What is Global Stocktake? Importance in Climate Action

What is Global Stocktake? Importance in Climate Action

Welcome to the world of climate action and the Global Stocktake! In this era of environmental consciousness, it is crucial to understand the significance of the 2023 global stocktake, also known as the COP28 global stocktake. This assessment process plays a vital role in evaluating the progress made by countries and other entities toward the objectives of the Paris Agreement.

In this guide, we will discuss the answer to different queries such as What is global stocktake? Global stocktake process etc. 

What is Global Stocktake: Meaning of Global Stocktake

What is global stocktake? The global stocktake is a comprehensive evaluation that measures the collective efforts undertaken worldwide to fulfill the purpose and long-term objectives of the Paris Agreement. It acts as a yardstick for assessing the achievements and identifying areas where additional actions are required.

The primary aim of the global stocktake is to assist countries in developing ambitious national climate plans and appraising their accomplishments thus far. However, it goes beyond national governments and encompasses a wide range of participants, including businesses, cities, regions, financial institutions, educational institutions, and healthcare organizations. Regardless of their nature, every actor has a role to play in combating climate change.

The global stocktake operates on a two-year assessment cycle every five years. The inaugural stocktake is scheduled to conclude at the United Nations Climate Change Conference, COP28, taking place in Dubai in December. Nevertheless, this stocktake holds much more significance than being a mere report. It represents a pivotal moment for political reflection, demanding ambitious actions from non-state actors to support countries in forging a new path toward achieving net-zero emissions.

So, the 2023 global stocktake is an extraordinary opportunity to evaluate our progress in addressing climate change. It involves countries and various non-state actors working collectively towards a sustainable future. Let us delve into the details and explore the profound meaning and implications of the global stocktake in the quest for a greener planet.

Different Phases of Stocktake

Now you understand the answer to the query: what is the Global Stocktake? It’s a process that assesses how countries and other organizations are progressing in their efforts to combat climate change. The stocktake consists of three phases.

In the first phase, which concluded earlier this year, the UN Climate Change Secretariat collected and prepared all the information provided by countries and non-state actors.

The second phase is the technical assessment period, which lasts 12 months and culminates in in-person discussions at the Bonn Climate Conference in June 2023. During this phase, the High-Level Champions will organize public events to highlight the importance of finance and nature in steering us toward a transformative change. 

They will also explore solutions and opportunities proposed by non-state actors to address the impacts of climate change and implement the Sharm El-Sheikh Adaptation Agenda.

What Comes Next?

The third phase will take place at COP28, where the findings of the stocktake will be presented and discussed. This phase will serve as a critical moment for redirecting global climate action. It will demonstrate the positive changes happening in the real economy, such as the significant reduction of global emissions by 2030, the development of climate adaptation and resilience measures, the preservation of nature, and the efforts to tackle climate-related losses and damages by 2030.

If you want to learn more about the five key areas of climate action that the UN Climate Change High-Level Champions will address at the Bonn Climate Conference, mark your calendar for the week starting Monday, June 5, 2023. Keep an eye out for further updates!

Final Words: What is Global Stocktake?

The Global Stocktake is a crucial component of international climate action, comprehensively assessing global progress in combating climate change. This systematic review, conducted every five years under the Paris Agreement, evaluates collective efforts to lessen greenhouse gas emissions, adapt to the impacts of climate change, and support sustainable development goals. 

The Stocktake’s importance lies in its ability to drive ambition, promote transparency, and facilitate global collaboration. Examining successes and gaps informs policy decisions, encourages enhanced commitments, and holds nations accountable for their climate actions. The Global Stocktake is vital to steer the world toward a sustainable and resilient future.