GLOBAL STOCKTAKE (Syllabus: GS Paper 3 – Env & Eco)

Context: The synthesis report of the first Global Stocktake was recently released by United Nations Framework Convention on Climate Change (UNFCC).

Global Stocktake

• About: ‘Global stocktake’ refers to a proposed five-yearly review of the impact of countries’ climate change actions. Under the Paris Agreement, every country must present a climate action plan in five-yearly cycles.
• First cycle: Under the Paris Agreement, the first global stocktake was to be happened in 2023. 
• Also recognized: The stocktake also recognises that money needs to be made available for Loss and Damage and energy transition in developing countries.

Key points of the report

• Global efforts on climate crisis are falling short of meeting the Paris Agreement goals of keeping global warming under 2 degrees C (over pre-industrial levels) and pursuing efforts to keep it under 1.5 degrees C.
• There is a rapidly narrowing window to raise ambition and implement existing commitments in order to limit warming to 1.5°C .
• Action is needed to increase both the mitigation ambition of Nationally Determined Contributions and the implementation of measures to achieve their targets.