Why is the Global Stocktake important for climate action?
The Global Stocktake is the process for taking stock of the implementation of the Paris Agreement, with the aim to assess the collective progress towards achieving the purpose of the agreement and its long-term goals.
It’s designed to help countries build ambitious national climate plans and assess their achievements so far. It’s a unique opportunity to establish where the world stands on climate action and identify the gaps that remain. This is valid for both countries, as well as every other non-state actor – such as companies, cities, regions, financial, educational and healthcare institutions.
Running on a two year assessment cycle that occurs every five years, the first-ever stocktake is scheduled to end at the UN Climate Change Conference (COP28) in December in Dubai. However, its significance goes beyond merely being another report. It is a moment of political reckoning requiring ambitious action from non-state actors to support countries in charting a new course to net zero.
Where are we now?
The stocktake comprises three phases. The first, where all the information from countries and non-state actors is collected and prepared by the UN Climate Change secretariat, ended earlier this year.
The second is the technical assessment period lasting 12 months and ending with in person dialogues at the Bonn Climate Conference in June 2023. Here, the High-Level Champions will be convening public events on why finance and nature are critical to a transformative course correction; solutions and opportunities from non-state actors to address loss and damage, and the implementation of the Sharm El-Sheikh Adaptation Agenda.
What happens next?
The third phase will present and discuss the findings of the stocktake at COP28. This will act as the moment for course correcting global climate action whilst demonstrating the signals of change in the real economy towards halving global emissions by 2030, building climate adaptation and resilience, ending the loss of nature, and addressing climate losses and damages by 2030.
To read about the five pillars of climate action that the UN Climate Change High-Level Champions will raise at the Bonn Climate Conference, keep your eyes peeled on the week commencing Monday, 5 June 2023.