New York Climate Week was the hotly anticipated climate event of the year – and it didn’t disappoint. Here are our top five takeaways from our experts who were on the ground:
Progress amid the talk of backlashes and backsliding. After months of histrionic headlines around companies giving up on sustainability, New York Climate Week (NYCW) saw more realism about the state of climate action. New data shows the number of companies continuing to make climate commitments increased 25% over the year. Conversation focused on implementation challenges and the way new EU regulation was forcing companies globally to act.
Climate, trade, industrial and security policy merge. The international trade system is set to become more complex as governments seek to protect nascent low-carbon industries and jobs in heavy emitting sectors in transition from high-carbon imports and Chinese competition. The EU Carbon Border Adjustment, which will introduce new carbon tariffs, has captured the attention of many U.S. business leaders and policymakers. Expect the debate to intensify no matter who wins in November.
How much does a dollar cost? NYCW illustrates how governments, multilateral financial institutions and the private sector are now focusing on the different kinds of financing needed to meet the world’s climate goals. Developing nations want more grants and debt relief to support the development of low-carbon economies. Meanwhile, the private sector must address key risks preventing investment in these markets.
Unpacking the AI - energy dynamic. The enormous energy demand from AI is causing alarm, but the week saw a progressive change of tone as the potential for big tech companies to incentivise the development of clean energy became clear. Nuclear also got a boost, although the development of new nuclear plants faces ongoing skepticism about their ability to deliver capacity on time and budget.
Building to nature’s big moment. COP29 is still months away but the countdown to COP30 has begun in earnest. Expect to see increased attention on the development of high-integrity carbon markets, financing nature-based solutions, and corporates convening around clearer definitions of how nature is accounted for within a value chain - including practices around regenerative agriculture.
