Leaders from political, corporate, and sustainability gathered in New York City for Climate Week NYC 2024 (September 22-29) to address the challenges of achieving the United Nations' goal of limiting global warming to 1.5°C above pre-industrial levels. With a record-breaking 900 events—a 50% increase from the previous year—each contributed to the collective call for action under the theme, "It's Time."

Secretary General of the World Meteorological Organization, Professor Celeste Saulo, illustrated this theme with a stark picture of the world’s decarbonization progress and the threat of inaction, "every single indicator that is monitored – greenhouse gases, sea level temperature, surface temperature, ocean acidity levels – they are all breaking new records. The science is here. The question is, what do we do with it?”

As the week progressed, it became clear that the key takeaways lie in Policy and Leadership, Urgency of Action, Innovation and Sustainability, and Economic Impact.

NYC Climate Week 2024 provided a platform for global leaders to reaffirm their commitment to addressing the climate crisis, while asserting the challenges businesses, governments, and the public still face.  

High-profile figures, including U.S. President Joe Biden, highlighted climate policies while defending their environmental legacies. Discussions centered on the future of critical programs like the Inflation Reduction Act (IRA), with concerns that parts of the legislation, particularly those affecting hydrogen, offshore wind, and electric vehicles, could face setbacks as the U.S. presidential election approaches. Investors and developers echoed the need for greater policy stability, as uncertainty in permitting and market conditions continues to hinder progress on major projects. As political dynamics, including the potential for a shake-up under a future Trump administration, add further unpredictability, the message from NYC Climate Week 2024 was clear: time is short, and collaboration beyond politics is essential to driving meaningful action. 

Will Jackson-Moore, Global Sustainability Leader at PwC, stressed the importance of businesses understanding and utilizing programs like the Green Deal and the Inflation Reduction Act (IRA). "Even the biggest businesses struggle getting through that," he noted, highlighting the need for consistency and long-term investment decisions. Jackson-Moore encouraged companies to focus on short-term, no-regret actions, rather than being overwhelmed by the long-term complexities of climate adaptation. 

The Climate Group opened Climate Week NYC 2024 by unveiling their Global To-Do List, which highlights “seven ambitious actions that governments and businesses must deliver to get back on track.” The To-Do list features objectives such as urging governments to break down barriers to “unleash renewables” to triple global renewable energy capacity by 2030, increase resources and talent to “get serious on methane,” and incentivize large companies to “set climate as a pre-qualification-criteria for their procurement processes.”

Intent on scaling sustainable market action, STX Group’s Head of Carbon Sales, Katerina Kolaciova, joined over 1,000 other carbon leaders in town for Climate Week NYC 2024 for IETA’s North America Climate Summit 2024 (NACS 2024). Kolaciova, in partnership with ICROA, led the Summit’s “Advancing Integrity for Service Providers in the Voluntary Carbon Market” roundtable where industry leaders explored how to ensure ethical practices in carbon trading and project implementation.

At the inaugural VCM Day, Kolaciova shared that “It's imperative that the voluntary carbon markets scale with integrity and enable flow of financing to the climate mitigation measures. Carbon markets can be a powerful tool to enable nations to achieve their climate targets, but we must ensure credibility in everything we do.” This event co-hosted by the Integrity Council for the Voluntary Carbon Market (ICVCM), the Global Carbon Market Utility (GCMU), and the Voluntary Carbon Markets Integrity Initiative (VCMI), and launched at this year’s Climate Week NYC, brought together industry thought leaders on the necessary reforms and actions needed to increase the impact of voluntary carbon markets.

Cutting edge solutions at the intersection of innovation and sustainability, such as highly efficient solar panels and “liquid trees,” made their debut on the global stage.

However, hard-to-abate sectors and large global companies shared the spotlight with startups. U.S. Steel announced its partnership with ResponsibleSteel, making it the first steel company to produce ResponsibleSteel Certified Steel in their Big River facility in Osceola, Arkansas, showcasing the potential for legacy industries to transition toward greener practices. Meanwhile, the Climate Group introduced its 24/7 Carbon-Free Coalition, aimed at transitioning large global corporates to 24/7 carbon-free electricity. These initiatives demonstrated that innovation is not only about new technologies but also about reshaping how industries operate to reduce emissions and drive long-term sustainability. It is important to note that RE100 has been clear that granularity and 24/7 matching are to be discussed at the next GHG Protocol in 2026, and there is currently no update to guidelines for RE100-compliant companies at this time.

A central thread appeared throughout policy, innovation, and action-oriented discussions during the week: the economic impact of sustainability and the financial advantages of investing in clean energy is growing. Washington State Governor Jay Inslee showcased how the state has balanced economic growth with climate action, reducing CO2 emissions per unit of GDP by 30% while implementing policies that foster a clean energy economy. Inslee stressed the importance of creating frameworks that both "push and pull" entrepreneurs toward sustainable innovation, pointing to the investment funneled into clean energy technologies such as heat pumps and EVs through Washington's carbon trading system. His message reinforced the idea that climate action is not just an environmental imperative, but an economic opportunity.

With the SEC and California climate disclosure mandates released earlier this year, though currently stayed, companies and investors are starting to see the financial and legal impact of corporate sustainability inaction. Sustainability reporting is now becoming an integral part of corporate governance and risk management as climate risk has now been deemed a long-term commercial risk. “While there's uncertainty about mandatory disclosures in the U.S. and where voluntary initiatives like the GHG Protocol will land on emissions accounting, the best step for companies is to start understanding their emissions. This allows them to make informed decisions and apply climate solutions. Any action is better than inaction,” remarked Morgan Beeler, Policy and Governmental Affairs, STX Group, during Perkins Coie’s “Building a Sustainable Economy: Corporates, Founders, Investors and Legal Frameworks” Climate Week panel.

From innovative business models to job creation and regulatory compliance, the economic future is closely tied to how effectively sustainability initiatives are embraced and scaled.

As the 2030 deadline approaches, the pressure is on. The overarching conclusion from Climate Week NYC 2024 is clear: taking action on climate, even if imperfect, is far better than inaction. By taking the first steps toward measuring and reducing emissions, companies will gain the knowledge and insights needed to scale their efforts and capitalize on the green economy. Those who invest early in sustainability, innovation, and clean energy stand to reap the greatest rewards, positioning themselves as leaders in both the fight against climate change and the global economy of the future.