Prince Charles was invited by the National Association of Pension Funds to provide his thoughts on creating a sustainable financial system.
In a video-recorded speech, available on the NAPF website, Prince Charles referred to a ‘gathering storm’, composed of pollution, debt, a rising population, climate change and over-consumption of natural resources. He said that the pensions industry has a duty to identify and manage emerging environmental, social and economic risks.
Recognising that “old habits die hard” and that it is “difficult to make the first move”, his Royal Highness proposed that the industry take steps to ensure that its portfolios are resilient in the long term. He advocated the incorporation of sustainability into mainstream strategy, rather than having it sit in a “subordinate silo”.
He also urged the industry to “help shape a system designed for the twenty-first and not the nineteenth century.”
Duncan Glassey of Edinburgh-based Wealthflow, said: “I agree with Prince Charles. There are major problems in society, which require change and the pensions industry has its part to play.”