The global stocktake is a procedure through which nations and stakeholders can determine where they are collectively succeeding in achieving the objectives of the Paris Climate Change Agreement and where they are failing. It resembles doing an inventory. It entails examining all aspects of where the globe stands in terms of accelerating climate action and providing support, identifying the gaps, and cooperating to create a better future route. Every five years, a stocktake is conducted, and the first one will be completed during the UN Climate Change Conference (COP28) at the conclusion of this year.

What is the global stocktake?:

The Paris Agreement’s Article 14 established the global stocktake. It’s a procedure that allows nations and other interested parties to determine where they are and are not collectively moving toward the Paris Climate Change Agreement’s objectives. It resembles doing an inventory. It entails taking a comprehensive look at the state of global climate action and support, identifying any gaps, and cooperating to come up with a solution roadmap (through 2030 and beyond). The stocktake is a Party-driven process that involves non-Party stakeholders and is undertaken in a transparent way. It incorporates contributions from various entities, such as nations, companies, cities, and civil society.

Every five years, a two-year process is carried out. The UN Climate Change Conference (COP28) is where the first-ever stocktake is expected to come to a close at the end of 2023. This phase would repeat in 2028, 2033, etc. because the worldwide stocktake is scheduled to be finished every five years.

Why is the global stocktake important?

The opportunity to take a close, honest look at the state of our world and plot a better route for the future presents itself during the global stocktake, which is crucial.

The stocktake can assist decision-makers and stakeholders in bolstering climate policies and action by assessing where the globe stands in relation to achieving the goals of the Paris Agreement. The science is unambiguous: we need to correct our course. And it has to happen right away.

The newest Synthesis Report from the UN’s Intergovernmental Panel on Climate Change (IPCC), which compiles all of the scientific papers it has released over its sixth assessment cycle, was published in March of this year. It has been nine years since the last full IPCC report.

The UN Climate Change report from last year, which warned that the world might be on pace for about 2.5 degrees Celsius of warming by the end of the century based on the combined climate pledges of 194 Parties under the Paris Agreement, was supported by this revelation of just how far off course the globe is. By 2030, global emissions must be reduced by almost half in order to keep temperature increases to 1.5 degrees Celsius.

How does the global stocktake work?

There are three components to the global stocktake process:

• Information collection and preparation
• Technical assessment
• Consideration of outputs

The technical assessment and information collection and preparation components of the stocktake are currently running concurrently.

Analyzing the data that the various nations have submitted is part of the technical evaluation. Independent experts study the reports and evaluate the overall progress, frequently coming from international organizations like the United Nations Framework Convention on Climate Change (UNFCCC). This evaluation takes into account both emissions reductions and the suitability of nations’ NDCs in light of the overall objectives.

This is where the stocktake’s ‘technical dialogues’ come in

The dialogues serve as a venue for the exchange of the most up-to-date scientific information and assessments of mitigation, including response strategies, adaptation, including loss and damage, and means of implementation (climate finance, technology transfer, and capacity building). They also highlight climate solutions and point out obstacles that prevent people from acting.

Although the discussions primarily focus on assessing previous performance, they also address forward momentum to open the door to more ambitious climate action and support.

Following the conclusion of each technical dialogue, a summary report containing the outcomes of the discussions on the global stocktake’s thematic areas will be released. A comprehensive factual synthesis report emphasising the most important results from the first two phases will be created following the third technical dialogue in order to provide guidance for the third phase.

Following the June session, the final phase—consideration of outputs—will begin and end at COP28 in 2023. The results of the technical assessment will then be given, and their consequences will be reviewed and taken into account.

Additionally, nations and stakeholders will get together at various periods throughout the year to start influencing the results of the stocktake. This cooperative effort aids in making sure that everyone’s perspectives are heard and that the resultant solution paths (through 2030 and beyond) represent the requirements and concerns of all parties concerned.

How does the global stocktake help us achieve the Paris Agreement goals?

The global stocktake is a moment for course correction, an opportunity to ramp up ambition to avoid the worst consequences of climate change.

• The global stocktake helps achieve the Paris Agreement goals in several ways. The global stocktake involves a comprehensive review of each country’s emissions reductions, adaptation efforts, and overall progress towards their individual climate targets (Nationally Determined Contributions or NDCs). By assessing the collective progress of all countries, it provides a clear picture of whether the world is on track to limit global warming to well below 2 degrees Celsius above pre-industrial levels, as stated in the Paris Agreement

• Through the global stocktake, countries are required to provide transparent and accurate information about their emissions, efforts, and progress. This promotes accountability and ensures that countries are following through on their commitments. The assessment is based on the best available scientific knowledge and data, reducing the potential for misinformation or manipulation

• The stocktake process is designed to encourage countries to enhance their climate commitments. As countries gather to review their progress, they can compare their efforts with the overall goals and the latest scientific assessments. This can prompt them to increase the ambition of their NDCs to align with the global objective of limiting temperature rise and avoiding the most severe impacts of climate change.

• The stocktake process identifies gaps between current efforts and the desired outcomes of the Paris Agreement. It helps highlight areas where further action is needed, whether in emissions reduction, adaptation measures, or financial and technological support. This information guides decision-making and resource allocation to address these gaps

Who governs the global stocktake?

There are four levels of governance for the global stocktake:

1. The global stocktake will be carried out under the overall supervision of the Conference of the Parties acting as the Conference of the Parties of the Paris Agreement (CMA).
2. The CMA is required to work with the Subsidiary Body for Scientific and Technological Advice (SBSTA) and the Subsidiary Body for Implementation (SBI), particularly with the technical dialogues, to undertake the worldwide stocktake.
3. The technical conversations are steered by questions created by the SBSTA and SBI Chairs on each topic area and are co-facilitated by two co-facilitators, each from a developing and developed country.

4. The high-level events of the global stocktake are presided over by a High-Level Committee made up of the CMA Presidency and the Chairs of the SBSTA and SBI.

Conclusion:

When it comes to addressing climate change, the global stocktake is a crucial turning point. It’s an opportunity to take a sobering look at the state of our planet and map out a brighter future. The global stocktake, a Party-driven process, allows nations and other stakeholders to determine where they are collectively making progress toward fulfilling the goals of the Paris Agreement and where they are not. It is conducted in a transparent manner with the participation of non-Party stakeholders. It resembles doing an inventory. It entails taking a comprehensive look at the state of global climate action and support, identifying any gaps, and cooperating to come up with a solution roadmap (through 2030 and beyond).

-Abhiraaj