The United Nations Framework Convention on Climate Change has released the inaugural Global Stocktake, offering a comprehensive analysis of the progress on climate change action ahead of the pivotal COP28 summit.
According to World Economic Forum, the failure to mitigate climate change poses the most significant risk globally over the coming decade. This concern underscores the urgency of the discussions and evaluations that will occur at COP28, where nearly 200 countries will review their progress on climate action.
The Global Stocktake’s Genesis and Purpose
The Global Stocktake is a mechanism born out of the Paris Agreement, established in 2015, where signatories committed to containing global warming to 2°C above preindustrial levels, with a more ambitious target of 1.5°C to mitigate the severest effects of climate change. The stocktake serves as a vital instrument for assessing the strides made by nations and stakeholders towards meeting the Paris Agreement’s goals.
Importance of the Global Stocktake
With current trajectories predicting a warming of approximately 2.5°C by the century’s end, the Global Stocktake’s function is to aid policymakers and stakeholders in amplifying and refining climate policies and actions to achieve the 1.5°C threshold, which necessitates nearly halving global emissions by 2030.
Key Observations from the Global Stocktake
The comprehensive Global Stocktake report reveals 17 crucial observations with corresponding recommendations spanning four domains: the context of climate change, mitigation, adaptation, and the means of implementing and financing climate action.
In terms of context, the report notes a near-universal adoption of climate action goals post-Paris Agreement. It emphasizes the essentiality of bolstering climate action, involving broad societal sectors, and insists on rigorous monitoring to maintain transparency and accountability.
Mitigation Efforts
Regarding mitigation, the Global Stocktake highlights a significant emissions gap, projecting a shortfall of approximately 24 gigatons of CO2 by 2030. The United Nations accentuates the urgency for escalated action and support to heighten emission reduction initiatives across various sectors, stressing the need to end deforestation, increase renewable energy usage, and phase out fossil fuels without emission curtailment measures.
Adaptation Strategies
On adaptation, the UN calls for substantial escalation in efforts to align with the high aspirations of the Paris Agreement, citing a narrowing window to ensure a sustainable future. The report advocates for comprehensive adaptation planning, local-led solutions, and responsive policies to address climate-induced losses and damages.
Funding for Climate Action
The Global Stocktake also identifies a critical need for a rapid increase in international public finance to support climate action in developing nations, calling for a realignment of finance with low-emission, climate-resilient pathways to unleash necessary capital for global investment demands.
Climate Change as a Paramount Global Risk
The World Economic Forum’s Global Risks Report 2023 highlights the failure to mitigate climate change as the most pressing risk over the next decade, alongside other environmental threats like natural disasters, extreme weather, and the collapse of biodiversity and ecosystems.
The Global Stocktake will inform discussions at COP28, setting the stage for enhanced national climate change targets and strategies, essential for confronting what the World Economic Forum warns as a significant disconnect between scientific imperatives for net zero and current political actions.