The Sustainable Markets Initiative has emerged as a force to transition to a sustainable global economy.
The Sustainable Markets Initiative, founded by King Charles III, has emerged as a powerful force mobilizing the private sector to lead the transition to a more sustainable global economy. Sustainable Markets Initiative’s newly released 2023 Impact Report spotlights the organization’s rapid growth and initiatives, getting major companies to put environmental and social impact at the core of their business models and value creation.
The power of private sector leadership should not be underestimated. As governments alone prove inadequate to tackle the climate crisis, the Sustainable Markets Initiative is harnessing the capital, innovation, and influence of the corporate world as a catalyst for change. “The private sector has emerged as the vanguard of the new era – one where profitability and the global public good are not mutually exclusive,” said SMI CEO Jennifer Jordan-Saifi.
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Bank of America CEO Brian Moynihan, who chairs the Sustainable Markets Initiative, stated: “The private sector has the ingenuity to drive a more sustainable business infrastructure. The Sustainable Markets Initiative is working with companies to help bring clean technologies to market, deploy capital, and increase transparency.
Cross-industry collaboration is also important. A key Sustainable Markets Initiative strategy is fostering collaboration between industries and finance sectors to develop scalable sustainability solutions. Its 22 task forces spanning energy, transportation, agriculture and more facilitate this cross-pollination.
For instance, the new Blended Finance Task Force is aligning investment approaches to crowd-in private capital for developing nation climate projects. The Circularity Task Force is uniting companies in a circular economy transition.
The Sustainable Markets Initiative significantly expanded its global presence and initiatives last year. It launched the Africa Regional Council to drive investment aligned with national climate goals across the continent. SMI also secured the role as strategic partner for the COP28 Business and Philanthropy Forum.
The Astra Carta unveiled last June provides a roadmap for the private sector to ensure sustainability principles guide future space exploration and industrialization. SMI’s Terra Carta student design labs expanded to partner with universities worldwide generating innovative sustainable solutions.
Recognizing climate leaders will help build beneficial competition: SMI’s 2023 Terra Carta Seal awards honored 17 companies demonstrating leadership in the climate fight. Over 80 firms across industries have received this recognition since its launch.
The power of intentional capitalism is well known for its negative effects, but increasingly, business leaders recognize that prioritizing sustainability is both an existential necessity and an economic opportunity in a climate-impacted world. The Sustainable Markets Initiative is channeling this shift toward a more “intentional capitalism” that generates profits by solving global crises.
“Today’s narrative is one of private sector diplomacy, moral courage, and relentless determination,” stated Jordan-Saifi. “Our CEOs are embracing their role as catalysts, driving a seismic shift towards a sustainable future.”
While policy remains essential, the Sustainable Markets Initiative report showcases how the private sector’s financial muscle, creative R&D capacity and global operations can increasingly drive tangible climate progress at scale when steered intentionally.
A Unique Mobilization of Corporate Influence: What distinguishes the Sustainable Markets Initiative from the others is its ability to unite vanguard corporations, investors, philanthropists, and youth under a shared sustainability ethos that is amplified by the influence of the Royal Family.
This unique soft power influence mobilizes business actions, partnerships, and system changes that may prove more transformative in the long term than any single government policy or climate summit. SMI represents the maturation of environmental NGOs into activist capitalists capable of directly reshaping markets.
Moynihan reinforced: “The Sustainable Markets Initiative is an equal partner with the public sector, demonstrating the private sector’s value in accelerating sustainability outcomes and related systems changes at scale.”
As climate threats intensify, the Sustainable Markets Initiative’s ability to directly galvanize corporate commitment and market reforms positions it as a pivotal accelerant catalyzing the transition to a sustainable growth model integrating nature, people, and planet into the very DNA of capitalism.