Taking Stock!

Ever heard of the term stocktake?

We all know about the Paris agreement. For the ones uninitiated or for the ones who need a brush up, here goes a quick recap: The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France, on 12 December 2015. It entered into force on 4 November 2016.

The global stocktake is an evaluation of the progress made in mitigating global warming since the Paris Agreement of 2015. This assessment is conducted every five years, with the first of these evaluations initiated in 2022 and set to conclude at COP28.

COP, the annual meeting where UN member states gather to strategize climate action, will host the discussion of the initial global stocktake findings during COP28, commencing on November 30, 2023 in the United Arab Emirates. The primary objective of this stocktake is to synchronize global efforts in addressing climate change, bridging gaps in progress.

Preliminary observations from the global stocktake indicate that the international community is not on course to achieve the Paris Agreement’s targets.

The paramount goal is to restrict global warming to under 2°C while striving to stay within 1.5°C.

The Conference of the Parties (COP) has been a pivotal platform for countries to jointly confront climate change since 1995 under the United Nations’ umbrella. Each member state wields equal voting power, and unanimous consent is required for any COP agreement. Notable milestones include the Kyoto Protocol in 1997 and the Paris Agreement in 2015, in which member nations committed to limiting the global temperature increase to 1.5°C. Central to the Paris Agreement is the commitment of every nation to monitor and report their environmental efforts and undertake an overall progress evaluation every five years through a global stocktake.

The global stocktake report has identified four critical areas where progress is imperative to maintain global temperatures within a 2°C range of preindustrial averages. I present my interpreted version in my words, based on my research.

These areas and their associated actions are as follows:

New Paths — Forging a Fresh Path by 2025

The report underscores the necessity of reducing greenhouse gas emissions by 43%, 60%, and 84% from 2019 levels by 2030, 2035, and 2050, respectively, to limit global warming to 1.5°C. To attain these targets, the global stocktake recommends actions such as scaling up renewables and reducing reliance on fossil fuels, as changes in energy systems can contribute to up to 74% of the required greenhouse gas reductions. It also emphasizes the need to decrease emissions in industries and transportation through energy efficiency, electrification, and improved demand management. Additionally, preserving forests and addressing non-CO2 emissions, particularly those related to deforestation, is crucial.

Survival instincts — Addressing Climate Challenges pro-actively

The global stocktake underscores the importance of adopting more deliberate and actionable adaptation strategies, including supporting local communities in developing regions and ensuring inclusivity and technological deployment in decision-making. It also encourages transparent adaptation reporting, with an emphasis on developing clear methodologies and regular updates to demonstrate progress.

Funding — Funding new paths and adoptive strategies, especially in the developing countries

The stocktake reveals a significant financial gap, estimating that developing countries will require $5.9 trillion in climate financing by 2050 to meet their climate goals. To address this gap, it recommends increasing the mobilization of support for climate action in developing nations, attracting financing from the private sector, and reconciling global financial flows with climate goals. This entails redirecting investments away from fossil fuels and exploring innovative financial instruments like debt-for-climate swaps and emission pricing.

Knowledge Sharing — Rallying for Climate Action

Recognizing that not all countries have the same climate targets or capacities to achieve them, the global stocktake report suggests standardizing evaluations of each country’s commitment to assess fairness and ambition. It also calls for strengthened capacity building across all aspects of climate action through local and international partnerships, including universities, research organizations, NGOs, and the private sector. Additionally, the report encourages the deployment of existing cleaner technologies to support the climate plans of developing countries.

In the wake of the first-ever global stocktake’s release in October 2023, which indicates a lack of progress towards the Paris Agreement goals, UN member states will deliberate on their response during COP28. Possible outcomes include the establishment of specific targets in the energy sector, particularly for renewables, and reductions in fossil fuel use. Scalable financing mechanisms may be created to support adaptation efforts, especially for vulnerable countries facing financial constraints. There could also be an emphasis on involving the private sector in climate action, strengthening nationally determined contributions (NCD) with a focus on equity and historical responsibility, particularly for developed countries.

To conclude, the global stocktake underscores the pressing need for international cooperation, equitable climate action, and sustainable transformation across all sectors to address the urgency of mitigating global warming.

Let us join hands to play our part to improve global stocktake scores by avoiding and reducing emissions in our personal capacity. Remember, every gram of emission avoided or reduced will benefit us and our future generations in a big way!