically, the Terra Carta states that they encourage businesses to harness the power of Nature, combined with the transformative power, innovation and resources of the private sector.
The guiding mandate provided by Terra Carta is designed to support and (where possible) exceed the goals and targets outlined in the,
- Paris Climate Agreement,
- Sustainable Development Goals,
- Convention on Biological Diversity,
- Convention to Combat Desertification, and
- UN Convention on the Law of the Sea.
Additionally, one of the objectives of the Terra Carta is to support the protection and restoration of, at a minimum, 30 percent of biodiversity on land and below water by 2030, and 50 percent by 2050.
Providing recognition through the Terra Carta Seal.
Recently the SMI introduced the 2021 inaugural Terra Carta Seal, as a way for the initiative to recognize global corporations for their commitment to, and momentum toward, the creation of genuinely sustainable markets. Recipients of this inaugural award are driving innovation and leadership within their industry in alignment with the aims of the Terra Carta.
“The Terra Carta Seal recognizes those organizations which have made a serious commitment to a future that is much more sustainable, and puts Nature, People and the Planet at the heart of the economy. We all need to make changes if we are to preserve the planet for our children and grandchildren and these businesses have pledged to make it easier for us all to do so.” – His Royal Highness The Prince of Wales
The Commitment to a Sustainable Future
As you can imagine, a global initiative that calls for industries, businesses, and corporations to change their processes and strategies is no easy feat. The Terra Carta describes a framework they put in place to inspire true results from those who are aligned with their intentions.
Providing the Roadmap to Success
To encourage progress, the Terra Carta aims to provide a framework for a recovery plan for nature, people and the planet, for all to follow in support of the journey to a more profitable and sustainable future.
Measuring Progress
The SMI explains they will provide regular reports and updates on the continuous change and progress being achieved around the world.
Engaging Key Global Players
As part of the Terra Carta Seal initiative, HRH The Prince of Wales called on CEO’s from around the world to engage and play a role in paving the way for the global transition.
2021 Inaugural Terra Carta Seal Winners
Sims Limited, along with other publicly listed companies from the Corporate Knights’ Global 100 Most Sustainable Corporations, and active members of the SMI task forces, were invited to apply for the Terra Carta Seal. Of those who applied, 45 were chosen as recipients of the Terra Carta Seal due to their commitment to, and momentum toward the creation of genuinely sustainable markets.
“We are extremely honored to be awarded the Terra Carta Seal, because our purpose – create a world without waste to preserve our planet – like that of the Terra Carta – to reunite nature, people, and the planet – is steeped in sustainability,” said Alistair Field, chief executive officer and managing director of Sims Limited. “Given our role in the circular economy, the businesses of Sims Limited are in a great position to continue innovating and offering new solutions for consumers, businesses, governments and communities around the world.”
Sims Limited – Terra Carta Seal – CEO Vignette
Sims Limited is constantly reviewing its sustainability goals – partner for change, operate responsibly, and close the loop – and those of the companies they do business with, to ensure that they are living their purpose.
Learn more about global sustainability at Sims Limited.