Progress and Problem-Solving at Climate Week NYC: Non-State Actors set the tone for COP29
From over $100 billion annually from the world’s largest utilities companies for grid upgrades, to reports that net zero commitments among major companies have increased 20% in 18 months, and Race to Zero Partner members are leading the way on robustness, Climate Week New York City 2024 showed that businesses, investors, cities, regions and civil society continue to mobilize credible climate action.
The opportunity and imperative of continuing that action and investment were the headline messages of two reports launched at CWNYC: ‘Scaling nature finance now: The opportunity for investors in Brazil and beyond’, which shows the growing pipeline of bankable and investable opportunities in Brazil and other large biodiversity-rich economies, and the summary report ‘Whole-of-society rallies to support strong national climate plans’, amplifying a wide range of real economy voices highlighting the critical importance of countries’ next round of Nationally Determined Contributions (NDCs) as powerful tools to attract investment.
At the launch event of the ‘Scaling Nature Finance Now’ report, H.E. Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion for COP28, highlighted the importance of investing in nature:
Climate change is here. It is already impacting half of the world population and the most vulnerable. Investing in nature and sustainable agriculture practices can deliver significant, mutually reinforcing benefits for businesses, investors and society.”
The UN Climate Change High-Level Champions joined powerful discussions with Indigenous Peoples, businesses working on resilience and large industrial players to share progress, explore how to shape investable NDCs and reinforce the urgent need of direct access to finance.
To support action towards a just transition away from fossil fuels, unlock climate finance and restore and protect nature, the Champions convened and attended a number of events and discussions that brought non-State actors together with government representatives, ensuring these two groups work effectively together.
Innovation
UN Climate Change High-Level Champion for COP29, Nigar Arpadarai, launched two key campaigns: ‘Climate Proofing Small and Medium Enterprises (SMEs)’ and ‘Impact Makers’. Impact Makers will spotlight individuals and projects that are offering innovative solutions across key areas such as energy, transport, industry, land use, ocean and coastal zones, water, human settlements and reducing greenhouse gas emissions. Climate Proofing SMEs involves a host of partners working together to support SMEs to access the resources they need to take meaningful climate action. Emphasizing SMEs’ key role in job creation, Ms Arpadarai said:
SMEs are vital to the global economy and must be included in the climate transition. There are so many great people, green disruptors that are making change and we need to showcase and inspire them.”
Currently, small and medium-sized enterprises make up 90% of businesses, and over 50% of global Gross Domestic Product (GDP) and greenhouse gas emissions, while providing 70% of global employment.
Nature at the heart of the discussions
Nature was key to the outcome at COP 28 and remained a central topic on the agenda at CWNYC. H.E. Razan Al Mubarak, Nigar Arpadarai and the COP28, COP29 and COP30 Presidencies hosted events to explore the integration of climate and nature solutions in healthcare systems, improve access to climate finance for Indigenous Peoples and drive business action to achieve a nature-positive economy by 2030.
Along with global leaders, the UN Climate Change High-Level Champions joined discussions on sustainable management of oceans, how to manage the physical and financial risks, finance the energy transition, and in support of the “Rio Trio”, a strategic partnership of the presidencies of the Rio Conventions, UNFCCC COP29 Azerbaijan, CBD16 Colombia and UNCCD COP16 Riyadh.
Renewable energy
The Utilities for Net-Zero Alliance (UNEZA), an initiative launched at COP28 under the guidance of IRENA and the High-Level Climate Champions, announced a joint intent to invest USD 116 billion annually until 2030 in grids and renewables.
The High-Level Champions and the World Business Council for Sustainable Development convened more than 50 organizations linked to the Marrakech Partnership, the Breakthrough Agenda and the Race to Zero to discuss “The power of green demand: Mobilising collective action towards COP29” during a hybrid workshop. This meeting was followed by the launch of Breakthrough Agenda 2024 Reports by the International Energy Agency, CGIAR and the High-Level Climate Champions, ahead of the Clean Energy Ministerial and Mission Innovation meeting, happening this week in Brazil. Highlighting the progress made in decarbonizing several sectors (power, hydrogen, steel, cement, road transport, buildings, and agrifood systems), the report calls for enhanced international cooperation to speed up the transition to net zero.
Indigenous Peoples
H.E. Razan Al Mubarak co-hosted a session “Indigenous Peoples direct access to finance from COP28 to COP30” along with Nigar Arpadarai and Indigenous leaders, reinforcing the role of local communities in protecting nature and identifying practical ways to boost climate finance for Indigenous Peoples. They engaged with forest groups, Indigenous Peoples’ organizations, multilateral development funds, and businesses to review progress and plan next steps towards COP30, in Brazil. Speaking on this topic, H.E. Ms Al Mubarak remarked:
Billions of dollars have been promised to support Indigenous communities, but funding is not flowing fast or far enough. It’s encouraging, however, to see a growing coalition of organizations committed to enhancing financial flows to Indigenous Peoples.”
Accelerating climate finance
Improving access to climate finance more broadly was a central topic at CWNYC. Nigar Arpadarai emphasised that “as we look forward toward COP29 in Baku, we need to push for concrete actions that make capital more accessible and ensure climate finance drives both environmental and social equity outcomes”.
As countries prepare to submit enhanced national action climate plans (NDCs), a consultation session on private sector contributions to the Baku Initiative for Climate Finance, Investment and Trade (BICFIT) Dialogue provided an opportunity to discuss the need for climate finance and trade policies to complement NDCs to most effectively attract investments to support climate action and sustainable development. Nigar Arpadarai noted:
The Baku Initiative Climate Finance, Investment, and Trade is intended to ensure that ambitious, investable and implementable national climate plans boost sustainable development, and that they are supported by finance, investment and trade policy.”
Subnational actors
The High-Level Champions also advocated for stronger collaboration between national and subnational governments to integrate local governments into climate strategies as part of the Coalition for High Ambition Multilevel Partnerships (CHAMP). Both High-Level Champions stressed that subnational actors in the Cities Race to Zero and Race to Resilience are key partners in national climate efforts. During a high-level dialogue, local leaders showcased solutions, shared examples of success and reinforced commitments to work together.
Baku
With COP29 in Baku on the horizon, the strong leadership of non-State actors is key to continuing to mobilise robust climate action.
Progress from businesses, investors, cities, government leaders and civil society showcased at CWNYC underscored that, while climate goals are global, solutions need to be local to ensure the transition is just, inclusive and relevant to regional needs and contexts.