Global Stocktake Report
14th Sep, 2023
UN climate secretariat releasesthe Global Stocktake Report, a synthesis report on G-20 summit discussing countries' progress toward Paris Agreement goals before the event.
The Global Stocktake Report:
- About: It is a45-page reportwhich lays out 17 ‘key findings’ that overall suggests that the world is not on track to achieve Paris Agreement targets, though there was still a “rapidly narrowing” window for countries to get their act together.
- The 'global stocktake' is a periodic review conducted every five years to assess how well countries are doing in achieving the goals of the Paris Agreement, which aims to limit global temperature rise to well below 2 degrees Celsius and ideally below 5 degrees Celsius.
- The first global stocktake report this year will have a significant impact on discussions during the 28th UN climate Conference of Parties (COP) scheduled for November in Dubai.
- The global stocktake not only reviews past efforts but also encourages countries to set more ambitious climate targets. This can lead to nations committing to stronger actions to reduce greenhouse gas emissions before they announce updated NDCs in 2025.
Key Highlights of the Report:
- Paris Agreement Goals: The report highlights that the Paris Agreement has motivated countries to set climate goals and recognize the urgency of the climate crisis.
- Ambitious Emissions Reduction: The report stresses that much more ambitious actions are required to reduce global greenhouse gas emissions by 43% by 2030 and achieve net-zero CO2 emissions globally by 2050. It calls for the rapid elimination of unabated fossil fuels.
- Deforestation and Land Use: Halting deforestation and land degradation is crucial, along with promoting sustainable agricultural practices to reduce emissions and enhance carbon sinks.
- Adaptation and Loss & Damage: Efforts to adapt to climate change impacts need to be more comprehensive and supported by transparent reporting. Urgent action is required to address loss and damage caused by climate change.
- Climate Finance: The report emphasizes the need to enhance access to climate finance in developing countries and redirect financial flows toward low greenhouse gas emissions and climate-resilient development to meet global investment needs.
- The Report will help countries evaluate progress and consider increasing their climate commitments.
- Countries set their climate goals, known as Nationally Determined Contributions (NDCs), which they aim to achieve.
- These NDCs are reviewed during the global stocktake, encouraging nations to enhance their targets to combat climate change.
Paris Agreement and Goals:
- The primary objective of the Paris Agreement is to strengthen the global response to climate change and keep the global average temperature rise well below 2 degrees Celsius above pre-industrial levels, with efforts to limit the increase to 1.5 degrees Celsius.
- Each participating country (known as a Party) submits a Nationally Determined Contribution (NDC) outlining its specific climate action plan.
- These NDCs include targets for reducing greenhouse gas emissions, adapting to climate impacts, and enhancing resilience.
- Developed countries commit to providing financial support to developing countries to assist them in both mitigating emissions and adapting to climate change.
- The agreement aims to mobilize climate finance from various sources to help developing countries transition to low-carbon, climate-resilient economies.