Global Stocktake Report | 15 Sep 2023

Source: TH

Why in News?

Recently, the synthesis report of the first Global Stocktake released by the United Nations Framework Convention on Climate Change (UNFCCC) ahead of the 18thG-20 summit in New Delhi.

• The synthesis report presents 17 key findings, painting a concerning picture of the world's progress towards Paris Agreement targets. While there is a limited window for corrective action, the report echoes previous warnings that global efforts are falling short.

What is Global Stocktake?

• The Global Stocktake is a periodic review mechanism established under the Paris Agreement in 2015.
  • The stocktake takes place every five years, with the first-ever stocktake scheduled to conclude at the UN Climate Change Conference (COP28) at the end of 2023.
• Its primary objectives are to assess individual countries' efforts to reduce Greenhouse Gas (GHG) emissions and transition to renewable energy sources.
• The stocktake is designed to keep countries accountable and encourage them to increase their climate ambitions over time.
  • In 2015, when countries committed in Paris to keep global temperatures from rising beyond 2 degrees Celsius by the end of the century and “as far as possible” below 1.5 degrees Celsius, they also agreed to periodically review, or take stock of efforts, made by individual countries in containing greenhouse gasses.
• While countries have laid out their Nationally Determined Contributions (NDC), they are expected to — but not obliged to — increase their ambitions every five years.
• While the latest NDC were submitted in 2020, a stocktake also aims to push countries to set higher targets before the next NDCs are published in 2025.

What are the Key Recommendations of the Report?

• Galvanizing Effect of Paris Agreement:
  • The Paris Agreement has galvanised countries into setting goals and signalling the urgency of the climate crisis.
  • Governments need to support ways to transition their economies away from fossil fuel businesses and that states and communities must strengthen efforts.
• Equitable Economic Transition:
  • While rapid change could be “disruptive,” countries should work on ensuring that the economic transition is equitable and inclusive.
  • Much more ambition is needed to reduce global GHG emissions by 43% by 2030 and further by 60% in 2035 and reach net zero CO2 emissions by 2050 globally.
  • Rapid change should prioritize equitable and inclusive economic transitions.
• Scaling Up Renewable Energy and Halting Deforestation:
  • Renewable energy has to be scaled up and all ‘unabated fossil fuels are to be rapidly eliminated.
  • Deforestation and land-degradation have to be halted and reversed and agricultural practices critical to reducing emissions and conserving and enhancing carbon sinks have to be encouraged.
• Fragmented Adaptation Efforts:
  • While the world, as a whole, has committed to scale up steps to help adapt to the unfolding and future impacts of climate change, most efforts were “fragmented, incremental, sector-specific and unequally distributed across regions.”
  • Transparent reporting on adaptation could facilitate and enhance understanding, implementation and international cooperation.
• Addressing Loss and Damage:
  • Averting, minimising and addressing ‘loss and damage,’ requires urgent action across climate and development policies to manage risks comprehensively and provide support to impacted communities.
  • Support for adaptation and funding arrangements for averting, minimising and addressing loss and damage, from the impact of climate change, needed to be rapidly scaled up from expanded and innovative sources.
• Enhancing Climate Finance Access:
  • Financial flows needed to be made consistent with climate-resilient development to meet urgent and increasing needs.
  • A substantial shift in financial flows is essential to support low greenhouse gas emissions and climate-resilient development.

What is the Impact of Global Stocktake Report?

• The global stocktake report influenced the G20 Leaders Declaration, a significant outcome of the summit. For the first time, the declaration formally recognized the substantial financial requirements for transitioning to renewable energy.
• It noted the need for USD 5.8-5.9 trillion in the pre-2030 period for developing countries and USD 4 trillion per year for clean energy technologies by 2030 to achieve Net-Zero emissions by 2050.