About The Global Stocktake Report

Context:

Ahead of the just concluded G-20 summit, that saw several world leaders converge in New Delhi, the United Nations climate secretariat made public a ‘synthesis report’ on the results of three meetings held so far to discuss progress achieved by countries in achieving the goals of the Paris Agreement of 2015.

Relevance:

GS II: International Relations

Dimensions of the Article:

1. Why It’s Named the ‘Global Stocktake’ Report?
2. Key Findings of the Report
3. Impact of the Global Stocktake Report

Why It’s Named the ‘Global Stocktake’ Report?

• Periodic Assessment: The ‘global stocktake’ report is so named because it is part of a larger, five-yearly exercise known as the global stocktake. This exercise was established after countries committed to the Paris Agreement in 2015.
• Reviewing Climate Efforts: The Paris Agreement called for regular reviews or “stocktakes” of individual countries’ efforts to mitigate climate change. These reviews evaluate progress in reducing greenhouse gas emissions and transitioning from fossil fuels to renewable energy sources.

Impact on International Climate Discussions:

• Influence on COP Meetings: The first global stocktake report this year is expected to have a significant impact on discussions at the 28th UN Climate Conference of Parties (COP) scheduled in Dubai in November.
• Ambition Enhancement: While countries have already outlined their Nationally Determined Contributions (NDCs) to address climate change, the global stocktake encourages them, although not obligates, to increase their climate ambitions every five years.
• Higher Targets: By urging countries to set higher targets before the next NDCs are due in 2025, the stocktake aims to push nations toward more ambitious climate goals.

Key Findings of the Report:

• Galvanized Climate Goals: The Paris Agreement has motivated countries to set climate goals and recognize the urgency of addressing the climate crisis.
• Economic Transition: Governments should support efforts to transition economies away from fossil fuel industries, even if it involves disruptive changes.
• Equitable Transition: Efforts towards economic transition must prioritize equity and inclusivity to ensure that no one is left behind.
• Ambitious Emission Reductions: Much greater ambition is required to reduce global greenhouse gas emissions by 43% by 2030, followed by a 60% reduction in 2035, ultimately reaching net-zero CO2 emissions globally by 2050.
• Scaling Renewable Energy: Renewable energy sources need to be significantly scaled up to replace unabated fossil fuels, such as coal plants without carbon capture and storage mechanisms.
• Halt Deforestation and Land-Degradation: Efforts to halt and reverse deforestation and land degradation are critical, along with encouraging agricultural practices that reduce emissions and enhance carbon sinks.
• Fragmented Adaptation Efforts: Despite global commitments to adapt to climate change impacts, most adaptation efforts are fragmented, incremental, and sector-specific, with unequal distribution across regions.
• Transparent Reporting: Transparent reporting on adaptation can enhance understanding, implementation, and international cooperation in climate adaptation efforts.
• Loss and Damage Management: Urgent action is needed to address and minimize “loss and damage” caused by climate change impacts, requiring comprehensive risk management across climate and development policies.
• Scaling Support: Support for adaptation and funding arrangements to address loss and damage must be rapidly scaled up, utilizing expanded and innovative funding sources.
• Climate Finance Access: Access to climate finance in developing countries needs enhancement to support their climate resilience and mitigation efforts.
• Global Financial Shift: A rapid shift of financial flows on a global scale is essential to support low greenhouse gas emissions and climate-resilient development pathways.

Impact of the Global Stocktake Report:

• Influence on Upcoming Conference: The global stocktake report is expected to serve as a foundational document for the upcoming conference, shaping discussions and decisions regarding climate policy and ambition.
• Recognition in G20 Leaders Declaration: The report’s findings have resonated in the G20 Leaders Declaration, which is considered one of the significant outcomes of the summit.
• Acknowledgment of Financial Requirements: The G20 Leaders Declaration officially acknowledges the substantial financial requirements for transitioning to a renewable energy economy. It highlights 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.

-Source: The Hindu