Prince Charles has proposed a new initiative to ensure small-scale environmental projects receive financing.
The ‘Commonwealth Green Finance Facility’ sets out cost efficient and effective guarantees for green projects that struggle to get funding.
The programme will seek investment from sovereign wealth funds and pension funds.
The Prince of Wales made the announcement at the 10th Commonwealth Business Forum in Malta last week, which brought together 1,300 business leaders from around 80 countries, including 21 heads of governments.
The conference aimed to create new investment opportunities and increase the involvement of the private sector for sustainable economic growth.
Prince Charles said: “So much of the problem, as I understand it, when dealing with projects that aim to tackle some of the critical challenges we face worldwide, is that they are small and risky for investors. Finding ways to scale up and aggregate these developments is therefore a vital part of the solution.
“The Commonwealth, its members and businesses have a huge role to play. We face an unprecedented set of interlocking challenges, all of which are creeping up on us in the shape of a perfect storm – a global rise in unsustainable population growth and consumption, migration, rapid urbanisation, climate change, natural capital depletion and social, economic and energy insecurity.”