Prince Charles has said world leaders need to provide “clear market signals” to investors to give them the confidence to focus on climate-friendly projects. Photo: PA
Prince Charles has said world leaders need to provide “clear market signals” to investors to give them the confidence to focus on climate-friendly projects. Photo: PA
Prince Charles has said world leaders need to provide “clear market signals” to investors to give them the confidence to focus on climate-friendly projects. Photo: PA
Prince Charles has said world leaders need to provide “clear market signals” to investors to give them the confidence to focus on climate-friendly projects. Photo: PA

Prince Charles praises William and Harry’s climate concern for ‘world on the brink’


Laura O'Callaghan
  • English
  • Arabic

Britain’s Prince Charles has said “the world is on the brink” of an environmental catastrophe due to the effects of global warming, which he likened to the threat of nuclear war during the Cuban Missile Crisis in 1962.

The heir to the throne outlined a three-point plan to tackle the climate change and praised his sons Prince William and Prince Harry for their efforts to draw attention to the cause.

In an essay for American magazine Newsweek, Prince Charles, 73, said governments, global industries and private companies need to make climate commitments in order for meaningful change to happen.

Queen Elizabeth II’s eldest son said industry leaders would need to set out strategies to reduce the warming of the planet and private investors would need to stump up the capital to fund the transition.

He said world leaders would need to provide “clear market signals” to investors to give them the confidence to offer long-term financial backing.

“The time is now… Let ours be the generation that ‘can’. And does. As we enter a new year, there is not a moment to lose,” he wrote.

Charles urged the global private sector to invest in a sustainable future, saying it would take “trillions, not billions” to reorient the world economy away from fossil fuels.

Prince Charles praised Prince William and Prince Harry for playing their part in the fight against climate change. (Phil Harris / FILE via AP)
Prince Charles praised Prince William and Prince Harry for playing their part in the fight against climate change. (Phil Harris / FILE via AP)

The prince quoted the late US president John F Kennedy’s “Strategy of Peace” speech, which called for a de-escalation of the nuclear arms race at the height of the Cold War.

“Once again, the world is on the brink, and we need the mobilising urgency of a war-like footing if we are to win,” he wrote.

He used the same phrase during his address to world leaders at the Cop26 summit in Glasgow last November.

In 2020, during a video message for Climate Week NYC, he similarly called for a “Marshall-like plan for nature, people and the planet”.

Charles added that “the eyes of our children and our grandchildren are judging us” over the current response to climate change.

“Already, younger generations have expressed an understandable frustration about the pace of action on this issue,” he said.

He also paid tribute to William and Harry for their work in the battle against the climate crisis.

“As a father, I am proud that my sons have recognised this threat,” he said.

“Most recently my elder son, William, launched the prestigious Earthshot Prize to incentivise change and help repair our planet over the next 10 years by identifying and investing in the technologies that can make a difference.

“And my younger son, Harry, has passionately highlighted the impact of climate change, especially in relation to Africa, and committed his charity to being net zero.”

The future monarch also praised his late father Prince Philip for being decades ahead of his generation in the climate plight.

“Sixty years ago, my late father identified the damage humankind was inflicting on the planet and helped to found the World Wildlife Fund,” he said.

The Prince of Wales’ representatives said his essay marked the first time he had written for a US publication in 10 years.

It will feature as the cover story of the magazine’s second issue of 2022, dated January 21 and available from January 14.

Newsweek’s global editor-in-chief Nancy Cooper called it a “powerful appeal” for change and said given the prince’s experience of working to tackle climate change he speaks about climate change with “deep knowledge and real authority”.

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Updated: February 10, 2022, 4:01 PM