Climate Week recap featuring Al Gore & many others, Ep #70
Oct 3, 2023
auto_awesome
Former Vice President of the United States, Al Gore, and several other notable speakers discuss highlights from New York Climate Week, including the climate march, the role of corporations in cutting emissions, and the challenges faced by developing countries. They delve into topics such as commercialization of clean energy, the lack of commitment from companies in climate action, and the intersectionality of climate change with health, AI, food, and national security.
Private capital is crucial in funding clean energy solutions and driving the transition to a sustainable future.
Climate Week fostered a sense of collaboration and urgency among stakeholders, emphasizing the need for swift action.
Policy measures and corporate engagement are vital for driving climate action and holding companies accountable for their emissions.
Deep dives
Unprecedented Opportunity to Address Climate Change
Climate Week brought together thousands of people from diverse backgrounds to address the challenge of climate change. The event showcased the huge opportunity for individuals and companies to invest in climate tech and make a significant impact. Private capital is playing a crucial role in funding clean energy solutions, with investors recognizing the potential for large-scale investments in renewable energy, low-carbon concrete, battery manufacturing, and more. The Inflation Reduction Act (IRA) has provided a major boost, catalyzing the market and incentivizing companies to reduce emissions and invest in carbon removal technologies. However, there is still a need to push companies that have not committed to change to take action, and policy measures like the SEC's disclosure requirements and California's climate bills aim to hold companies accountable and drive progress.
Collaboration and Shift in the Conversation
Climate Week highlighted a shift in the conversation surrounding climate change. There is a shared sense of commitment and collaboration between investors, companies, and policymakers. Governments and businesses are aligning their commitments and actions towards achieving a net-zero economy. The focus has shifted from mere commitments to concrete plans and progress. The event also showcased a growing sense of urgency, as stakeholders recognize the need for swift action. This multi-generational challenge requires sustained effort and a long-term perspective, understanding that the transition to a sustainable future will take time. The week-long event fostered a sense of community and inspired attendees to continue their work in addressing the climate crisis.
The Role of Policy and Corporate Engagement
This year's Climate Week emphasized the importance of policy measures and corporate engagement in driving climate action. The Inflation Reduction Act (IRA) has paved the way for increased investment in climate tech and clean energy solutions. Companies like Microsoft and Siemens are leading the way by committing to energy transition and decarbonizing their operations. However, a significant number of companies have not committed to change, and there is a need to enhance accountability and disclosure. Policy measures, such as California's climate bills, are pushing companies to disclose their emissions and address climate-related risks. Collaborative efforts between governments, investors, and businesses are necessary to create a sustainable future and achieve impactful change.
Climate-led investing focuses on impact
Climate-led investing emphasizes the need to prioritize impact over just financial returns. Colin LeDoux discusses funding gaps in climate finance and suggests that the finance industry should shift its focus to delivering meaningful impact. Traditional investing tends to prioritize financial objectives and sometimes overlooks investments with significant positive climate impact. A new approach, climate-led investing, starts by identifying opportunities that have the highest positive climate impact and then seeks to underwrite them commercially.
US Treasury announces net zero financing principles
The US Treasury Department, led by Secretary Janet Yellen, announced principles for net zero financing and investment during Climate Week. The principles aim to clarify and provide consistency to financial institutions that have made net zero commitments. Over 650 institutions, representing roughly 40% of global financial assets, have made such commitments. Yellen emphasized the importance of considering climate change in financial decision-making, as well as the significant investment opportunities associated with the transition to net zero. The principles also seek to help firms that have not yet made commitments to get started.
This week, we’re doing something a bit different outside of our typical interview format. This is a recap of New York Climate Week. I’ll share some of my impressions and you’ll hear from folks like Vice President Al Gore, California Senator Henry Stern, several friends, and fellow climate travelers. You’ll hear some segments from sessions I attended and sometimes it might sound like you’re actually there in a room full of people. If you hear an occasional cough or something, try to just think of it as getting closer to the experience of being there without any risk of coming home with COVID.
Over 75,000 people kicked off the week by taking to the streets for the Climate March on September 17th. Over the ensuing week, thousands of people from around the world joined over 585 official Climate Week sessions and likely as many unofficial ones.
I kicked off the week in a somewhat surreal way. I work for a company called NationSwell. We’re an executive membership network and advisory that helps sustainability and other leaders take on bigger bets and be more successful. We were invited to bring some NationSwell members like Michael Komori, Chief Sustainability Officer of Starbucks, and joined Al Gore and other climate leaders in ringing the NASDAQ bell on Monday morning – which felt like a fitting start, as a question on everyone’s minds is: “If capitalism is up for the challenge, will corporations lead the transformation needed to cut emissions?”
In today's episode, we're hearing from:
[1:34] Adam Lake, Climate Week NYC Lead of the Climate Group
