World Climate Summit NYC: Ambition converted into action ahead of COP29

Hundreds of key stakeholders from across the public and private sectors gathered in New York to establish how they can convert ambition into tangible, meaningful impact as we head towards COP29 in Baku and COP30 in Belem.

Held alongside the UN General Assembly and New York Climate Week, World Climate Summit NYC brought together a carefully curated network of frontrunners from the worlds of government, business, finance, academia, and advocacy.

The goal was clear: to establish the policy and business strategy frameworks to deliver investment and innovation that will drive the clean energy transition.

Michael Regan, Administrator, U.S. Environmental Protection Agency,  “We have a once-in-a-generation opportunity to take real action on our climate, to protect the health of every single community in our country and around the world, and to safeguard the beautiful natural world that we all love so much.”

Speakers and panellists discussed a slew of topics that will be crucial in reaching net-zero and limiting global warming to 1.5C. Key conclusions included:

The climate finance gap will only be filled by more forceful policy measures, intergenerational, cross-sector leadership, and strong demand signals from the private sector to policymakers. This is a focal point of COP29 in Baku, as we work to establish a New Collective Quantified Goal (NCQG) on climate finance for emerging and developing markets.

We need decisive policy reform, delivering mandates that force innovation and a rapid upscaling of renewable energy sources, which can in turn cause a “cascade of tipping points” across sectors as we work towards halving emissions.

The U.S. Inflation Reduction Act (IRA) provides a useful template of establishing partnerships between government and industry to create jobs and unlock long-term opportunities in the green transition.

To unlock the potential of emerging markets and developing economies, we need clear action points, scaled up blended finance, enhanced data, and a policy framework that incentivises and de-risks investment.

The transformative power of next-generation AI and climate tech should be unleashed by breaking down regulatory and technical barriers to investment.

Xiye Bastida, Co-Founder, Re-Earth Initiative, says“We don’t inherit the land from our ancestors, we borrow it from our children.”  Solidifying our network’s already strong position on using public-private partnerships to mobilise climate investments through initiatives such as the Climate Investment Coalition, IMCA and CLIMATEFIT.

Expanding collaboration on climate action through the launch of new solution-oriented coalitions in areas ranging from renewable energy to AI.

Continuing our global engagement with Azerbaijan as host for COP29, Brazil as host for COP30, and the UNFCCC to place our network at the forefront of driving global impact in achieving the goals of the Paris Agreement.

Broadening our integration with major international forums such as the G20 and Davos, linking the business community to policymakers and taking the climate finance discussion to the epicentre of global megatrends.

Kevin Conrad, Founder, Coalition for Rainforest Nations, says “Recognise that you have a role. The role is not to voluntarily act, but it is to challenge your government and have their back when it comes to ambition, call for high ambition, ask for robust regulation.”

“We will continue to see a gap between the benchmark of ambition set and the action that is needed to fulfil it, unless those EMD’s are underpinned by clearer policies and good investment planning. Jo Tyndal, Director of the Environment Directorate, OECD

Danish pension funds have invested $50 billion in climate solutions

A new report from industry body Insurance & Pension Denmark (F&P Danmark) revealed that its 13 member pension funds have already invested more than $50 billion of their promised $65 billion of climate investments by 2030.

The pension funds have invested that capital to support renewable energy projects around the world, from solar projects in Canada, Denmark and the United States to wind farms in India and the North Sea.

Insurance & Pension Denmark said in its report that through strategic investments, Danish funds have “accelerated the transition to a greener economy, both in Denmark and abroad, setting a powerful example for other nations to follow.”

Kim Kehlet Johansen, CEO, Velliv, says“It is more important than ever to hold on to pledges we have made to our customers and to the next generations.”

World Climate Summit NYC marked a major milestone on the World Climate Foundation’s 2024 Roadmap to COP29 in Baku, where our World Climate Impact Hub will be working to connect frontrunners in all of these areas across the Blue Zone, Green Zone and side events. We will also be hosting the 15th edition of World Climate Summit, the largest C-level B2B convening alongside COP.

Beyond Baku, the World Climate Impact Hub will ensure we continue to bring frontrunners together across major events throughout the climate calendar, including the World Economic Forum in Davos in January and San Francisco Climate Week in April.

Through our global coalitions and networks, we will carry the momentum generated this year into the 2025 Roadmap to COP30 Belem, stopping at June’s Climate Investment Summit in London and back here in NYC before the landmark gathering in Brazil.

The World Climate Foundation has been expanding its presence in both Azerbaijan and Brazil, engaging with local partners, governments and businesses in both countries to align on priorities for these two defining moments in the battle against climate change.

Jens Nielsen, CEO, World Climate Foundation, says “COP29’s designation as the ‘finance COP’ underscores the urgent need for financial commitments and innovative funding solutions to supply the trillions needed annually to meet the Paris Agreement targets. We look forward to continuing our work to mobilise climate finance by fostering global, cross-sector partnerships.”