A Quick Recap of NY Climate Week?2024

Although I couldn’t make New York Climate Week work with the schedule this year, (I attended the first-ever Houston Climate Week instead) I’ve enjoyed reading a ton about the event from some great people I admire in the space. I also enjoyed prepping one of our portfolio startups to attend the event. With all of that said, here’s a quick, easy-to-digest recap of New York Climate Week 2024.?

I’ll break it up between On-Stage and Off-Stage.?

Let’s start with a quick word from Max who’s with our portfolio company Epistemix. They are an agent-based modeling company (think digital twins) that helps climate-concerned (think insurance or consumer package good) companies unlock the potential of scenario modeling.?

Here’s what he had to say:?

“I recently attended Climate Week for the first time, and the energy was palpable with tens of thousands converging to tackle climate challenges across industries. I was able to attend a wide range of events that showcased innovative solutions from businesses, governments, and individuals.

At “A Breath of Fresh Air,” I learned that air quality starts at the home level and solving it locally is just as critical as addressing it globally. It was fascinating to hear how IKEA is expanding its ESG efforts by focusing on the end of life for its products.

Energy consumption was a big topic, especially with the rise of AI, which is projected to drive U.S. energy use significantly through 2050. Tech companies are now heavily focused on energy efficiency and “compute per watt” metrics, alongside renewable energy projects.

Two highlights were a dinner with Lane Jost’s ESG Advisory team , discussing how to align ESG practices with business goals, and an event with NOAA’s lead scientist, Sarah Kapnick , where I learned how AI is transforming weather prediction models and integrating with financial markets like insurance.”

As New York City wrapped up Climate Week 2024, it sounded to me that excitement mingled with exhaustion, marking another significant gathering of climate and clean energy enthusiasts. Let’s dive in.

On-Stage

1. Biden vs. Trump on Climate: President Biden highlighted the stakes of the upcoming election at the Bloomberg Global Business Forum, emphasizing the potential repercussions of a second Trump presidency on the Inflation Reduction Act. He asserted that Trump’s climate denial threatens future generations and quipped, “And by the way, windmills do not cause cancer.”
2. Legal Action Against Fossil Fuels: California Attorney General Rob Bonta, joined by actor Lou Diamond Phillips, announced a lawsuit against ExxonMobil, accusing the company of a “decades-long deception” that has worsened the plastics pollution crisis.
3. Nuclear Energy Advocacy: Major Wall Street banks, including Goldman Sachs and Citibank, pledged support for COP28’s goal of tripling nuclear capacity by 2050. The renewed focus on nuclear energy was echoed by Caroline Golin of Google, who stated that the sector is experiencing a renaissance driven by the demand for carbon-free electricity. Hence all those Nuclear commercials you are seeing on YouTube right now.?
4. Funding for Carbon Capture: The Department of Energy (DOE) announced $1.3 billion for demonstration-scale and large-scale carbon capture projects aimed at industrial decarbonization.
5. Green Bank Collaboration: Forty of the largest green banks in the U.S. formed a partnership to channel investment into the clean energy economy, having already contributed around $10 billion in funding in 2023.
6. Workforce Initiatives: A new initiative by 22 governors aims to train one million people by 2035 for jobs in sectors like electric vehicles, solar, and wind, addressing the workforce shortage in the expanding clean energy industry.
7. Corporate Commitments to Sustainability: Companies like Amazon and Johnson Controls joined the Sustainable Steel Buyers Platform, which aims to procure near-zero emissions steel, targeting a reduction of 1.5 million metric tons of carbon emissions annually by 2028.
8. Food and Agriculture Innovations: Secretary of Agriculture Tom Vilsack highlighted efforts like the Agriculture Innovation Mission for Climate, emphasizing the need for increased productivity in agriculture to meet future food demands amid climate challenges.

?Off-Stage

1. Concerns Over Geoengineering: John Kerry, former U.S. Climate Envoy, expressed skepticism about solar geoengineering, cautioning that while it could temporarily cool global temperatures, it might also lead to unintended consequences. He urged a focus on reducing emissions through clean energy technologies.
2. Protests Against Fossil Fuels: A New York Times-sponsored event featuring Occidental Petroleum’s CEO, Vicki Hollub, was disrupted by anti-fossil fuel protesters, leading to a shift to an online format.
3. Water-Energy Nexus: As droughts and freshwater scarcity intensify, experts stressed the need for desalination technologies to support clean fuel production, particularly in water-stressed regions like the Middle East and North Africa.
4. Financing Clean Tech: Discussions highlighted challenges in securing funding for First-of-a-Kind (FOAK) projects, emphasizing blended financing models and corporate partnerships as essential for success.
5. Electricity Access in Africa: The Mission 300 initiative aims to provide modern energy access to 300 million Africans by 2030, emphasizing community-driven approaches to energy system development.

Bottom Line

As Climate Week 2024 concluded, the urgency of climate action was palpable. With the world now facing unprecedented warming, the event highlighted the need for innovative solutions, diversified funding approaches, and robust collaboration among stakeholders. There’s no singular solution to climate change; instead, the focus is shifting toward accelerating the deployment of existing technologies and strategies, ensuring a more sustainable future for all. Something we have been talking about here for the last two years. Did I miss something? Leave it in the comments below.?