Key Takeaways from Climate Week NYC 2024
By Carson Thal, Michael Clyne
October 08, 2024
During Climate Week NYC 2024, held from September 22-29, the Council for Inclusive Capitalism actively engaged with leaders across the private, public, and civic sectors on solutions to speed up climate action. Here are four key takeaways that emerged that will guide new and ongoing climate change initiatives:
- Ensure an Equitable Clean Energy Transition: With 85% of C-suite leaders increasing sustainability investments (up from 75% in 2023, according to Deloitte’s 2024 CxO Sustainability Report) and climate change remaining a top three priority for the C-suite, this Climate Week also saw growing discussion and practical case studies on how companies and policymakers are placing people at the core of climate action. For example, supporting a transition away from fossil fuels requires enabling electric vehicles adoption in low-income and rural communities. High integrity nature-based climate solutions can increase access to resources while developing environmental and community benefits and returning historical lands to the stewardship of tribal communities across North America. These priorities – from ensuring equitable access to clean energy, to supporting workers and communities through local energy transitions and centering communities and tribes in nature-based solutions – were also included in the B20 Brasil Policy Recommendations to the G20, where the Council participated as a member of the Energy Transition and Climate Taskforce, supporting recommendations for a fair net-zero transition.
- Direct More Private Capital Toward Decarbonization: At Climate Week events, including the Council’s co-hosted session “Financing the ‘Just’ in Just Transition” with Boston Consulting Group and the World Business Council for Sustainable Development, investors highlighted key challenges in financing the energy transition, particularly in emerging markets and regarding stranded assets, such as decommissioned coal mines – and resulting stranded communities. They emphasized the need for blended finance, stronger policymaker collaboration, and the integration of social goals alongside climate objectives to ensure a truly inclusive transition.
- Put People at the Heart of the Economic Transition: The Council is proud to be a Founding Partner of the Taskforce on Inequality and Social-related Financial Disclosures (TISFD) launched at Climate Week 2024. This global initiative aims to create guidelines for businesses and financial institutions to better understand and report on the impacts, risks, dependencies, and opportunities related to people. The Council will continue its involvement to ensure alignment and interoperability with existing disclosure standards, such as ISSB, GRI, EFRAG, and TNFD among others. Additionally, the Council is committed to ensuring that TISFD’s outputs support efforts toward a just transition and help highlight the impacts of nature on people.
- CGI: This year’s Climate Week and Clinton Global Initiative marked a midpoint in not only the decade, but also with five years left to fulfill ambitious net-zero commitments in line with the Paris Agreement. At this crucial stage, the Council for Inclusive Capitalism participated in a high-level roundtable on how to accelerate climate change mitigation and adaptation. The urgency of the moment was palpable with the roundtable’s leaders across public, private, and civic sectors facing discussing both opportunities and challenges to scaling climate action in time.