Dear John,
What an extraordinary Climate Week NYC!
It was wonderful to be together with many of you at the Nest Climate Campus and other convenings, lively receptions and dinners, and so much more. Among the many conversations, panels, and roundtables, I heard inspiring stories on how the private sector is innovating with technology, financing sustainable solutions, creating new manufacturing jobs, and building cleaner, more resilient economies. |
| Here are some of my reflections from last week: |
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The urgency for climate action is imperative. The gut-wrenching images from Hurricane Helene are a stark reminder of our new reality where extreme weather continues to strike more frequently, wiping out entire communities and economies. Action has not been enough to reduce greenhouse gas emissions and keep temperatures below catastrophic levels. Businesses can’t act alone. Governments must follow through to increase investments in renewables and energy efficiency and move away from fossil fuels.
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Transition plans must become the norm. Investors and companies are increasingly adopting transition action plans to detail how they will meet their climate goals and align their strategies with the transition to a low-carbon future. These roadmaps are needed in the marketplace to ensure transparency, accountability, and progress.
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Innovation is beginning to take hold. We've seen a surge in forward-thinking solutions, including advances in electric vehicle batteries and chargers. The first national climate advisor Gina McCarthy said she has no doubt business will meet the moment and turn the challenge into an opportunity. "The kind of technology and innovation [that is] spurring in markets everywhere is just remarkable."
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Responsible business practices are here to stay. Corporate boardroom and investment practices that mitigate the financial impacts of climate change and seize the clear opportunities that come with acting are mainstream. These decisions are tied to risk management, good governance, and bottom lines. "Don't be bullied by people who don't want you to do the right thing," said Arizona Attorney General Kris Mayes.
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The benefits of prioritizing climate in policy are clear. New disclosure laws have given investors long-sought information about corporate emissions and other investment and portfolio risks. And the largest federal investment in climate action has resulted in hundreds of thousands of jobs nationwide. New York State Comptroller Thomas DiNapoli, one of 530+ investors signing on to the 2024 Global Investor Statement calling for more government action, said “We can't do it in a vacuum.”
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Biodiversity is critical to stabilizing the climate. Like climate risks, the drivers of biodiversity decline, including nature loss and water scarcity, are material financial risks. The growth of Nature Action 100 and the Valuing Water Finance Initiative shows the private sector is increasingly getting serious about factoring these risks into strategy. All of which are interlinked with financial health and climate stability.
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There is much more work to do. Global temperatures are rising faster than they are going down. We must supercharge climate action and speak up about it again. Future success depends on the private and public sectors working together. "Our work cannot stand still," said Nigar Arpadarai, a United Nations High-Level Climate Champion. "There is no time to slow down what we have underway."
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| Watch the full mainstage program at Ceres at Climate Week. Thank you for inspiring us and your ongoing leadership that allows us to believe and have hope. |
| Onward to COP16, where biodiversity will be the focus since you can't stabilize the climate without acting on nature and water scarcity. We also hope to see many of you again on October 23 at Ceres 35th Anniversary Gala in New York City as we celebrate three and a half decades of impact! |
