by Daniela Grava | October 2, 2024
Climate Week NYC 2024 brought together global leaders, businesses, and innovators to accelerate climate action under the theme “It’s Time.” Below are five key takeaways:
1. Urgent call for accelerated climate action, with practical solutions
This year’s theme, “It’s Time,” emphasizes the critical need to ramp up climate progress, especially as 2024 continues to break global temperature records. There’s also a shift towards more practical and realistic approaches to climate action, rather than ambitious but unsubstantiated goals. As Global Sustainability Leader Tim Mohin, noted, instead of hanging on to the goal of “1.5 degrees,” the new target discussed was “substantially below 2.0 degrees” of warming. [1]
2. Renewed interest in Voluntary Carbon Markets (VCM)
The VCM took center stage at Climate Week NYC, even getting its own “VCM Day” for the first time. There’s a growing belief that with new measures to ensure validity and authenticity, the VCM can play a vital role in global decarbonization strategies.
[This is] the moment for all of us to step up and harness the power of a high integrity voluntary carbon market for increased climate action and to support resilient, sustainable low carbon growth throughout the world. – Mark Kenber, Executive Director, Voluntary Carbon Market Institute (VCMI) [2]
3. Emphasis on nature and biodiversity
Nature-positive finance and biodiversity were key topics, reflecting the growing recognition of the climate-nature nexus. Discussions covered strategies for nature-positive finance, the risks and opportunities of investing in nature to meet climate goals, and the importance of collaborating with local and Indigenous communities in nature conservation efforts. The publication of the first Planetary Health Check during Climate Week underscored the critical role of nature in climate action.
4. Technology and AI as climate solution enablers The role of technology, particularly AI, in accelerating climate action was a hot topic. Discussions highlighted AI’s potential in optimizing renewable energy deployment, improving climate risk assessments, and enhancing sustainability reporting. However, concerns about AI’s energy consumption were also addressed, with calls for more efficient data use and management.
5. Focus on renewable energy and decarbonization
Discussions centered on overcoming barriers to accelerate renewable energy deployment, including streamlining permitting processes, increasing grid infrastructure investment, and establishing clear regulatory frameworks. Stakeholder engagement emerged as a key factor, with successful projects ensuring community input and participation through innovative benefit-sharing models.
Are you interested in more insights from Climate Week NYC 2024? Tune in to our ESG Decoded Podcast episode with Erika Schiller & Emma Cox to learn more!
Works Cited
[1] ESG News – Tim Mohin – NY Climate Week 2024: 5 Key Takeaways
[2] VCMI – Organizations Leading Voluntary Carbon Market Reform to Host Inaugural VCM Day at Climate Week, New York To Help Deliver on the Promise of High-Integrity Carbon Markets
Climate Group – Climate Week NYC
Politico – Carbon markets capture the spotlight at Climate Week NYC
Climate Group – Theme Resources
UN Environment Programme – UNEP FI at Climate Week NYC 2024
WSJ – First Annual Planetary Health Check Flashes Warning Signals
Economist Impact – The Dispatch: key takeaways from Climate Week NYC 2024
ESG News – Tim Mohin – NY Climate Week 2024: 5 Key Takeaways
Euro News – New York Climate Week takeaways: Island nations speak up and fossil fuel subsidies come under fire
ERM – CEO Message: Navigating the messy middle – 5 takeaways from Climate Week NYC
ERM – CEO Message: Navigating the messy middle – 5 takeaways from Climate Week NYC
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