With COP28 in full swing in Dubai since November 30, this year’s UN climate talks will focus on the outcomes of the Global Stocktake and chart a course for further action.
The Global Stocktake is a critical component of the Paris Agreement, a landmark environmental accord agreed in 2015 by nearly every nation to tackle climate change and limit global temperature rise this century.
The stocktake is designed to assess the collective progress made by countries towards achieving the agreement’s long-term goals, which include limiting global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
Purpose and scope of the Global Stocktake
The Global Stocktake is a comprehensive review of global climate action, encompassing mitigation, adaptation, and finance.
The initiative aims to provide a clear picture of where the world stands in its fight against climate change, in the context of what was outlined in the Paris Agreement, and identify areas where further action is needed.
It also seeks to enhance understanding of the impacts of climate change and the effectiveness of climate action.
According to the United Nations Framework Convention on Climate Change (UNFCC), it calls for “a systems transformation, which follows a whole-society and whole-economy approach that mainstreams climate change resilience and development aligned with low greenhouse gas emissions.”
Efforts must be “maintained over decades, supporting sustainable development and the eradication of poverty,” as it also points to a growing gap between the needs of developing countries and the support provided to them.
Key elements of the Global Stocktake
The Global Stocktake is a participatory process that involves all Parties to the Paris Agreement, as well as non-state actors, including civil society, indigenous peoples, and the private sector.
The process is guided by a set of principles, including:
- Scientific rigor: The stocktake should be based on the best available scientific evidence.
- Inclusiveness and fairness: All Parties and stakeholders should have the opportunity to participate in the stocktake.
- Transparency: The stocktake process and outcomes should be transparent and accessible.
- Learning and improvement: The stocktake should provide insights that can inform future climate action.
Expected outcomes of the Global Stocktake
The stocktake is expected to produce a number of outcomes, including:
- A comprehensive assessment of global climate action: This assessment will provide a clear picture of the collective progress made by countries towards achieving the Paris Agreement goals.
- Identification of gaps and opportunities: It will identify areas where further action is needed to achieve the Paris Agreement goals.
- Recommendations for enhanced climate action: It will provide recommendations for Parties and stakeholders on how to strengthen their climate action.
Why is the Global Stocktake important?
The stocktake is taking place in what the UNFCC deems “a critical decade for climate action”.
It provides an opportunity to take stock of progress, identify gaps, and chart a course for further action. Its outcomes will be crucial in informing future climate action and ensuring that the world is on track to achieve the goals of the Paris Agreement.
According to a report by the UN’s Intergovernmental Panel on Climate Change (IPCC), greenhouse gas emissions must peak before 2025 at the latest and decrease by 43 percent by 2030 to limit global warming to 1.5°C. Crossing this threshold would risk more harmful climate change impacts being unleashed, IPCC scientists warned.
Findings from the global stocktake’s technical report of September 2023 found that:
- Global greenhouse gas emissions continue rising in frequency and severity.
- National climate plans and policies were insufficient to meet the Paris Agreement’s goal of limiting warming to 1.5°C.
- Ambition across key emission sectors like energy and transportation needs ramping up to achieve net-zero by 2050.
- Adaptation efforts in vulnerable countries require enhanced support to build resilience against unavoidable climate impacts.
- Developed nations also failed to deliver the $100 billion in annual climate finance pledged under the UNFCCC.
- Private investment was identified as essential to close the significant finance gap.
- The COVID-19 recovery presents an opportunity to align spending with long-term climate and development objectives according to the stocktake’s findings.
COP28 and the Global Stocktake
COP28 will be a pivotal moment for the implementation of the Paris Agreement. The conference will provide an opportunity to review the outcomes of the Global Stocktake and take concrete action to accelerate climate action.
It is expected that COP28 will result in a number of decisions and commitments, including:
- Enhanced mitigation ambition: Parties are expected to increase their mitigation ambition by submitting new or updated Nationally Determined Contributions (NDCs).
- Increased support for adaptation: Developed countries are expected to provide more financial and technical support to developing countries for adaptation.
- Enhanced climate finance: Parties are expected to increase their contributions to climate finance.
COP28 Dubai kicks off with historic Loss and Damage Fund
COP28, now into its second day, has already achieved a historic milestone with a loss and damage fund – an essential initiative which aims to provide financial assistance to countries at extreme risk from climate change due to climate-related natural disasters.
The Fund was first agreed on during COP27 and became operational following the agreement reached by parties during five transitional committee meeting – the last of which was hosted in Abu Dhabi earlier this month.
“The speed at which the world came together to get this fund operationalised within one year since Parties agreed to it in Sharm El Sheikh is unprecedented,” said COP28 President Sultan Al Jaber on Thursday.
However, the success of COP28 overall will depend on the willingness of all Parties to work together to address the climate crisis.
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