Climate-driven damage, coupled with tangible opportunities for economic growth, is accelerating the push to decarbonizes industries and build more resilient cities. The 2024 Yearbook of Global Climate Action underscores the growing momentum in clean technology, low-carbon solutions, and climate resilience, even amid shifting political realities.
“As climate risks increase, so too does the demand for sustainable solutions,” said UN Climate Change Executive Secretary Simon Stiell. “These combined forces are likely to accelerate the push for climate action across sectors.”
KEY HIGHLIGHTS: ACCELERATING ACTION IN THE REAL ECONOMY
The 2024 Yearbook showcases key advances in climate action across industries, finance, and technology. It tracks a significant rise in climate-driven investments and decarburization efforts, as non-Party stakeholders continue to lead the charge.
- Power Sector: Renewable energy capacity surged by 473 GW in 2023, reflecting a 14% increase.
- Investment: Global clean tech manufacturing investments reached $200 billion, up 70% from 2022.
- Automotive: Zero-emission vehicle sales grew by 35%, accounting for 18% of global car sales.
- Cement: The sector reduced its carbon intensity by 8%, with many companies adopting science-based emissions targets.
- Agriculture: 103 agri-food businesses validated science-based targets, a 700% increase from 2023.
These trends demonstrate significant progress and offer governments a chance to make their next round of climate commitments even more ambitious.
THE ROLE OF POLICY IN SCALING SOLUTIONS
The Yearbook emphasizes the need for strong policy leadership to scale climate solutions and accelerate breakthroughs in both decarbonisation and resilience-building. Clear, consistent policies are essential for creating investable climate plans and directing private finance toward green transitions.
For example, the Utilities for Net Zero Alliance (UNEZA), representing 32 major utilities, has committed to investing over $116 billion annually in renewable energy and power grid infrastructure. Moreover, Net-Zero Asset Owners redirected $555 billion toward climate solutions in 2023, a fourfold increase since 2020.
Such investments are critical for supporting the global transition to a net-zero economy, particularly in emerging markets.
LEVERAGING NATURE FOR EFFECTIVE CLIMATE ACTION
While decarbonisation is essential, it is not enough on its own to keep global warming below 1.5°C. Nature-based solutions are vital to achieving climate goals. Over the past year, significant initiatives focused on halting deforestation, restoring ecosystems, and transforming food systems have gained momentum.
The Nature Positive for Climate Action initiative now includes over 500 businesses and financial institutions working to adopt science-based targets and commit to the Taskforce on Nature-related Financial Disclosures (TNFD).
Nature’s role in climate action is further underscored by the success of several initiatives. The Race to Resilience now covers over 2 billion people in more than 160 countries. Another successful initiative is the Mangrove Breakthrough, which supports the restoration of 65,000 hectares of mangroves.
THE RACE TO RESILIENCE: ADAPTING TO A CHANGING CLIMATE
Adaptation efforts are also accelerating. The Race to Resilience has engaged over 2 billion people, providing vital support to communities vulnerable to climate impacts. Programs like the Mangrove Breakthrough are helping restore ecosystems. Regenerative agriculture projects by companies such as Nestlé and Unilever secure supply chains. These initiatives positively impact over 500,000 smallholder farmers.
These actions are crucial in building resilience against the increasingly severe impacts of climate change, from storms to wildfires.
LOOKING AHEAD: COP 29 AND THE ROAD TO ACTION
The 2024 Yearbook, launched ahead of COP 29 in Baku, Azerbaijan, highlights the need for continued, ambitious climate action. The High-Level Champions for COP 28 and COP 29, Razan Al Mubarak and Nigar Arpadarai, alongside the Marrakech Partnership, are calling for governments to implement ambitious, investable climate plans.
As Ms. Arpadarai noted, “Climate-driven damage is making the world riskier for people, businesses, and communities. But despite the uncertainties, momentum toward the clean energy economy continues to grow.”
Ms. Al Mubarak added, “The science is clear—climate impacts are worsening. Transitioning away from fossil fuels and integrating nature into climate solutions is not just necessary; it’s economically sound.”
COP 29 will focus on concrete, scalable projects. These projects can drive national action and accelerate efforts to limit warming to 1.5°C, build resilience, and mobilize finance. These efforts will inspire further collaboration across sectors. They will ensure that the world remains on track for a sustainable and resilient future.