Why is it in the news?
Recently, the United Nations’ Global Stocktake report was released ahead of the G-20 summit.
Purpose of the Global Stocktake
- The report serves as a template to guide discussions leading up to the 28th Conference of Parties in Dubai in November.
- It offers an official assessment of the progress made by countries since the 2015 Paris Agreement, which aimed to limit global greenhouse gas (GHG) emissions.
Current Emissions Situation
- The report acknowledges some progress but highlights that current emissions trends will exceed the Paris Agreement’s limits.
- There is a need for much greater ambition in reducing GHG emissions to achieve global goals, including reducing emissions by 43% by 2030 and reaching net-zero CO2 emissions by 2050.
- The emissions gap consistent with limiting warming to 1.5°C by 2030 is estimated at 20.3-23.9 billion tonnes of CO2.
- Addressing this gap requires rapid expansion of renewable energy resources and a shift away from fossil fuels like coal, oil, and natural gas.
- The report highlights the importance of reversing deforestation and adopting electric vehicles for a cleaner energy economy.
G20 involvement
- G-20 countries are major contributors to the emissions problem, with 93% of global operating coal power plants and 88% of prospective ones.
- The G-20 Leader’s Declaration recognized the need for substantial financial support for developing countries and clean energy technologies to achieve net-zero emissions by 2050.
Limitations of the report
The report does not single out specific countries or provide a detailed analysis of individual shortcomings in emission reduction efforts.
Role of stocktake report
The report should not be disregarded as a technical document but rather serve as a basis for negotiations and the adoption of genuine breakthroughs during upcoming climate talks.