In our last edition, we explored what to expect at COP28 and its day-by-day thematic program. Now, let’s delve into one of the most crucial aspects of the conference: The Global Stocktake. This process is at the core of our collective efforts to tackle the pressing global issue of climate change.
What is the Global Stocktake?
The Global Stocktake, a term that might be unfamiliar to some, is a process designed to bring countries and stakeholders together to assess our progress toward the goals outlined in the Paris Climate Change Agreement and identify areas where we may be falling short. In essence, it’s akin to conducting a comprehensive inventory check. This thorough evaluation considers every aspect related to our global stance on climate action and support, enabling us to pinpoint existing gaps and chart a collective path toward an accelerated response to climate change.
A Quinquennial Event
The Global Stocktake is not an annual occurrence but rather a quinquennial event, taking place every five years. The first-ever stocktake is set to conclude at the UN Climate Change Conference (COP28) later this year, marking a significant milestone in our shared commitment to addressing climate change on a global scale.
More Than a Routine Check-up
It’s vital to emphasize that the Global Stocktake is far more than just a routine check-up. It presents us with a unique opportunity to intensify our ambitions in order to avert the direst consequences of climate change. It’s not the stocktake itself that will revolutionize our efforts; it’s the global response and actions we take in response to its findings that will truly make a difference.
Purpose and Goals
Established under Article 14 of the Paris Agreement, the Global Stocktake has a clear mission: to assess the collective progress towards achieving the Paris Agreement’s purpose and its long-term goals. These objectives encompass reducing greenhouse gas emissions to limit global temperature rise to well below 2 degrees Celsius and ideally 1.5 degrees Celsius, building resilience to climate impacts, and aligning financial support with the necessary scale and scope to tackle the climate crisis.
The stocktake’s role extends beyond evaluation. It should inform nations in updating and enhancing their climate actions and support. Moreover, it aids in strengthening international cooperation for climate action, and guides countries in developing their new climate plans, known as “nationally determined contributions” (NDCs), scheduled for a full update in 2025. This periodic process is meant to ensure that nations and stakeholders continually raise the bar with their actions to keep the Paris Agreement’s goals within reach.
Assessing Key Aspects of Climate Action
The Global Stocktake doesn’t merely scratch the surface; it delves deep into three vital aspects of climate action:
- Mitigation: It evaluates global efforts to reduce greenhouse gas emissions, aiming to limit global temperature rise. Opportunities for additional emissions cuts are identified to steer us in the right direction.
- Adaptation: Measuring the progress made by countries in enhancing their resilience and reducing vulnerability to climate impacts is equally critical.
- Means of Implementation: This encompasses financial flows, technology transfer, and capacity building. The stocktake assesses progress in aligning financial resources with emissions-reduction goals and climate-resilient development. Support to developing nations in their efforts to address the climate crisis is a core component.
Additionally, the stocktake addresses loss and damage, providing insights into actions and support required to respond to climate impacts beyond what communities and ecosystems can adapt to. It also considers the unintended social and economic consequences that may arise from climate action and implementation, referred to as response measures. The importance of promoting equity and leveraging the best available science to inform strategies for tackling the climate crisis is underscored throughout the process.
UNFCC’s Synthesis Report on the Global Stocktake
A Technical Dialogue Synthesis Report was released by the United Nations Framework Convention on Climate Change (UNFCCC) in September 2023 following the inaugural “global stocktake” paints a concerning picture. It concludes that the world is currently falling short in its efforts to cap global warming at 1.5°C above preindustrial levels, a vital objective established in the 2015 Paris Agreement.
This report signifies a pivotal moment as we advance towards COP28, and the action priorities it delineates will significantly influence the course of global climate initiatives in the years 2023 and 2024.
Among the 17 crucial technical findings, the report reinforces the fact that global emissions are not aligning with the necessary mitigation pathways outlined in the latest scientific assessments to meet the temperature target set by the Paris Agreement. It further underscores that the window of opportunity for enhancing our ambitions and putting existing commitments into practice to restrict warming to 1.5°C above pre-industrial levels is rapidly closing. On a more optimistic note, the report also identifies existing and emerging prospects and innovative solutions that can help bridge these gaps. Read the report here.
In addition, a new synthesis report aimed at facilitating governments’ decisions regarding the global stocktake at COP28 was also released in October 2023 by UN Climate Change. This report encapsulates the perspectives of governments and their stances on the core elements that could constitute such a decision.
The synthesis report is exhaustive in its scope and integrates the viewpoints of nearly all Parties involved. It is grounded in submissions from 24 Parties, representing both Party groups and individual Parties, totaling 180 Parties, along with contributions from 44 non-Party stakeholders.
While there may be divergent opinions on the specifics of how to attain the goals of the Paris Agreement, governments have expressed a broad consensus that prior climate action has been inadequate. They underscore the need for greater efforts by all Parties and enhanced support for developing nations to effectively limit global warming to 1.5 degrees Celsius, mitigating loss and damage, and adapting to climate change. Read the full report here.
“This report puts the cards on the table – except this is not a game. We know that we, as the global community, are not on track towards achieving the long-term goals of the Paris Agreement, and there is a rapidly closing window of opportunity to secure a livable and sustainable future. This synthesis report is a blueprint of what the final outcome of the global stocktake could look like, based on Parties’ own words. Nations should make full use of the inputs to build consensus for an ambitious outcome towards action in this critical decade.” – Simon Stiell, Executive Secretary of UN Climate Change
This new report follows closely on the heels of the technical report on the global stocktake published in September, which outlines concrete solutions to combat climate change that are ready for implementation.
In essence, the Global Stocktake is a critical instrument for driving transformational action across various systems, including energy, nature, food, and transport.
As we continue on this journey towards a more sustainable and resilient future, let’s keep the conversation going, share our thoughts, and remain committed to creating positive change. Together, we have the power to shape a better climate future.