Prince Charles calls for 'rewiring' of UK, world economy to fight climate change

Prince Charles is urging an end to subsidies for oil and gas companies and is calling for an overhaul of how the world does business.

"Rewire the global economy to stop climate change," the prince urged business leaders from around the world as he launched a new study by the University of Cambridge at St James's Palace on 2 July.

The UK spends an estimated £768m ($1.2bn) annually in subsidies for the oil and gas industry. That number climbs to £56bn every year among G20 nations to subsidise exploration for fossil fuels worldwide. By cutting these subsidies, it could cut carbon emissions by 13%, the prince said.

"If we are to limit climate change," he said, according to The Guardian, "while improving the health of billions of people and ensuring the sustainability of the earth's ecosystems, we will need to see profound changes."

The prince has spoken out strongly in support of the campaign against climate change and environmental issues in the past. It was revealed in the "black spider" letters released in May that he has petitioned MPs on these issues directly in recent years.

The new Rewiring the Economy report from Cambridge University's Institute for Sustainability Leadership lays out a ten-year plan to set the foundations of a sustainable economy.

Chief among these is for governments to set up laws that benefit sustainable businesses. The report also recommends putting a price on pollution and creating a financial system that promotes environmentally sound business.

This is a necessity, said Prince Charles, because "there seems to be a strategic chasm between where the world agrees it should be headed and the direction of the economy".