Can Climate Week NYC take on the dual challenge of climate change and biodiversity loss?

# RepRisk’s take: Beyond carbon – The overlooked ESG challenges at New York Climate Week

# I. Overview

• Climate Week NYC 2024 is a large annual climate gathering, encompassing over 600 events and activities across the City of New York from September 22 to 29.
• Hosted by international non-profit Climate Group, the yearly event is run in partnership with the United Nations General Assembly and the City of New York.
• This year’s theme, “It’s Time,” highlights the Climate Group’s call for swift action.
• The event will be attended by over 1,000 business leaders, government officials, political change makers and civil society representatives from all over the world.

Climate Group CEO Helen Clarkson will kick off Climate Week on September 22 under the theme "It's Time.”

# II. Key themes

• The new industrial revolution: Digitalization and decarbonization are catalyzing a transformation that the world hasn't witnessed in generations. The transition from a fossil fuel-based society to a green economy, enhanced by the integration of AI, is set to bring about a profound change.
• The energy and transport transition: Businesses are leading efforts to reduce emissions in both sectors. However, new challenges arise as decarbonization progresses. To address these effectively, a comprehensive and integrated approach is needed to connect the energy and transportation systems.
• Nature, health and food systems: The interconnection between climate and health is undeniable, with climate change emerging as the most significant public health challenge of our era. Tapping into nature's potential is key to building a sustainable and resilient food system.
• Leadership and green growth: Accelerating sustainable development requires significant investments, yet investors often hesitate without proven scalability. Key strategies include tapping existing funds, developing innovative financing methods, enhancing public-private partnerships and ensuring a just transition.

# III. Recap: Key achievements of Climate Week 2023

Climate Week NYC 2023 was marked by a series of major announcements and initiatives by stakeholders aimed at advancing climate action. Examples include:

# Companies

• Volvo pledged to end all diesel production by early 2024, as it set out plans to become an all-electric automaker.
• L’Oreal Groupe announced an endowment fund of EUR 15 million to support communities faced with the greatest disaster risk.

# Civil society/NGOs

• Over 250 major companies and non-profit organizations, including Climate Group, urged world leaders to commit to tripling renewable energy capacity by 2030 ahead of COP28 in Dubai.
• Global health group Americares, with the support of Johnson & Johnson, launched an initiative to help boost climate resilience of health clinics to protect the most vulnerable patients.

# Governments

• California Governor Gavin Newsom used his platform to announce that his state is suing major fossil fuel companies in a landmark lawsuit, “Hold Big Oil Accountable.”
• Scotland First Minister Humza Yousaf announced new funding for countries worst impacted by the climate crisis.

# IV. Reactions

Climate Week NYC 2023 generated a mix of reactions, ranging from optimism to urgency:

• Increased momentum: Many saw the event as a significant step forward in global climate action, with a noticeable increase in momentum, ambition and adaptation.
• Stronger partnerships: The collaboration between governments, businesses, and civil society was praised, indicating a growing sense of unity in addressing the climate crisis.
• Insufficient action: Some critics argued that despite the positive rhetoric, concrete actions and commitments were still lacking. Concerns were raised about the need to address equity and justice issues within climate action.
• Pace of change: A growing urgency was felt that the pace of change is not fast enough to meet the challenges posed by climate change.

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