The United Nations Framework Convention on Climate Change (UNFCCC) recently unveiled the first-ever synthesis of the Global Stocktake report. This was launched just before the convening of the 18th G-20 summit held in New Delhi. The comprehensive report showcases 17 crucial findings that exhibit a distressing scenario regarding our progress towards achieving the objectives of the Paris Agreement. The report’s tone resonates with previous warnings about the insufficient global efforts to fight climate change, emphasizing the urgency for immediate corrective actions.
Understanding the Global Stocktake
The Global Stocktake, established under the 2015 Paris Agreement, is a regular review mechanism. Conducted every five years, its primary purpose is to assess the individual nations’ efforts towards reducing Greenhouse Gas (GHG) emissions and transitioning to renewable energy sources. The first stocktake is scheduled to conclude at the United Nations Climate Change Conference (COP28) at the end of 2023. This mechanism aims to hold countries accountable and motivate them to enhance their climate ambitions progressively.
The Paris Agreement and National Actions
In 2015, countries pledged at the Paris Agreement to limit global temperature increases to no more than 2 degrees Celsius by the end of this century and “as far as possible” below 1.5 degrees Celsius. Alongside this commitment, they agreed to review or evaluate individual countries’ efforts to contain greenhouse gases regularly. While nations have specified their Nationally Determined Contributions (NDC), they are predicted—but not obligated—to improve their ambitions after every five years, with the latest NDC submitted in 2020.
Key Recommendations of the Report
The report puts forward several key suggestions. It emphasizes the necessity of transitioning economies from fossil fuel dependence. It advises equitable and inclusive economic transitions, requiring a 43% reduction in global GHG emissions by 2030, further dropping to 60% in 2035, and achieving net-zero CO2 emissions by 2050. It also insists on scaling up renewable energy, halting deforestation and land degradation, and promoting agriculture practices that reduce emissions and conserve carbon sinks.
Adaptation Efforts and Addressing Loss and Damage
The report indicates that while the world has committed to enhance adaptive efforts against climate change, most strategies are “fragmented, incremental, sector-specific, and unequally distributed across regions.” It urges for transparent reporting on adaptation to foster understanding, implementation, and international cooperation. The report also calls for urgent action across climate and development policies to manage risks comprehensively and provide support to communities impacted by climate change.
Enhancing Climate Finance Access
The report highlights the importance of financial flows consistency with climate-resilient development to address urgent and increasing needs. It points out the need for a significant shift in financial flows to support low greenhouse gas emissions and climate-resilient development.
The Impact of Global Stocktake Report
The Global Stocktake Report influenced the G20 Leaders Declaration, a consequential outcome of the summit. For the first time, the declaration acknowledged the substantial financial requirements for transitioning to renewable energy. It indicated the necessity for an investment of USD 5.8-5.9 trillion pre-2030 for developing countries and an annual investment of USD 4 trillion by 2030 for clean energy technologies, aiming to achieve net-zero emissions by 2050.