The Global Stocktake

Introduction

The Global Stocktake (GST) is a crucial mechanism established by the Paris Agreement to assess the collective progress towards achieving the purpose of the Agreement and its long-term goals. This process is designed to be conducted every five years, with the first iteration due in 2023. The GST aims to evaluate progress at the global level, identify overall trends, and inform countries’ national climate commitments (NDCs).

Purpose of The Global Stocktake

The Global Stocktake is designed to assess the collective progress towards achieving the Paris Agreement’s goals, which include cutting greenhouse gas emissions to limit global temperature rise, building resilience to climate impacts, and aligning financial support with the scale and scope needed to tackle the climate crisis.

The GST addresses climate progress in three key areas: mitigation, adaptation, and means of implementation and support (climate finance).

1. Mitigation: The GST evaluates global efforts to reduce greenhouse gas emissions and keep global temperature rise below 2 degrees Celsius, identifying opportunities for additional emissions cuts.

2. Adaptation: The GST measures progress in countries’ abilities to enhance their resilience and reduce vulnerability to climate change, as well as assessing actions and support needed to respond to climate impacts that go beyond what communities and ecosystems can handle.

3. Means of Implementation and Support (Climate Finance): The GST assesses progress on aligning financial flows with emissions-reduction goals and providing support to developing nations to address the climate crisis.

Potential Outcomes of the Global Stocktake

The Global Stocktake can be a powerful tool for driving climate action, but it will only be effective if countries are willing to share information and collaborate on solutions. The following potential outcomes highlight the importance of the GST in guiding countries’ and non-state actors’ climate policy and investment:

1. Specific targets across the energy sector, including renewables, coal, hydrogen, oil and gas, and more, with tangible goals set to achieve net zero.

2. Scalable financing mechanisms to support adaptation efforts, especially for countries at most risk, recognizing gaps in action and implementation due to financial constraints.

3. Pathways to involve the private sector on climate action, including finance, accountability, capability building, and technology.

4. Strengthened actions and ambitions toward nationally determined contributions, emphasizing equity and historical responsibility, particularly with regard to developed countries.

Benefits of the Global Stocktake for Countries and the World:

1. Informed Decision-Making: The GST provides a comprehensive assessment of the world’s progress on climate action, enabling countries to make informed decisions about their future actions and commitments.

2. Identifying Opportunities and Challenges: The GST highlights opportunities for cost-effective emissions reductions, such as green industrialization, and calls for the rapid scaling up of finance for adaptation, including arrangements for addressing loss and damage.

3. Promoting Equity and Fairness: The GST emphasizes the importance of evaluating each country’s climate targets and capacities fairly, and encourages capacity building across all climate-action spheres.

4. Encouraging International Cooperation: The GST encourages international cooperation and knowledge transfer, including the deployment of existing cleaner technologies to support developing countries’ climate plans.

5. Strengthening Transparency and Accountability: The GST enhances transparency by requiring Parties to report on their adaptation efforts and ensure that action is driven especially for traditionally marginalized groups such as women, youth, and Indigenous Peoples.

6. Driving Transformational Action: The GST provides a basis for guiding countries’ and non-state actors’ climate policy and investment, driving transformational action across systems like energy, nature, food, and transport.

The Global Stocktake is a critical mechanism for assessing the world’s progress on climate action and guiding countries and non-state actors in their efforts to combat the climate crisis. By evaluating progress at the global level and identifying overall trends, the GST can serve as a global accelerator, driving nations to step up their climate action and pursue the transformational change needed to secure a zero-carbon, climate-resilient, and equitable future. The first Global Stocktake, due in 2023, offers a pivotal opportunity to correct course and ensure that countries are increasingly ambitious with their climate actions and support.

Source: WEF

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