Our Insights from Climate Week NYC 2024

This September 22-29, the veritree team attended Climate Week NYC – the largest annual climate event of its kind – that was held alongside the United Nations General Assembly. It brought together leaders from business, government, civil society, and the climate sector to champion progress and drive climate action. Climate Week NYC included a whirlwind of activities, filled with a diverse array of events addressing varied climate-related topics.

Overall, there was a shift to a greater conversation about nature – a move from the previous carbon tunnel vision that dominated conversations. Corporate actors played a greater role in the discussion as the climate economy was carved out further and the rise of AI and modeling led to conversations focusing around innovations and data needs to move the agenda forward. 

Below are some of our team’s takeaways from the Climate Week NYC 2024: 

Nature in Climate Discussions

Attendees at Climate Week NYC seem united in recognizing that restoring and protecting nature builds our Natural Capital, making the business case for investments in nature. The climate community collectively possesses the technological capabilities and scientific knowledge needed to restore our planet. To achieve transformative change, it is essential to work with partners and maintain transparency about the science, data, and gaps in our understanding.

Corporate and Economic Engagement

Corporate Engagement in Restoration: Private sector investment plays a significant role in restoration efforts when provided with relevant operational locations, transparent progress tracking, and clear accountability mechanisms by restorative organizations. Trust and outcome data are crucial components of establishing the business case for investment in nature. Without these elements, projects risk losing authenticity and failing to attract the level of corporate participation necessary to make a substantial impact.

Carbon Offsetting and Net Zero Goals: Climate Week NYC is a focal point for the carbon market, attracting carbon offset project developers, standards bodies, technology providers and offset buyers from around the globe. As progress on Paris Agreement Article 6 carbon market implementation winds forward, a notable emphasis is put on carbon offsetting and sequestration within the corporate sector. veritree is growing our business into this space, actively engaging the breadth of these stakeholders to learn, share, and build partnerships.

Monitoring and Data Collection

Stakeholder Participation and Data Sharing: During Climate Week NYC, the emphasis on stakeholder participation and effective data collection and sharing was inspiring. It reinforces the potential for veritree to play a significant role in restoring our local environment. By engaging with communities and collaborating with university partners, we can not only revitalize ecosystems but also ensure that the valuable data we gather is shared for greater impact.

Representative Models: Climate Week highlighted the importance of working closely with local actors to ensure that our models are truly representative. Relying solely on data from North America and Europe can lead to skewed 'global' models. Accurate baselines are critical for Natural Capital Markets, like carbon credits, especially in regions where financial investment can make a significant difference. Partnering with local entities to prioritize data collection is essential for creating representative models.

Transparency and Reporting: Transparency and data-driven reporting are fundamental. Successful initiatives cannot be replicated if processes and results are not accurately documented. Ensuring transparency helps build trust and paves the way for scalable and impactful solutions.

As we move forward, veritree will continue its mission to contribute at the forefront of these discussions, enabling businesses to deploy effective and transparent nature strategies. Our commitment to collaboration and transparency helps us drive impactful environmental restoration efforts around the world.