Ajay Banga, Gaurav Sant, and Sandeep Nijhawan were recognized in TIME magazine’s 2024 compilation of the 100 most influential climate leaders in business, representing a burgeoning movement of individuals committed to making significant advancements in the fight against climate change. The magazine underscored that “finance is the climate story of 2024,” highlighting the global efforts of leaders to mobilize the necessary funding and resources for equitable climate action. As the president of the World Bank, Banga has made notable progress in embedding climate priorities within the institution’s core mission. Since his appointment in 2023, he has focused on mitigating risks for private sector investments in energy transition initiatives, particularly in developing regions. TIME acknowledged Banga’s initiatives to reform the World Bank’s lending policies, which have facilitated increased financing for climate-related projects, thereby aligning climate action with the Bank’s overarching development goals across various sectors, including agriculture and education.
Gaurav Sant, the founder of Equatic, spearheaded the establishment of North America’s inaugural commercial-scale ocean-based carbon removal facility. In his role as Director of UCLA’s Institute for Carbon Management, Sant’s company has significantly improved the ocean’s capacity to absorb and sequester carbon by applying electrical currents to seawater. In that year, Equatic achieved a pivotal advancement by developing an anode that would allow the facility to generate green hydrogen, thereby making large-scale carbon removal more economically viable. Sandeep Nijhawan co-founded Electra in 2020 to reduce carbon emissions in iron and steel manufacturing using an innovative electrochemical method powered by renewable energy, enabling lower-temperature iron production. The pilot facility began operations in March, and in April, Electra secured over $2.8 million from the U.S. Department of Energy. Nijhawan advocates for a global carbon pricing mechanism to promote decarbonization technologies.
Recognized for their contributions are Sumant Sinha, founder and CEO of ReNew, Madhur Jain, CEO of Varaha ClimateAg, and Sadiq Khan, Mayor of London. Since 2011, Sinha has led ReNew to become a top renewable energy producer in India, overseeing wind and solar projects. In 2023, he was appointed co-chair of the World Economic Forum’s Alliance of CEO Climate Leaders. Madhur Jain leads Varaha, which promotes sustainable agriculture in South Asia and Africa, helping over 80,000 farmers adopt regenerative practices across 700,000 acres, sequestering 1.7 million metric tons of CO2. In 2023, Varaha raised $8.7 million for expansion. Sadiq Khan, the first Muslim mayor of a major European capital, has consistently advocated for eco-friendly policies. After being re-elected for a third term in May 2024, his climate agenda focuses on improving air quality.
