This year’s Climate Week NYC was the largest to date, with over 900 events—a 50% increase from last year. Bloomberg declared it the “unofficial climate summit of the year,” underscoring its importance as a prelude to the upcoming COP in Baku, Azerbaijan. Amidst growing concerns that fewer business leaders and bankers will attend COP29 in November, Climate Week NYC saw a confluence of leaders from across sectors, highlighting the urgency of climate action.

From the powerful words of Honourable Philip E. Davis, Prime Minister of the Bahamas, who reminded us of the rising tides and strengthening storms, to Al Gore’s pointed critique of the current COP process, the week’s discussions underscored both the scale of the challenge and the need for systemic reform. Following the Earth’s hottest year ever recorded in human history, the urgency for concrete, coordinated action is more evident than ever.

Financing the renewable energy transition and reparations

One of the dominant themes throughout Climate Week was the critical issue of financing the renewable energy transition and reparations for those most affected by climate change. In his UNGA address, Antonio Guterres called for a redirection of funds from fossil fuel subsidies toward a just energy transition. “Polluters must pay,” he emphasised, reflecting a growing global consensus that the burden of climate action should fall on those most responsible for its damage.

The staggering statistic shared by Laurence Breton of the European Climate Foundation—that the $7 trillion subsidies received by fossil fuel companies in one year could have covered three years of lower-income countries’ climate financing needs—underscored the imbalance in global climate finance. The calls for “loss and damage” funds were loud and clear, reflecting the urgent need for innovative financing models and reparations frameworks that can support a just transition for the Global South.

Given the pressing need to transition away from fossil fuels, decarbonising the fashion industry must be a top priority. Proactive industry participation through equity investment in new power generation capacity is critical to this facilitating cost-effective and rapid decarbonisation. Additionally, the fashion sector must take responsibility for the communities it negatively affects, working to both mitigate these impacts and make compensation a priority from the outset.

Cross-sectoral approach

A key takeaway from Climate Week was the recognition that no industry exists in isolation. Fashion, in particular, was much more present in this year’s discussions, reflecting its deep interconnections with agriculture, manufacturing, logistics, and other sectors. As the fashion industry strives to reduce its negative environmental and social impact, it must break down silos and form alliances with adjacent industries to achieve meaningful sustainability goals.

The exchange of expertise between sectors was crucial, with leaders from fashion, finance, and energy coming together to explore collaborative pathways toward decarbonisation. Global Fashion Agenda’s roundtables emphasised the importance of aligning sustainability strategies across industries, underscoring that fashion’s transformation cannot happen in a vacuum.

Just transition

The concept of a just transition was central to many discussions throughout the week. As clean energy jobs are growing twice as fast as traditional jobs in the US economy, there is optimism about the economic potential of a green transition. However, the inequities faced by certain communities—particularly those in lower-income nations—remain a critical concern. As Prime Minister Davis and other leaders from Small Island States stressed, the countries least responsible for climate change continue to bear the brunt of its impacts.

Former U.S. Secretary of State John Kerry underscored the disconnect between global agreements and industry actions, particularly pointing to the lack of progress from oil and gas companies. “Is there a letter underneath Z?” he quipped when grading their efforts to transition to clean energy. Kerry’s frustration was shared by many speakers who called for stronger accountability and financial support for those disproportionately affected by climate change.

One of the most energising aspects of Climate Week was the presence of youth activists and their unwavering demand for climate justice. Amidst the high-profile speeches from world leaders and business executives, the voices of young people served as a reminder that the climate crisis is deeply intergenerational.

Events like UPROSE’s “Climate Justice Lives Here!” in Brooklyn highlighted the role of grassroots movements in driving change. From art and cultural performances to interactive workshops on reducing fashion waste, these community-driven initiatives showcased the power of local action in the fight for climate justice. The youth’s commitment to both global advocacy and local solutions was a powerful counterbalance to the high-level diplomacy taking place elsewhere.

Policy

Climate Week’s policy discussions provided a glimpse into the geopolitical and economic rifts that continue to complicate global climate action. The political landscape remains fraught, with many countries hesitant to make significant new climate commitments in the lead-up to elections.

Rajiv Shah, President of the Rockefeller Foundation, pointed out the growing reluctance among governments to pledge additional climate finance. Despite this, partnerships between governments and nonprofits, such as the Rockefeller Foundation’s $90 billion initiative with the World Bank to provide renewable electricity to 300 million Africans by 2030, showcased the potential of collaborative financing models.

GFA in collaboration with Climate Group, Ceres, and E.C.O. Equity, hosted a policy masterclass focusing on the impact of recent legislation, including the California Responsible Textile Recovery bill. The session provided valuable perspectives on how the public sector can support fashion brands in creating the infrastructure needed for extended producer responsibility, ultimately fostering a more sustainable future for the industry.

Innovation

Innovation was a prominent focus at Climate Week, with new technologies and initiatives offering hope for tangible solutions to the climate crisis. One standout project was the launch of Regen.™ for Textile Production, a groundbreaking technology aimed at stopping microfibres from entering waterways. Backed by Regeneration.VC and Paradise Textiles, this innovation could cut 120,000 tonnes of microfibre pollution annually and significantly reduce operating costs for manufacturers. Globally, between 200,000 and 500,000 tonnes of synthetic fibres from textiles are released into the marine environment each year. The washing of synthetic fibres, such as polyester, causes up to 35 per cent of all plastic microfibre pollution in the oceans. 

Looking to COP29

As the world turns its attention to the upcoming COP in Azerbaijan, the sense of urgency felt at Climate Week NYC must be carried forward. The time for complacency has long since passed. The dialogues and commitments made at Climate Week serve as the foundation for the next phase of global climate action. However, real progress will depend on what happens after the stages are taken down and the spotlight shifts.

The interconnectedness of industries, the need for innovative financing models, and the centrality of a just transition must remain at the heart of all climate strategies moving forward. As we look ahead, it is clear that while events like Climate Week are crucial for fostering dialogue and collaboration, the true measure of success will be in the tangible actions and projects that emerge from these conversations.

The global community must continue to work together—not only at high-profile events but in sustained efforts throughout the year—to ensure that we achieve the ambitious goals set by the Paris Agreement and secure a sustainable future for all.

Global Fashion Agenda extends solidarity and gratitude to the courageous leaders, activists, youth representatives, Indigenous Peoples, civil society members, Small Island States, and all of those who worked tirelessly at Climate Week to amplify crucial messages on the agenda for the future of our planet and its communities.

Learn more about what Global Fashion Agenda got up to at Climate Week NYC in our article here.