Why is it in the news?

• The ongoing 28th United Nations Climate Change Conference (COP28) in Dubai is witnessing a historic moment with the conclusion of the first-ever global stocktake, a process initiated under the Paris Agreement of 2015.

Global Stocktake

• The global stocktake is a comprehensive process occurring every five years, allowing countries and stakeholders to assess collective progress toward the goals outlined in the Paris Climate Change Agreement.
• Functioning as a comprehensive inventory, the stocktake involves evaluating global efforts on climate action and support, identifying gaps, and collaborating to enhance strategies for accelerating progress.
• In 2015, COP21 in Paris mandated all countries to set emissions reduction targets and adapt to climate change impacts through Nationally Determined Contributions (NDCs).
• The first-ever stocktake, set to conclude at COP28, follows this timeline, providing an opportunity to evaluate progress and identify areas that require additional attention and action.
• The United Nations published a technical report on the first Global Stocktake in September 2023. The report acknowledges some progress but underscores the necessity for accelerated implementation and an all-of-society approach to achieve the goals outlined in the Paris Agreement.
• Despite existing gaps, the report highlights emerging opportunities and creative solutions to bridge these gaps, emphasizing the collaborative effort required on a global scale.
• The technical report notes that the average global temperature has increased by almost 1.2 degrees Celsius since pre-industrial times, underlining the pressing need for immediate and substantial climate action.