in Aerospace / Events

HRH The Prince of Wales hosts SMI aviation round table

Posted 25 February 2020 · Add Comment

Last month the World Economic Forum launched the Sustainable Markets Initiative (SMI), a collaboration between HRH Prince of Wales and the World Economic Forum, which has been followed by a series of industry and issue-specific round tables including - but not limited to - aviation.

The Prince of Wales said: “Sustainable markets generate long-term value through the balance of natural, social, human and financial capital. Systems-level change within sustainable markets is driven by consumer and investor demand, access to sustainable alternatives and an enhanced partnership between the public, private and philanthropic sectors.”


Courtesy The Sustainable Markets Initiative (www.sustainable-markets.org )

10-Point Action Plan
Within the framework of sustainable markets and rapid decarbonisation, Prince Charles believes that changing our current trajectory will require bold and imaginative action in 10 key areas:

  • Shifting our default setting to sustainable
  • Outlining responsible transition pathways to decarbonise and achieve net and negative zero
  • Reimagining industries through the lens of sustainable markets to create entirely new industries, products, services and supply chains while, in parallel, helping to transition our existing systems
  • Identifying game-changers and barriers to transition
  • Reversing perverse subsidies and improving incentives for sustainable alternatives
  • Invest in STEM, innovation and R&D with a focus on sustainable solutions, alternatives and industries
  • Investing in nature as the true engine of our economy
  • Adopting common metrics and standards
  • Making the sustainable options the trusted and attainable options for consumers
  • Connecting investments to investables using platforms that can rapidly scale solutions

National Centre for Propulsion and Power
At the end of January, the Cambridge Institute for Sustainability Leadership (CISL) and the University of Cambridge Whittle Laboratory hosted a meeting for HRH The Prince of Wales, aviation business leaders, senior government officials and academics to announce the university’s ambition to develop the world’s first zero carbon flight.

During the meeting the University revealed its plans for the new National Centre for Propulsion and Power which will be housed by the Whittle Laboratory and is due to open in 2022 with funding from the Aerospace Technology Institute (ATI).

CISL will work with new Centre to accelerate the innovations required to decarbonise the aviation sector to net zero by 2050, supporting the investment ambition of the Centre and engaging senior leaders in industry and government to support higher ambition decarbonisation policies.

The Centre aims to revolutionise technology development, making the process at least 10 times faster and cheaper, enabling rapid development for ultra-low emission aircraft and low carbon power generation, and covering around 80% of the UK’s future aerodynamic technology needs.

This new facility has the potential to have a galvanising effect on a global industry and policy-makers around the world, in pursuit of rapid solutions to the challenge of aviation-related emissions, ensuring that the UK remains a world leader in the field.

The University of Cambridge launched its Cambridge Zero initiative in 2019 to bring together its research, policy and private sector engagement activities on climate change. The Whittle Laboratory and CISL are partners in that initiative and exemplify the impact academia can have in working with government and the private sector on the critical issue of our time.

 

 



 

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