The Paris Agreement marked a watershed moment in global efforts to tackle climate change. For the first time, countries around the world united under a single framework, aiming to limit global warming to below 2°C. However, setting ambitious goals is just the beginning. The real challenge lies in turning these commitments into meaningful action, especially as global temperatures continue to rise, threatening ecosystems, communities, and economies.
One of the key mechanisms designed to monitor and encourage action under the Paris Agreement is the global stocktake. This process offers a unique opportunity to assess the collective progress made toward the agreement’s long-term goals and determine how far we still have to go. As the first-ever stocktake concluded at COP28 in Dubai, it was evident that while significant strides have been made, the world is still not on track to meet its climate goals. The stocktake revealed areas where progress is lacking and highlighted new opportunities for future action. It also underscored the urgency of accelerating climate efforts across all sectors, countries, and communities.
The global stocktake unfolds in three key phases. The first phase involves collecting critical information from a variety of sources, including countries’ nationally determined contributions (NDCs), the latest scientific findings from the Intergovernmental Panel on Climate Change (IPCC), and reports from non-governmental organizations. This data is synthesized into comprehensive reports, providing a clear picture of the state of climate mitigation, adaptation, and other key focus areas.
In the second phase, the collected information is subjected to a rigorous technical assessment. Stakeholders engage in dialogues to analyze the progress made, identify gaps, and pinpoint areas where more aggressive action is required. These discussions are critical in shaping future climate strategies and providing a roadmap for countries and stakeholders to follow. The technical assessment is documented in detailed reports, offering clear paths for the next phase of climate action.
Finally, the third phase involves translating the outcomes of the stocktake into political action. The findings from the technical assessments feed into the policymaking process, helping nations enhance their climate action plans and fostering stronger international cooperation. While it remains to be seen how these outcomes will be formalized, there is potential for the stocktake results to shape major political declarations or decisions at future global climate summits.
The first global stocktake, completed in 2023, delivered valuable insights. On the one hand, it reaffirmed the strong global commitment to the Paris Agreement’s framework. However, it also highlighted the significant challenges that remain in reaching the long-term goals of the agreement. A key finding of the stocktake is that global emissions are still not on track. While the Paris Agreement has spurred increased efforts and commitments, the collective action taken so far is insufficient to meet the target of limiting global warming. The urgency for sweeping transformations, particularly in the energy sector, is clear. Cooperation among nations and stakeholders will be critical to making the necessary progress.
Read also: The Paris Agreement: A global framework driving climate action
Achieving net-zero emissions by mid-century will require deep and rapid transformations across all sectors, including energy, industry, transportation, and agriculture. This involves scaling up renewable energy, phasing out fossil fuels, and enhancing natural carbon sinks through actions such as halting deforestation and improving land-use practices. The energy sector is especially poised for transformation, as the transition from fossil fuels to renewable sources like solar, wind, and other clean technologies accelerates. Phasing out fossil fuels and improving energy efficiency will be key to achieving net-zero carbon emissions by mid-century.
However, rapid change also presents significant challenges, particularly for vulnerable communities. As highlighted in the stocktake, a “just transition” is essential. Climate policies must consider social equity, ensuring that the economic shifts required to meet climate goals do not disproportionately harm already disadvantaged groups. Developing countries, in particular, will need substantial financial, technological, and capacity-building support to implement climate-resilient strategies that protect and enhance the well-being of their populations.
In addition to mitigation efforts, the stocktake emphasized the critical importance of adaptation and addressing loss and damage. As climate impacts intensify, communities around the world are facing more frequent and severe climate-related disasters, from hurricanes and floods to droughts and heatwaves. These impacts are particularly severe in vulnerable regions, where infrastructure is often inadequate to withstand extreme weather events. The need for robust adaptation strategies is clear, and mechanisms to manage loss and damage must be strengthened. Central to this effort is the need for enhanced international cooperation and financial commitments, particularly for countries and communities that are hardest hit by climate change. The first global stocktake has brought these issues into sharp focus, reinforcing the urgency for global solidarity in addressing climate risks.
Another key takeaway from the stocktake is the need to scale up climate finance, especially for developing nations. These countries, which are disproportionately affected by climate change despite contributing the least to global emissions, require significant financial support to transition to low-emission, climate-resilient economies. Public and private sector finance must be mobilized on a much larger scale and directed toward effective climate action, including adaptation efforts. At the same time, financial flows must be shifted away from activities that exacerbate emissions and increase vulnerabilities, such as investments in fossil fuel infrastructure.
In summary, the first global stocktake is a wake-up call for the world. While progress has been made, the urgency for more ambitious and equitable climate action is undeniable. The stocktake serves as both a reflection on past actions and a roadmap for the future, identifying the critical steps needed to meet the goals of the Paris Agreement. The next stocktake, scheduled for 2028, will provide another crucial opportunity to assess global progress. The road ahead will be difficult, but with collective will and bold, immediate action, there is still hope for a sustainable and just future for all.
