Demystifying the World's First 'Global Stocktake' on Climate Change
The upcoming 2023 United Nations (UN) climate change summit is poised to be a turning point where nearly 200 countries will be assessed on their progress in tackling climate change. At the heart of this pivotal event lies the world's first 'Global Stocktake,' a comprehensive analysis of the global effort to address the climate crisis, published by the UN Framework Convention on Climate Change. The insights gleaned from the Global Stocktake will feed into new country targets on climate change and be a focal point at COP28.
But what exactly is this 'Global Stocktake,' and why is it of paramount importance?
Understanding the Global Stocktake
The Global Stocktake was conceived as an integral component of the 2015 Paris Agreement. This international accord saw the collective commitment of nearly 200 countries to limit global warming to 2°C above preindustrial times, with an aspirational target of 1.5°C to avert the most catastrophic consequences of climate change. The Global Stocktake, in essence, scrutinizes the progress made by countries and stakeholders in achieving the goals set forth in the Paris Agreement.
The Urgent Need for a Global Stocktake
The urgency of the Global Stocktake stems from the stark reality that, to restrict global warming to 1.5°C, global emissions must be nearly halved by 2030. Presently, the world is veering toward a worrisome 2.5°C temperature increase by the close of this century. The Global Stocktake serves as a crucial tool for policymakers and stakeholders to fortify climate policies and expedite climate action.
Key Findings and Recommendations
The Global Stocktake's comprehensive report unveils 17 key findings and associated recommendations spanning four critical areas: climate change context, mitigation, adaptation, and the implementation and financing of climate action.
In the realm of climate change context, the UN's assessment underscores that climate action goals were universally embraced post-Paris Agreement. However, accelerating climate action is the need of the hour. This necessitates "systems transformations" supported by governments to prioritize climate resilience and greenhouse gas reduction. Climate action, the report emphasizes, must be an all-encompassing effort, spanning governments, civil society, the private sector, financial institutions, cities, authorities, local communities, and indigenous peoples. The report also calls for "rigorous accounting and accountability" to track progress and avoid double counting. Staying committed to inclusion and equity is key to minimizing the societal disruptions caused by climate action.
Mitigation: Closing the Emissions Gap
The Global Stocktake delves into mitigation efforts aimed at reducing the impact of climate change through emission cuts. It's a sobering realization that by 2030, the world faces an emissions gap equivalent to almost 24 gigatons (24 billion metric tons) of CO2. To bridge this gap, the report emphasizes the need to elevate both mitigation goals and their implementation. "Urgent action and support" are deemed essential to scale up emission reduction measures across multiple sectors, including industry, transport, and buildings. The report calls for a halt to deforestation, a substantial increase in renewable energy, and the phasing out of unabated fossil fuels. Economic diversification is also advocated to mitigate the impact of climate mitigation measures, particularly through the development of green industrial sectors.
Adaptation: A "Step Change" Needed
In the domain of climate adaptation, which involves adapting existing systems and structures to reduce the impact of climate change, the Global Stocktake stresses the urgency of a "step change" to align with the ambitions of the Paris Agreement. The UN warns of a rapidly diminishing window of opportunity to secure a livable and sustainable future for all. Adaptation planning and transparent reporting are called for across all sectors and stakeholders. Locally-designed and driven climate adaptation is found to yield the most favorable outcomes, with climate information and services enhancing these efforts. Urgent action is underscored to comprehend and address climate-related loss and damage, including policy development and funding.
The Global Stocktake, in its maiden voyage, emerges as a vital instrument for evaluating and propelling the global response to climate change. Its findings and recommendations provide essential guidance for shaping a sustainable and resilient future for the world.
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