By Colleen Connors
The initial buzz and fanfare of the first few days of Climate Week NYC has given way to deeper, more substantive discussions as the week unfolds. Despite vastly increased participation and a broad spectrum of events — from sustainable food and fashion to generative AI to the shifting regulatory landscape — there was a common thread weaving everything together: a call to action. The call to move from commitment to action was at the forefront wherever you went.
Just as patience has worn thin for a stream of commitments and announcements on future plans, it has also diminished for vague declarations of “taking action.” Attendees are looking for specifics, and moderators aren’t afraid to ask for them. Calling for action is nothing new. So why is progress on climate action so encumbered?
It’s a question John Kerry expressed deep concern on this week. The former US Secretary of State and Climate Envoy pointed to unfulfilled promises to phase out fossil fuels at an event hosted by Axios. “The problem? We aren’t doing that — we’re not implementing,” said Kerry, lamenting the lack of progress since COP28, the annual UN climate conference held last year in Dubai. Fossil fuel companies, said Kerry, are entirely ignoring the monumental Dubai pact and instead “just plowing ahead like it’s business as usual,” and governments have seemingly given them a pass.
While government representatives at Climate Week are quick to admonish private sector laggards in clean energy for slow progress, business leaders from companies heavily investing in the energy transition express frustration with a regulatory environment that, in effect, penalizes early adopters of low-carbon technologies. They argue that a more level playing field would embolden a critical mass of companies to make good on their promises to decarbonize their industry and pivot to renewables.
Climate Action’s Sustainable Investment Forum on Tuesday drilled down into the financing gap for renewables, with panellists and keynote speakers calling on policymakers to make renewable energy less risky. Speaking at the Forum, David Atkin, CEO of Principles for Responsible Investment (PRI), said, “The net-zero transition stands to multiply investment opportunities.”
He predicted that the climate solution investments needed could reach $275 trillion by 2050. “This means [investors need] a primary focus on investing in activities that drive deep, absolute decarbonization as a secondary focus on technologies and nature-based solutions that remove residual emissions.”
With policymakers and business leaders each pointing at each other, and the investment gap looming ever larger, success stories were a breath of fresh air at Climate Week. The U.S. Federal Inflation Reduction Act (IRA) is a hot topic of discussion, with many pointing to how it has opened the floodgates for investments in renewables. For Canadian companies, the IRA has meant climate financing has flowed south of the border. Businesses and investors thrive on certainty and low risk, which many note the IRA has provided, in addition to being a major job creator.
Canada’s Carbon Tax is not a Canadian equivalent to the IRA, nor do many argue it needs to be. Instead, representatives from Canada posit that they can remain competitive by making strategic investments, including in infrastructure.
On Wednesday, Tej Gidda, Global Leader for Future Energy at GHD, spoke at an Investors Dialogue hosted by the International Coalition for Sustainable Infrastructure (ICSI). Following the dialogue, Gidda observed that the “devil is in the details of the IRA,” and its long-term impact remains to be seen. He noted that investors shouldn’t count Canada out, saying, “If we, as engineers and engineering companies, can find a way to bridge some of those [investment] gaps and provide the data to create certainty in adaptation financing, we can go a long way to helping people move money into projects and get them going much quicker.”
As policymakers face growing pressure to create market certainty and unlock adaptation financing, they must navigate an extraordinarily uncertain global landscape, with looming elections threatening to stall progress even further. Across town at the UN Headquarters, Secretary-General António Guterres spoke of a world on the brink to a room of the world’s presidents, prime ministers and monarchs. He called out the three primary drivers of unsustainability: government impunity and violations of international law, inequalities exacerbated by conflict and the cost-of-living crisis, and the uncertainty wrought by climate change and Artificial Intelligence. “We are in a climate meltdown,” he warned.
Despite these anxieties, he also spoke of the solutions available to counter these interconnected threats, emphasizing the rapid expansion of renewables. “Renewables don’t just generate power,” said Guterres. “They generate jobs, wealth, energy security and a path out of poverty for millions.”
The Secretary-General’s remarks mirrored those of many speakers at Climate Week, all underscoring both the necessity and the opportunity of the energy transition. The time for talking about action has passed. Now, if you’re discussing the critical need to act, expect to be asked for examples and a detailed implementation plan — not just the “what,” but the “how.” With platitudes going unheard and promising ringing hollow, this year’s Climate Week is about rolling up your sleeves and diving into the details. The message is loud and clear: it’s time to stop talking and start delivering.
Colleen Connors is the global sustainability communications lead for GHD. Stay tuned for further highlights from Environment Journal’s correspondent at Climate Week NYC.
