The event at Buckingham Palace provided an opportunity to discuss the practical delivery of the Global Biodiversity Framework.
Guests included the Secretary of State for Environment, Food and Rural Affairs, The Rt Hon Thérèse Coffey MP and Ministers from the UK Government.
The King also met a number of CEOs who are members of the Sustainable Markets Initiative, as well as Ministers from international governments and indigenous representatives.
Convention on Biological Diversity - Global Biodiversity Framework (GBF)
The Global Biodiversity Framework was agreed on 19th December 2022, at the United Nations Biodiversity Conference (COP15). The Global Biodiversity Framework consists of four overarching global goals to protect nature and aims to address biodiversity loss and restore ecosystems.
Sustainable Markets Initiative (SMI)
Business leaders attending the reception included senior representatives of the Sustainable Markets Initiative, which was founded by His Majesty when he was The Prince of Wales.
His Majesty has been a champion for the fight against climate change and biodiversity loss for more than five decades.
The SMI was launched at The World Economic Forum’s 2020 Annual Meeting in Davos. The SMI’s mission is to build a coordinated global effort that enables the private sector to accelerate the transition to a sustainable future.
This includes aligning industry, investment and country roadmaps (Nationally Determined Contributions). Under the mandate of the Terra Carta, a private sector roadmap for Nature, People and Planet, the Sustainable Markets Initiative is working to encourage three major market transformations:
▪ A dramatic shift in corporate strategies, operations and supply chains
▪ A reformed global financial system
▪ An enabling environment that attracts investment and incentivises action