Prince Charles 'lobbied for climate policy change without disclosing offshore financial interest'

Prince's actions amount to ‘serious conflict of interest’, says former chairman of the Committee on Standards in Public Life

Board members of a company the Prince of Wales invested in were reportedly sworn to secrecy over his involvement

(AP)

Prince Charles campaigned to alter climate change agreements without disclosing his estate’s financial interest in such a rule change, leaks from the Paradise Papers indicate.

In 2007, the Prince of Wales reportedly bought shares worth $113,500 (£83,600), in a Bermuda-based company run by one of his best friends, Hugh van Cutsem. That friend was also a director of Sustainable Forestry Management, the board of which invested invested in land to protect it from deforestation.

The purchase of the shares was regarded as highly sensitive, The Guardian reports, and members of Sustainable Forestry Management’s board were reportedly sworn to secrecy about the Prince’s involvement.

The Prince of Wales has long been a vocal speaker on the issue of climate change. According to the BBC, he mounted a high profile campaign for changes to two major environmental agreements just weeks after Sustainable Forestry Management sent his office lobbying documents.

Four weeks after purchasing the shares, Prince Charles called for the Kyoto Protocol and the EU’s emissions trading system to recognise carbon credits from rainforests, saying it was “wrong”.

In October 2007, he launched the Prince’s Rainforest Project, which aimed to highlight the impact of tropical deforestation. And in January 2008 he released a video in which he called for new ways of supporting rainforests.

The BBC’s Panorama programme said it was unable to find any evidence of speeches made by the Prince about changing Kyoto, or EU ETS policy about rainforests, prior to purchasing the shares.

Sir Alistair Graham, former chairman of the Committee on Standards in Public Life, said the Prince’s actions amounted to a “serious” conflict of interest.

According to the BBC, he said: “There's a conflict of interest between his own investments of the Duchy of Cornwall, and what he’s trying to achieve publicly.

“And I think it’s unfortunate that somebody of his importance, of his influence, becomes involved in such a serious conflict.”

Labour MP Margaret Hodge said the revelations made clear the need for “proper transparency”.

She told The Guardian: “It seems clear to me that Prince Charles could not have known or understood the nature of the investment in his friend’s company,” she said.

“What is clear is that there should be proper transparency of all investments made by the Duchy of Cornwall, that the Prince of Wales should not be involved in investment decisions and that the Treasury should monitor the investments to ensure that the reputation and integrity of our royal family is protected.”

The Duchy of Cornwall said the Prince has no direct involvement in its investments.

A Clarence House spokesman said Prince Charles had “certainly never chosen to speak out on a topic simply because of a company that it may have invested in”.

“In the case of climate change his views are well known, indeed he has been warning of the threat of global warming to our environment for over 30 years.

“Carbon markets are just one example that the prince has championed since the 1990s, and which he continues to promote today.”