The Prince of Wales has said climate change “simply cannot be solved without China” as he welcomed the inauguration of the Sustainable Markets Initiative (SMI) China Council.

The SMI was launched by Charles in 2020 and brings together international figures from the private, public and philanthropic sectors to find ways to rapidly decarbonise the global economy and make the transition to sustainable markets.

In a video message, the prince said the future of humanity depends on “an ever more urgent solution”.

He said: “Climate change and biodiversity loss, as two of the world’s most dire and pressing threats, simply cannot be solved without China.

“At Cop26 in Glasgow, and through China’s presidency of Cop15, the world has made some progress towards a net zero, biodiversity-positive and sustainable future.

“But governments cannot achieve these goals alone. Industry must play a central role in our efforts to accelerate the green transition. Mobilising finance will be crucial.

“The Sustainable Markets Initiative brings together the world’s leading businesses to collaborate and invest in the future.

“China is home to the world’s biggest banks and insurers. Chinese companies are also world leaders in green technologies from electric vehicles to renewable energy.

“So your collective action through the SMI China Council will play a vital role in the global transition to a greener economy.

“I wish the SMI China Council’s upcoming events – including the SMI China Council Local Action in Lushan, Jiangxi, the 2022 Carbon Peak and Carbon Neutrality International Cooperation Conference in Jinan, Shandong, the 2022 Carbon Neutrality Economic Development Forum in Beijing, and the forum on the Hongqiao forum of China International Import Expo in Shanghai – every possible success with fruitful deliberations.

“The future of humanity, the entire natural world on which we utterly rely for all economic activity and civilisation itself depends on an ever more urgent solution.”

Charles has had a difficult relationship with China’s leadership in the past but it appears to be on a firmer footing with President Xi Jinping, who he met during the Chinese leader’s 2015 state visit to the UK.

The prince’s thoughts on Beijing’s past leadership are well known after he described them as “appalling old waxworks” in extracts from his journal.

The Handover Of Hong Kong – Or The Great Chinese Takeaway was written by the heir to the throne after he visited Hong Kong in 1997 for the ceremony marking the formal handover of the colony to China.

In 1999, Charles was accused of boycotting a Chinese state visit to the UK by failing to attend the return banquet held for the then-president Jiang Zemin, who two years earlier had attended the Hong Kong ceremony.

A decade later the relationship appeared to be changing and the prince held his first private meeting with a Chinese leader in the UK, sitting down with then-president Hu Jintao’s during his 2009 state visit.

The lead Chinese organisations involved in the China Council are the China Council for the Promotion of International Trade (CCPIT) and its affiliated China Chamber of International Commerce (CCOIC).

Last October, Charles hosted an initial SMI roundtable with Brian Moynihan, co-chairman of SMI, and Gao Yan, head of CCPIT/CCOIC.

The Chinese ambassador and a number of prominent Chinese companies also participated.