Acting as a 5-year check-up or an inventory, the Global Stocktake is surveying each country’s emission reductions targets, policies, and commitments to reach the 1.5° Paris Agreement goal.
Acting as a 5-year check-up or an inventory, the Global Stocktake is surveying each country’s emission reductions targets, policies, and commitments to reach the 1.5° Paris Agreement goal.
December 4 2023
From November 30 to December 12, 2023, Dubai will host the 28th session of the Conference of the Parties (COP 28) to the UNFCCC. This session is also the fifth session of the Conference of the Parties to the Paris Agreement (CMA 5)
Are we on track?
Acting as a 5-year check-up or an inventory, the Global Stocktake is surveying each country’s emission reductions targets, policies, and commitments to reach the 1.5° Paris Agreement goal. It helps assess current gaps and encourages climate ambition efforts through a global policy roadmap for the 2050’s net zero pathway.
The findings from the technical report of the Global Stocktake published in September were disappointing, implementation of the Paris Agreement is lagging both on mitigation and adaptation progress. This should act as a stark reminder of the emergency of the situation and a call to action, notably that the planet is currently already 1.2° warmer than the pre-industrial era.
To avoid dooming and keep policy makers and private sectors motivated, nobody dares to question that warming limit. Technically speaking, 1.5° is not dead yet. But it calls for every country to bring its climate action in line with a net zero plan as soon as possible. According to IPCC scientists even in the event we achieve as much emissions reductions as possible, there is a chance that the Paris Agreement target will be breached in the coming decades before temperatures come back down.
In this sense, the Stocktake itself does not represent the gamechanger – it will be the response of Parties that will be determinant. Next Nationally Determined Contributions (NDCs) will need to significantly be adjusted during COP28 discussions. Governments will be expected to submit more ambitious national climate plans that will make the difference in the form of higher ambition and accelerated action.
From this COP 28 we expect the creation of a global policy roadmap, considering financial, policy, and market levers to provide frameworks for corporates and investors to mobilize capital. This will be necessary to see the required amount of investments flow towards a system transformation supporting a sustainable and inclusive economy such as the Inflation Reduction Act and the European Green New Deal.
The following paper will address the energy transition – which kind of market transformation do we need, what can we expect and how can we finance it?
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