Climate 2024: Wrapped

As 2024 comes to a close, we are taking a moment to download some of the pivotal moments that shaped this “Year in Climate.” From groundbreaking regulatory decisions to innovative funding mechanisms, 2024 demonstrated the growing momentum of climate action that we need to take forward into next year and beyond.

SEC's Climate Risk Refresh

In March, the Securities and Exchange Commission (SEC) took a significant step by finalizing a rule that mandates climate risk disclosure for businesses. This landmark decision responds to the increasing economic impacts of climate change, providing investors with critical information about potential financial risks associated with environmental challenges. By requiring companies to transparently report their climate vulnerabilities, investors could get unfiltered data on how companies are (or are not) assessing and mitigating their environmental exposure. The rule was later put on hold due to outstanding litigation and with Chair Gensler stepping down and a new SEC Chair stepping in, the future of this important rule is unclear.

Greenhouse Gas Reduction Fund: Inspiring and Enhancing Communities

A transformative moment came this spring with the announcement of the $27 billion Greenhouse Gas Reduction Fund (GGRF)—all of which the EPA awarded and dispersed in August. This first-of-its-kind investment marks a critical turning point for local communities, providing much-needed capital to drive the energy transition. GGRF has provided affordable financing for clean technology projects, as well as funding and technical assistance to lenders working in disadvantaged communities. It’s also created Solar for All programs nationwide and expanded state, Tribal and local government solar programs for low-income communities.¹ This isn't just money—it's a catalyst for neighborhoods ready to turn the energy transition into community-wide resilience. Clean energy jobs, lower energy costs, and public health improvements? We're here for it!

Subnational Leadership Stepping Up

State and local leaders drove meaningful climate action all year. The America Is All In coalition showcased the power of subnational leaders through across six states, and programming at NYC Climate Week and the U.N. Climate Conference, COP29, in Baku Azerbaijan. From local climate action plans to significant progress toward emission-cutting goals, governors, mayors, non-profit institutional leaders and business leaders showed how they’re implementing innovative climate strategies, and that meaningful change often begins at the community level. While national policy may shift, local leaders are creating climate action to meet the health, economic and environmental needs of their communities. Local leadership: they’re game changers for our climate story.

Adaptation Finance: Taking it Too Slow

The 2024 Adaptation Gap Report dropped right before COP29, highlighting both progress and persistent challenges in climate finance.² International public adaptation finance to developing countries increased from $22 billion in 2021 to $28 billion in 2022—the largest year-on-year increase since the Paris Agreement. While this represents progress toward the Glasgow Climate Pact's goals, the adaptation finance gap remains substantial, estimated to be between $187 to 359 billion annually. Climate change is pushing our planet towards increasingly dangerous environmental tipping points, with vulnerable communities facing escalating risks from extreme weather like floods, droughts, and wildfires. To address this critical challenge, we must work to close the adaptation finance gap and turn pledges into real financial support for the most at-risk regions worldwide. Attracting substantially more private sector investments in nature-based solutions and other resilience-building initiatives will also be critical. The end of COP29 left much on adaptation to be determined in 2025.

Article 6 of the Paris Agreement Finalized

It was the last article of the Paris Agreement to be finalized: Article 6. Nine years have passed since discussion around it began, and COP29 finally delivered the framework for a UN-regulated international carbon market. While the outcome was a compromise and some critical standards have yet to be developed, the operationalization of Article 6 provides a new tool for global climate cooperation. The agreement also gives us a path forward to create further guardrails for environmental integrity and the protection of Indigenous communities. It’s our hope that this step moves us towards an equitable, global carbon credit system that can deliver lasting impacts for climate, people and nature.

A Record-breaking Year and More Work to Do

In 2024 we continued observing climate record after record. While this is a significant sign we need to accelerate our actions, each step forward that we made—whether through policy, investment, or community engagement—has brought us closer to a sustainable future. So, as we enter 2025, progress on climate is all the more important. Let’s start breaking more of the “look what we can do when we work together” kind of records so we start seeing transformative change for people and planet.