The Shift Towards Opportunity in Sustainability

One of the most noticeable shifts in the climate conversation was the transition from viewing sustainability as a cost to recognizing it as a business opportunity. Business leaders are now showcasing how sustainable practices not only benefit the planet but also contribute to cost savings and operational efficiency. This optimism resonated throughout the week. Colin observed, "It was encouraging to see business leaders stand up and say, ‘We’ve been doing this for years. It’s driving down our costs because it’s just good business to run more sustainable supply chains.’ These are the positive stories we need to hear more often."

Moving from Talk to Action

Another key theme this year was the urgency to move from discussion to action. Many organizations have made ambitious net-zero commitments, but the focus has shifted to execution. The challenge now lies in translating these commitments into tangible results. The consensus was evident: it’s time for businesses to deliver on their sustainability promises.

Technology Driving Change

Technology emerged as a key driver of the transition to net zero, with sustainable technology being highlighted for its multiplier effect. One of the sessions we attended emphasized how the Inflation Reduction Act and the Green Deal Industrial Plan are accelerating sustainable tech deployment, particularly in electric vehicles (EVs) and renewable energy. The need for scalable, equitable solutions to keep the 1.5°C target within reach was evident, with innovative technologies playing a pivotal role in making that happen.

Scope 3 Emissions: Front and Center

This year saw a notable increase in attention toward Scope 3 emissions. Historically regarded as too complex to manage, addressing emissions from suppliers and across value chains has become central to any serious sustainability strategy. For ACT, this aligns perfectly with our efforts to support businesses in reducing their Scope 3 emissions through our carbon accounting and decarbonization platform. The growing industry focus on this area was a pivotal takeaway from Climate Week NYC, signaling a new priority for organizations globally.

Key Challenges in Climate Tech

While optimism was a major theme, several sessions also explored the significant challenges ahead. The systemic issues within the energy grid, such as its inflexibility and slow adoption of new generation sources, were highlighted. Solutions like battery storage, including emerging technologies such as brick batteries, were discussed as scalable options for industrial use. Additionally, nuclear energy saw renewed attention, while the practicality and cost of EVs for long-distance travel were raised as areas needing more innovation.

Another significant challenge discussed was the gap between the readiness of sustainable steel technologies and market demand. Green steel, which can significantly reduce emissions, is becoming more commercially viable, but stakeholders remain hesitant to invest. Increasing demand and closing this gap will be essential for scaling decarbonization efforts in steel production.

Insights from Green Project Technologies’ Event: Driving Sustainability

One of the standout moments during Climate Week NYC was Green Project Technologies’ event, Driving Sustainability: Engaging Suppliers on the Journey to Net Zero. This forward session brought together experts from Green Project, Microsoft, KPMG, and ACT for a deep discussion on tackling Scope 3 emissions through supplier engagement. The event fostered an engaging, collaborative atmosphere, where participants broke into smaller groups to brainstorm strategies and share experiences. This resulted in insightful, experience-based discussions on how to move on supply chain decarbonization.

Colin, reflecting on the session, described it as "one of the most engaging sessions I’ve attended." He was particularly encouraged by the high level of participation, noting how attendees from different sectors worked together to confront real challenges in reducing Scope 3 emissions. Colin remarked on the quality of the dialogue, specifically highlighting the "real ownership from KPMG and Microsoft" and the practical discussions that focused on how companies can do better, not only for themselves but in partnership with others.

Looking Ahead

For ACT, Climate Week NYC 2024 was an opportunity to reaffirm our strategic direction. The increasing focus on Scope 3 emissions, the pivotal role of technology, and the recognition of sustainability as a business opportunity were among the key takeaways for our team. As Colin put it: "We’re on the right track. We have the right strategy, the right purpose, and now it’s about making sure our clients fully understand our offer and how we can help them act on their sustainability goals."

Moving forward, ACT remains focused on guiding clients through the complexities of decarbonization, offering practical solutions that help them efficiently meet their climate action targets.