CWNYC Recap: A Forest of Climate Week Events

Another Climate Week in New York is behind us. First and foremost, the bitter irony of having so many colleagues either unable to get to New York because of wildfires or having to cut their time in New York short to prepare for Hurricane Helene is not lost on us. The climate emergency is here. Our thoughts go out to all those impacted in the US South, just as they go out to those reeling from the devastating droughts and wildfires in  Brazil and elsewhere, and all those facing other climate-related hardships around the world.

While we are still not breaking out of the climate bubble as much as we should, it’s clear that it has gotten bigger. The Climate Group says that this year speaker and event requests increased 50% compared to 2023 across all of Climate Week. At the Nature Hub, we received more than 4,500 applications to attend, hosted 220 speakers across 39 events, and spoke to audiences that included many new faces, including more representation from the financial sector. More broadly, there were no fewer than 120 events throughout the week dedicated to forests alone. While this was exhausting for those of us racing across the city all week, it is ultimately an encouraging sign that the climate and nature conversation is widening and deepening and it’s time to act with nature.

Nature4Climate launched its new unbranded campaign at the Nature Hub, calling for joint action to tackle the climate and biodiversity crises

It’s difficult to distil all this activity into a few bullet points, which will never be able to capture the richness and diversity of the conversations that were had. But here are a few key trends we observed:

+ Cali and Belém are firmly on the map. The autumn deadline for hundreds of nations to submit their biodiversity strategies at COP16 in Colombia, followed by the February deadline for 200 countries to submit their updated national climate plans under the Paris Agreement ahead of COP30, were front of mind for many participants last week. This was evident during a closed-door ministerial-level roundtable – “From Dubai to Cali: Accelerating the Climate-Nature Agenda for People and Planet” – with representatives from the UAE COP28 Presidency, Colombia COP16 Presidency, UNDP, IUCN, NDC Partnership, NBSAP Accelerator Partnership, and government representatives from the USA, Germany, UK, Nigeria, Netherlands, France, Indonesia, Sierra Leone, Denmark, Ghana, China, and Côte d’Ivoire gathered to showcase efforts and potential outcomes for climate, nature, and people leading up to 2025.

+ Major focus on finance, with encouraging new announcements and analysis on emerging opportunities to scale investment in natural climate solutions. While the nature-finance gap remains immense, these examples are beacons of hope as we head toward COP29 and ultimately COP30 next year. To give just one example, a new analysis of publicly reported deal flow by Capital for Climate shows that at least $1.67 billion of capital was allocated to nature-based solutions in Brazil in the last 12 months. Whether that sentiment is to be replicated at the upcoming CBD and UNFCCC negotiations remains to be seen.

 + The message that Indigenous peoples are partners, not beneficiaries, was delivered with great impact throughout the week across multiple events. The focus on the social dimension of natural climate solutions was certainly elevated this past week, with a number of bright spots including news that the Peru Indigenous Peoples Group — which includes ANECAP, AIDESEP and CONAP — and the Peruvian Ministry of the Environment (MINAM) would be submitting the world’s first concept note for an Indigenous-led Jurisdictional REDD+ in the country.

+ NatureTech is coming of age. Last year, Nature4Climate was one of the only organisations talking about this subject, but this year there were at least one or two NatureTech events every day. While, nature tech is emerging as a critical solution for corporates to meet nature-positive and net-zero goals, focusing on how technology is bridging the gap between environmental responsibility and corporate sustainability. AI’s role in amplifying conservation efforts remains one of the hottest topics on the agenda, with debates both praising its ability to transform biodiversity tracking and ecosystem restoration efforts, when paired with other technologies such as satellite monitoring, as well as the potential negative environmental impacts from lack of transparent data.

 + Carbon Markets were also high on the agenda, both at the Nature Hub, and across the city, including the first “Voluntary Carbon Market Day” hosted by VCMI, ICVCM and the Global Carbon Market Utility (GCMU). Following a difficult period and market contraction last year, it was encouraging to see so much of the discussion this year focus on the progress being made to deliver both integrity as well as speed and scale. The announcement by the Government of Pará and the LEAF Coalition of a deal worth an estimated $180 million underscored the implications of putting carbon market theory into practice.

+ The removal versus reduction debate also featured prominently during the week. The good news is that much of this was in the context of “both/and” rather than “either/or.” While this will continue to be a divisive subject, it was good to see many members of our community emphasizing that we absolutely need to focus on the ability of NCS to deliver both.

What did we miss? What were your takeaways from the Week? Please share your thoughts with us at info@nature4climate.org.

In terms of specific announcements and news from last week (we know that’s what you are really looking for) check out the section below.

NATURE HIGHLIGHTS AT CLIMATE WEEK

Peru’s Ministry of the Environment and the Peru Indigenous Peoples Group, which includes ANECAP, AIDESEP and CONAP, submitted the world’s first concept note for an Indigenous-led Jurisdictional REDD+ in the country.

The Gordon and Betty Moore Foundation announced the intent to advance a new catalytic capital facility focussed on the Amazon, Chaco and Cerrado.  If other backers can be secured, the fund has the potential to disburse USD 500 million by 2030 and leverage USD 2.5 billion in commercial capital, delivering a positive impact on 1.25 million hectares.

BTG Pactual Timberland Investment Group, the UK government and FMO announced a new $55 million commitment to reforestation in Latin America, including in the Cerrado biome, one of the most biodiverse ecosystems in Brazil.

The Brazilian state of Pará will become the first state in Brazil to secure finance from the LEAF Coalition to support its efforts to reduce deforestation, following the signing of a landmark agreement worth an estimated $180 million. Amazon, Bayer, BCG, Capgemini, H&M and the Walmart Foundation will collectively buy 5 million credits at $15 per credit.

NatureMetrics, a global nature intelligence technology company and Nature Tech pioneer, was announced as an Earthshot Prize finalist. The Earthshot Prize was founded by Prince William in 2020 and is one of the most esteemed global environmental awards.

The World Business Council for Sustainable Development released the “Buyer’s Guide to Natural Climate Solutions Carbon Credits“, which is designed to help businesses incorporate natural climate solutions (NCS) voluntary carbon credits into their climate strategies.

The Environmental Defense Fund  and Wildlife Conservation Society released a new guide called “A Ministry Playbook for Corresponding Adjustments: Pricing strategies in carbon markets” to help governments navigate corresponding adjustments across carbon markets.

The Wildlife Conservation Society officially launched the High Integrity Forest Investment Initiative (HIFOR), dedicated to scaling finance for the conservation of high integrity tropical forests.

Rainforest Foundation Norway and WWF Norway released a new report, “Forest-risk Extractives: A Global Geospatial Analysis” that identifies where mining, oil, and gas assets overlap with crucial forest ecosystems globally.

The Forest Declaration Assessment published its latest report that dives into the landscape of innovative finance instruments designed to advance global forest objectives. It explores emerging tools that blend funding sources, reduce investor risks, and enhance access for Indigenous Peoples and local communities (IP & LC).

MSCI released its “State of Integrity in the Global Carbon-Credit Market” report that finds only seven percent of carbon credit projects analyzed meet a AAA through A rating according to its methodology.

Climate Collective published a new report, “Indigenous Shareholder-ship in environmental markets” outlines challenges and weaknesses of current models of engagement for Indigenous Peoples within these markets.

Terraspect released “From co-benefits to core-benefits: how to ensure carbon finance is equitably and transparently distribute“.

World Economic Forum (WEF) launched multiple helpful reports providing decision-makers evidence that NbS work and tools to implement them. In partnership with 1t.org and Mercuria WEF releases a new report, “Investing in Natural Capital: Innovations Supporting Much-Needed Financing for Nature” that shows natural capital investments are essential, feasible, and attractive. WEF’s white paper, “Spotlight on Nature: Case Studies for Business Transformation towards a Nature-Positive Future” features seven case studies from companies that have begun transforming their businesses towards a nature-positive future. The report “Accelerating the Global Transition to a Bio-based Economy: The Strategic Role of Policy” shares insights on how policy can support the growing global bioeconomy. Lastly WEF’s, “Nature Positive: Leaders’ Insights for the Transition in Cities” report shares practical strategies and examples of urban interventions that have proven to have a positive impact on nature and biodiversity.

The Climate Champions Team, Capital for Climate, Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) and Brunswick Group published a new report, “Scaling Nature Finance Now: The Opportunity for Investors in Brazil and Beyond” that provides insights on the size of the investment opportunity for nature-based solutions in Brazil.  New data from Capital for Climate identifies at least $1.67 billion of capital allocated to nature-based solutions in the country in the last 12 months, while the IFACC initiative is progressing efforts to mobilise $1 billion in disbursements to projects by 2025.

The World Business Council for Sustainable Development’s (WBCSD) Forest Finance Risk Consortium published, “Deforestation Disclosure Guide for Financial Institutions: Towards integrated nature- and climate-related financial disclosure“. A new resource for institutions laying out four clear steps for financial disclosure practitioners to ensure that deforestation is included in their organization’s climate- and nature-related financial disclosure and climate transition plans.

Moja global announced the launch of its ‘Friends of FLINT’ campaign for its open-source software Full Lands Integration Tool (FLINT). Friends of FLINT is a program to establish collaborative partnerships among market, government, civil society and research actors communities to coordinate on adopting and utilizing the free to use FLINT software to better monitor, report and verify their land-use emissions.

Ahead of COP16, 15 organizations, including Nature4Climate, have released a joint statement with a call to action for the Parties to the Convention on Biological Diversity to transform key economic sectors to support biodiversity. To achieve the Global Biodiversity Framework, society must confront the underlying drivers of biodiversity loss and foster sustainable and equitable policies and practices across sectors. Your organization can join this call to action by contacting organizers here.

The Capitals Coalition launched the three new resources now available for public consultation as part of its new Framework for Integrated Decision-making. The consultation period will last for 90+ days for the Framework, as well as, for the Capitals Protocol and Governance for Valuation.

Potsdam Institute for Climate Impact Research (PIK) releases a new “planetary health check” that finds industrial society is close to breaching the seventh ‘planetary boundary’ of increasing ocean acidification. There are nine planetary boundaries according to PIK, systems and processes that contribute to the stability of the planet’s life-support functions. Past research by PIK shows society has already gone past the limit of six of these boundaries.

Sylvera launches Connect to Supply, a powerful tool designed to help buyers find and procure carbon credits across various project stages, including pre-issuance.