With only 17% of the UN Global Compact Sustainable Development Goals (SDGs) for 2030 on track, Climate Week NYC 2024 centered on the theme "It's Time," renewing the call to urgently address climate change.
As the SDGs go hand in hand with the UN Climate Change Conference of the Parties (COP) 28 goals, the events at Climate Week NYC 2024 set the scene to strengthen commitments at the upcoming COP29. Navigating industrial decarbonization, developing carbon markets and environmental, social and governance (ESG) challenges were key areas of focus throughout Climate Week NYC. Across all of these areas, it is clear that business as usual is no longer enough.
Our experts shared their insights and takeaways direct from Climate Week NYC. Read the report to learn more:
Overview of Key Themes
- Industrial decarbonization is front and center
The World Business Council for Sustainable Development (WBCSD) council meetings and subsequent events focused on using collective action to drive industrial decarbonization. It included launch of the Center for Decarbonization Demand Acceleration, backed by 26 founding member companies. - New developments on the horizon in the carbon market
Numerous discussions featured new finance solutions to scale the voluntary carbon market. Scaling up and de-risking investments in carbon projects is critical to achieve net zero, but building trust in the private sector to invest in these projects will take time. - Companies need to take climate-related physical risk seriously
Companies need to implement strategies to address climate-related physical risks that affect their business. The impact of climate-related risks are often overlooked by decision makers but the financial impact of such risks should not be underestimated. - Differences in climate, ESG reporting and disclosures are creating uncertainty
With varying approaches across a number of climate and/or ESG disclosure requirements, many companies are navigating an uncertain environment caused by the potential consequences of the differences in requirements - Managing climate risks in the supply chain effectively remains a challenge
Stemming from Scope 3 requirements, gathering accurate information and managing climate risks in the supply chain is still a challenge. Creating a flexible and resilient supply chain is key.