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Global Stocktake

By Amigos IAS

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.

 

About COP28

·       COP28, taking place from November 30 to December 12, 2023, is a pivotal international gathering where nations collectively address the pressing issues related to climate change.

·       The United Arab Emirates (UAE) holds the presidency, and the UAE’s Minister of Industry and Advanced Technology, serves as the President of COP28.

·       The conference focuses on implementing the Paris Climate Change Agreement and intensifying global efforts to combat climate change.

 

Main Agendas at COP28

·       The key discussions at COP28 revolve around crucial climate objectives, including restricting the global temperature rise to 1.5 degrees Celsius, supporting vulnerable communities impacted by climate change, and striving for net-zero emissions by 2050.

·       Scientific findings emphasize the urgent need to reduce greenhouse gas emissions by 43% by 2030 compared to 2019 levels to limit temperature rise to 1.5 degrees Celsius.

 

 

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.

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