Carbon offsetting
Carbon credits
Investment
COP29
Climate Week NYC 2024 highlighted major strides in carbon management, with pledges to triple nuclear energy funding, the establishment of a US green banks forum, and several new carbon removal agreements. These deals underscore the growing recognition of carbon removal as a critical decarbonisation strategy, even as some technologies remain in their early stages.
A view from behind bushes of a vibrant New York City park with buildings in the background. AI generated picture.
During the event, Xpansiv, a leader in energy transition and carbon market infrastructure, held its inaugural summit, attracting a diverse lineup of industry professionals. The summit featured panels that explored key developments in sustainability and carbon markets. Notably, the opening panel brought together representatives from the fast-expanding carbon removal and insurance sectors, which are showing substantial growth potential. CUR8’s co-founder and CEO, Marta Krupinska, fresh from announcing an $11 million carbon removal deal with British Airways, shared the stage with Oka Insurance CEO Chris Slater and Sunil Biswas of ION Commodities. The discussion highlighted the increasing demand for innovative solutions in these areas.
Read more: British Airways leads aviation’s carbon removal push
Lauren Riley, United Airlines’ Chief Sustainability Officer, also contributed to the summit by emphasising how integrating sustainability into the airline’s core business strategies has empowered various teams to take ownership of environmental initiatives. This approach has lessened the burden on the CSO function, which now acts more as a connector and driver of collaboration, rather than leading every initiative directly.
Education was another central theme throughout Climate Week, with experts stressing the importance of equipping decision-makers at all levels—corporate leaders, sustainability teams, and even the general public—with the knowledge needed to effectively reduce and remove carbon. This is vital to advancing the goal of net-zero emissions.
Read more: Belgium’s leading firms in carbon compensation efforts
Looking forward, there is cautious optimism about further progress on carbon markets at COP29 in Baku. A panel on Article 6 implementation, featuring Paul Bodnar from the Bezos Earth Fund and Mary Grady of the American Carbon Registry, touched on the potential impact of refining guidance around carbon credits and Scope 3 emissions. Should organisations like the Science Based Targets initiative (SBTi) revise their recommendations on carbon credit use, a surge of liquidity could enter voluntary carbon markets, unlocking new opportunities for emissions reductions globally.
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