COP28: Understanding the Significance of the Global Stocktake

Representatives from nearly 200 nations, along with business leaders, climate scientists, Indigenous Peoples, journalists, and diverse experts, are convening at the COP28 climate summit in Dubai. This gathering concludes a year poised to be the warmest on record.

At COP28, nations will assess their advancements in mitigating global warming during the inaugural Global Stocktake, marking the first occurrence since the inception of the Paris Agreement in 2015.

In this diverse assembly, nations at COP28 will evaluate their advancements in mitigating global warming through a novel process known as the Global Stocktake. This marks the first occurrence of such an assessment since the inception of the Paris Agreement in 2015.

The outcomes will shape future actions, prompting potential adjustments to national policies, the establishment of more ambitious goals, or increased financial support for less affluent nations to shift towards sustainable, eco-friendly energy. As expressed by the United Nations Climate Change (UNCC), it’s an opportunity to critically assess the state of our planet and forge a more promising path ahead.

5-year plan

In 2015, COP21 was hosted in Paris, a historic occasion as it marked the inaugural collective effort of all nations to combat the climate crisis. Preceding Paris, the Kyoto Protocol of 2005 focused solely on developed countries in reducing greenhouse gas emissions, excluding nations like India and China, among others.

The Paris Agreement mandated all nations to establish emissions-reduction targets and address the effects of climate change through what is termed Nationally Determined Contributions (NDCs).

It was determined that nations would evaluate their advancements, starting in 2023, and subsequently every five years. The objective of the Paris Agreement is to limit the increase in global warming to no more than 2 degrees Celsius from the pre-industrial era (mid-1800s) and strive to keep it below 1.5 degrees Celsius—a threshold beyond which the planet may face profound impacts of climate change.

What is the Green Credits scheme, which PM Modi mentioned at COP28

On Friday, Prime Minister Narendra Modi inaugurated an initiative at the ongoing COP28 climate talks in Dubai, emphasizing the generation of Green Credits through reforestation on degraded wasteland. He underscored that the Green Credits Initiative goes beyond the commercial aspect of carbon credits.

Initiated by the Environment Ministry in October of this year, the Green Credits Programme strives to establish a market-based incentive system for various environmentally beneficial actions, extending beyond mere carbon emission reductions.

Initial report

The outcome of the inaugural Global Stocktake is evident. In September 2023, the UN released a technical report stating that while the global community showed some progress, it fell short. The UN emphasized the need for accelerated implementation and an all-of-society approach to enhance ambition on all fronts, aiming to make strides toward the goals of the Paris Agreement and address the climate crisis.

The report underscores progress across various topics but emphasizes the necessity for further efforts. While acknowledging known gaps, the technical findings illuminate both existing and emerging opportunities along with creative solutions to address these gaps. A statement from the UNCC notes the identification of good practices and proposals to expedite implementation, action, and support in all areas. Concurrently, the average global temperature has risen by nearly 1.2 degrees Celsius since pre-industrial times.

What is the Global Stocktake?

The Global Stocktake is a comprehensive assessment conducted by nations to evaluate progress in addressing global warming and meeting the goals set by international climate agreements.

What does the UN’s technical report reveal about the Global Stocktake?

The UN’s technical report, released in September 2023, highlights progress but emphasizes the need for more significant efforts in various areas.

What opportunities and solutions does the report mention?

The report identifies both existing and emerging opportunities, along with creative solutions to address gaps in climate action.

The UNCC statement mentions the identification of good practices and proposals across all areas to expedite implementation, action, and support.

Why is the Global Stocktake significant in the context of climate change?

The Global Stocktake provides a crucial mechanism for nations to collectively assess their efforts, identify gaps, and work towards achieving the goals outlined in international climate agreements.

What has been the impact of global warming since pre-industrial times?

The average global temperature has risen by almost 1.2 degrees Celsius since pre-industrial times, underscoring the urgency of climate action.

Countries are scheduled to conduct the Global Stocktake every five years to regularly evaluate and enhance their contributions to addressing climate change.

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