Prince Charles: rewire the global economy to stop climate change

Prince Charles has said that “profound changes” to the global economic system are needed in order to avert environmental catastrophe, in an uncompromising speech delivered in front of an audience of senior business leaders and politicians.

The heir to the throne – often criticised for his meddling in political affairs – argued that ending the taxpayer subsidies enjoyed by coal, oil and gas companies could reduce the carbon emissions driving climate change by an estimated 13%.

Although the prince’s passion for environmental causes is well known, the speech delivered on Thursday evening in St James’s Palace, London was particularly pointed in its criticism of companies that protected vested interests and came with a report that proposed raising taxes on them.

Speaking at a event for the University of Cambridge’s Institute for Sustainability Leadership (CISL), of which he is a patron, the prince complained that “the irresistible power of ‘business as usual’ has so far defeated every attempt to ‘rewire’ our economic system in ways that will deliver what we so urgently need”.

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