When Climate Week kicks off in New York City on Sunday (21 September), it will mark the largest event of its kind yet, with organisers reporting a record number of companies participating and more events than ever before.

The response has been unexpected, especially in a year when the host country—the wealthiest in the world—has adopted a climate-sceptic agenda, promoting fossil fuels, rolling back pollution regulations, and defunding climate science and action in the U.S.

Helen Clarkson, CEO of Climate Group, expressed doubts about whether people would show up, but said, "Actually, there’s huge enthusiasm for it."

Held alongside the United Nations General Assembly since 2009, this year’s Climate Week will feature more than a 1,000 events, including presentations, panel discussions, and networking opportunities hosted by environmental NGOs, companies, and philanthropists, all aiming to foster deals and discussions around planetary protection. In comparison, last year’s Climate Week had about 900 events.

The surge in participation has come "precisely as an antidote to the current U.S. administration’s stance on climate change," according to former UN Climate Chief Christiana Figueres. She who played a crucial role in crafting the 2015 Paris Agreement and noted that ten years ago national governments led the climate agenda, but now "the pull is coming from stakeholders, from the real economy, from market forces that are pushing the agenda forward."

Swiss carbon capture company Climeworks has secured nearly four times the number of events this year compared to last, after raising $162 million in February to improve its technology and expand the business. Co-Chief Executive Christoph Gebald said, "We’re continuing to see demand increase for carbon removals."

However, many large fossil fuel companies and some oil-dependent governments have moved to reverse their previous climate commitments.

A Shifting Landscape

With the UN General Assembly coinciding with Climate Week, the event has become a major networking opportunity for CEOs, investors, and visiting world leaders. On Wednesday, Secretary-General António Guterres will host a special climate summit, where many leaders are expected to announce new climate targets or Nationally Determined Contributions (NDCs).

However, neither the U.S. nor the European Union is expected to announce new targets, despite their previous leadership in global climate discussions. Instead, China, COP30 host Brazil, and other rapidly developing nations have taken a more prominent role in shaping the agenda.

China’s emissions-reduction plan is expected to be announced soon, but climate experts believe it may fall short of expectations in terms of ambition.

Meanwhile, the European Union continues to struggle with internal disagreements on how ambitious its targets should be, raising concerns about whether the COP30 summit in Brazil will succeed. Danish climate minister Lars Aagaard acknowledged Europe’s reduced role, noting that "we are 6% of global emissions," and urged all parties to the Paris Agreement to "lift their responsibility."

However, Europe has seen fast progress in its energy transition, with the EU on track to reduce greenhouse gas emissions by 54% by 2030 compared to 1990 levels, nearly meeting its previous 55% target.

At the COP30 summit in November, the focus will likely shift to boosting the implementation of past climate promises. Experts emphasise the need for companies to be part of the conversation now.

More than half of the world’s largest companies have pledged to achieve net-zero emissions by mid-century in line with global climate goals, according to Net-Zero Tracker. However, a report by the TPI Global Climate Transition Centre at the London School of Economics revealed that 98% of companies have not provided plans to align their spending with these commitments.

"The challenge for New York Climate Week and beyond is to ensure that individuals and institutions come together in new ways to reimagine how we can cooperate against common threats," said Rajiv Shah, president of The Rockefeller Foundation.

A survey released by the foundation showed that 86% of the world’s population believes international cooperation is crucial for effective climate action.

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