Key Milestones and Initiatives from NYC Climate Week 2024
By Christine Amour-Levar
New York Climate Week 2024 brought together an incredible assembly of global leaders, activists, and innovators, all focused on driving climate action at an unprecedented scale. The urgency of the climate crisis was palpable, with the clear message that while we have made progress, we are still only halfway toward solving this immense challenge. There remains much to be done. The week was abuzz with discussions about the transformative potential of AI in climate action, as well as the pressing need for better measurements, particularly when it comes to assessing the health impacts of climate change. What stood out most was the recognition that the climate crisis cannot be solved in isolation—partnerships, innovation, and global cooperation are essential.
Below are some key milestones and initiatives that I found particularly impactful from this pivotal week:
1. Financing the Future: Climate Tech Investment on the Rise
A major theme at Climate Week 2024 was the critical need to scale up climate finance and increase investment in climate tech innovation. One standout discussion was around the $4 trillion annual investment gap identified by the International Energy Agency, which loomed large in conversations. Developing regions, where energy access is still limited, were a focal point for investment needs. Despite optimism about private capital’s role, many questioned whether it alone is enough, emphasizing the importance of blended finance and public-private partnerships as critical solutions to this challenge.
We were proud to contribute to these efforts through Investors for Climate by co-hosting The Conscious Leaders’ Summit in collaboration with Green is the New Black. The event provided a platform to explore how capital can be mobilized to scale climate tech solutions, addressing a critical challenge—the funding gap for Series B and C rounds, often referred to as the “Valley of Death.” Many promising climate startups struggle to secure funding at this stage, hindering their ability to scale. Blended finance models and offtake contracts were discussed as potential solutions to bridge this gap and support these technologies in reaching full-scale deployment.
Building on the momentum from NYC, we are launching a new initiative: the Investors for Climate (I4C) Investment Syndicate. This syndicate will focus on investing in early-stage startups in key areas such as renewable energy, nature and biodiversity tech, food tech, and sustainable agriculture, driving innovation and supporting the next generation of climate solutions.
2. Just Energy Transition Partnerships (JETPs)
A major focus of this year’s Climate Week was the emphasis on Just Energy Transition Partnerships (JETPs), ensuring that vulnerable communities are not left behind in the transition to clean energy. A standout example is the JETP in Southeast Asia, aimed at supporting workers in coal-dependent economies like Indonesia and Vietnam through retraining and promoting economic diversification.
The need for social justice integration into climate policy was a recurring theme. Addressing inequality while transitioning to renewable energy ensures that marginalized communities benefit from the shift, rather than bearing its burdens.
3. Biodiversity and Indigenous Rights: Protecting Natural Ecosystems
Nature-based solutions and biodiversity protection took center stage during several key discussions at Climate Week NYC 2024.
Voluntary nature-based carbon markets, while facing credibility challenges, saw renewed optimism with the launch of significant initiatives such as the Symbiosis Coalition and LEAF Coalition. These efforts aim to enhance the credibility of carbon removal projects and drive high-quality carbon sequestration. Additionally, the Integrity Council for the Voluntary Carbon Market and the Bezos Earth Fund are leading efforts to “reboot” the voluntary carbon market next year, creating hope for more transparent and effective nature-based carbon solutions.
Furthermore, biodiversity credits are gaining traction as an alternative to carbon credits. New models are emerging to conserve critical habitats while honoring Indigenous rights and knowledge. For example, HIFOR, developed by the Wildlife Conservation Society, supports high-carbon forests but cannot be used as offsets. Indigenous leaders, like those from the Sarayaku community, presented innovative "climate justice" funding models that cover the costs of safeguarding Amazonian ecosystems, emphasizing the integration of indigenous knowledge in biodiversity protection.
4. Corporate Commitments to Decarbonisation
Corporate decarbonisation remained a cornerstone of the discussions. Over 200 companies, including major tech and retail firms, committed to accelerated timelines for achieving net-zero emissions. The Science-Based Targets initiative, which saw widespread adoption, is helping businesses chart a clear path toward decarbonisation, with many aiming for net-zero by 2040.
However, it was noted that the focus on corporate sustainability often took a backseat to AI discussions this year. The rapidly growing attention to AI in climate solutions shifted the dialogue, with many companies exploring how AI could play a critical role in their decarbonisation strategies.
5. Youth Activism and Climate Justice
Youth activism remained a strong voice during Climate Week. Leaders from Fridays for Future and other grassroots movements demanded systemic shifts to dismantle fossil fuel dependency and prioritize climate justice. This powerful youth-led advocacy aligned with broader calls for action that ensures social equity is embedded within climate policies.
6. Nature-Based Solutions in Cities
Urban resilience and the use of nature-based solutions to protect cities were recurring themes. One of the standout projects was the Billion Oyster Project in New York City, which aims to restore oyster reefs to improve water quality and serve as a natural defense against coastal erosion. The project made significant strides during Climate Week, with a goal of planting one billion oysters by 2035.
7. Web3 and Climate Solutions
During Climate Week, one of the events we hosted via Investors for Climate highlighted the potential of Web3 technologies in driving impactful climate solutions. Blockchain and decentralized infrastructure are increasingly being leveraged in areas like reforestation, nature credits, and sustainable agriculture, offering enhanced transparency and efficiency in conservation efforts. A key takeaway was the need for Web3 to rebrand, as many still associate blockchain primarily with cryptocurrency. The event focused on practical, real-world applications, showing how Web3 can improve accountability in climate initiatives. This is certainly an area to watch for future developments.
8. Lawsuits and New Energy Initiatives
This week also saw legal action, with a lawsuit filed against ExxonMobil, drawing attention to corporate accountability in the climate crisis. Meanwhile, banks made headlines by announcing their support for nuclear energy as part of the clean energy transition.
Leading global banks including Bank of America, Morgan Stanley, and Goldman Sachs pledged their support for expanding nuclear energy. This aligns with the COP28 goal to triple global nuclear capacity by 2050, already backed by 25 nations. While specifics of the financial support were not detailed, experts see this as a recognition of nuclear power's vital role in the clean energy transition. Historically, financing has been a major obstacle, slowing nuclear plant development in the West since the 1970s, but this renewed commitment aims to overcome those challenges and accelerate next-generation nuclear reactors.
Conclusion: Accelerating Global Action
Climate Week NYC 2024 saw a tremendous increase in participation, growing from 600 to 900 events and doubling last year's attendance. However, this also revealed the scale of the work that still lies ahead. The discussions served as a powerful reminder that bold, collaborative action is necessary across sectors. As we move forward, we need transformative changes and a unified global effort to tackle the climate crisis and build a sustainable, just future.
The milestones achieved during Climate Week mark an important step, but they also signal the beginning of a larger global movement. The challenges ahead are vast, but with continued collaboration, innovation, and leadership, we can build a future that benefits both people and the planet.
