Powering on, powering up: Seizing the moment at Climate Week NYC
We Mean Business Coalition
Climate Week NYC is underway and bigger than ever before – with more than 1000 events across the city, thanks to the stellar work of our partner Climate Group.
We gather once again against a stark backdrop of geopolitical instability and escalating climate costs: Europe alone suffered short-term economic losses of €43bn from extreme weather this summer. At the same time, a safer, more stable new economy built on low-carbon technologies continues to rise.
The clean energy transition is accelerating, and fossil fuels are steadily losing ground, as is clearly shown in our new analysis with the Energy Transitions Commission, Ember and E3G. Download the research.
Power Up: How Clean Energy is putting Fossil Fuel Demand in Doubt highlights that renewable electricity now makes up 40% of the global power mix. The world is investing twice as much in clean technologies as in fossil fuels, generating jobs and boosting economic growth. Meanwhile, new IEA research shows that oil and gas companies are now spending $500 billion a year just to maintain existing production as their fields decline.
Given these market conditions, companies are decarbonizing because it makes business sense. They are calling on governments to enact strong and stable policies that will help them invest confidently, create jobs, and bring down costs for consumers.
More countries are set to announce their 2035 NDCs this week – and the private sector continues to call for ambition, backed with concrete targets and timelines. For countries that have already announced, it’s vital they commit to the top end of their target ranges and implement clear and coherent policies to give businesses the policy certainty they need.
“Setting a strong 2035 target isn’t just the right climate policy – it’s the smart economic choice,” said Fortescue Metals and Operations CEO Dino Otranto as we released a new Australia NDC note with Better Futures Australia and BCSD Australia earlier this month. The Australian government has since announced a headline target of a 62–70% reduction from 2005 levels.
Meanwhile, EU environment ministers confirmed a reduction of 66.3–72.5% from 1990 levels in its NDC. The upper end of this range is also in line with what businesses have been calling for and would put Europe on a credible path to a 90% cut in emissions by 2040. However, uncertainty remains as EU leaders postponed discussion of the EU’s 2040 target until the heads of state meeting in October. With CLG-Europe and others in our network, we will keep highlighting the importance of an ambitious target for a strong, competitive European economy.
There is a lot to play for right now. At our own and partner events, I look forward to connecting policymakers with the businesses who are already reimagining how they operate, adapting, and delivering for people, employees, investors, communities, and national economies.
From New York and on to COP30 in Belém, we’ll power on, power up – and together build resilience and prosperity for all.