The Global Stocktake Report

• The United Nations climate secretariat made public a ‘synthesis report’ on the results of three meetings held so far to discuss progress achieved by countries in achieving the goals of the Paris Agreement of 2015.

WHY IS IT CALLED THE ‘GLOBAL STOCKTAKE’ REPORT?

• The synthesis report ties into a larger exercise called the ‘global stocktake,’ that is expected to take place once in five years.
• In 2015, countries committed in Paris to keep global temperatures from rising beyond 2 degrees Celsius by the end of the century and “as far as possible” below 1.5 degrees Celsius.
• Here they also agreed to periodically review, or take stock of efforts, made by individual countries in containing greenhouse gases and transitioning their fossil-fuel dependent energy systems to renewable sources.

KEY FINDINGS

• The report states that the Paris Agreement has galvanised countries into setting goals and signalling the urgency of the climate crisis.
• Governments need to support ways to transition their economies away from fossil fuel businesses and that states and communities must strengthen efforts.
• While rapid change could be disruptive, countries should work on ensuring that the economic transition be equitable and inclusive.
• It stated that much more ambition was needed to reduce global greenhouse gas emissions by 43% by 2030 and further by 60% in 2035 and reach net zero CO2 emissions by 2050 globally.
• Renewable energy has to be scaled up and all ‘unabated fossil fuels’ (for example, coal plants without carbon capture and storage mechanisms) were to be rapidly eliminated.
• Deforestation and land-degradation have to be halted and reversed.
• Agricultural practices critical to reducing emissions and conserving and enhancing carbon sinks have to be encouraged.
• Transparent reporting on adaptation could facilitate and enhance understanding, implementation and international cooperation.
• Averting, minimising and addressing ‘loss and damage,’ requires urgent action across climate and development policies to manage risks comprehensively and provide support to impacted communities.
• Financial flows needed to be made consistent with climate-resilient development to meet urgent and increasing needs.
• Access to climate finance in developing countries needed to be enhanced.

CONCLUSION:

• This document for the first time formally recognises the massive jump in finance necessary for the world to transition to a renewable energy economy.

The Declaration noted the need for USD 5.8-5.9 trillion in the pre-2030 period required for developing countries as well as USD 4 trillion per year for clean energy technologies by 2030 to reach net zero by 2050.