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THE GLOBAL STOCKTAKE REPORT

It is named so because it reviews and evaluates the progress made by individual countries in reducing greenhouse gas emissions and transitioning to renewable energy sources.

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THE GLOBAL STOCKTAKE REPORT

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  1. PLUTUS IAS

  2. The Global Stocktake Report  GS3:  Environment and Ecology

  3. Global Stocktake Report  • The Global Stocktake is a regular review of how countries are doing to fight climate change. • It is a Periodic assessment of countries' efforts to achieve the goals of the Paris Agreement • Aims to limit global temperature rise to below 2 degrees Celsius and preferably below 1.5 degrees Celsius by the end of the century • Reviews and evaluates the progress made by individual countries in reducing greenhouse gas emissions and transitioning to renewable energy sources

  4. Purpose • To periodically assess and take stock of the efforts made by countries to combat climate change • To track progress towards the Paris Agreement's objectives

  5. Influence on Climate Discussions and NDCs • Findings of the report hold significant importance in international climate discussions • Shapes discussions and decisions during events like the UN Climate Conference of Parties (COP) • Influences countries to consider increasing their ambitions in reducing greenhouse gas emissions and adopting more sustainable energy systems • Connection to Nationally Determined Contributions (NDCs) • Encourages countries to reassess and potentially enhance their NDCs before the next set of NDCs are published in 2025

  6. About the Report • The report found that the world is not making sufficient progress to achieve the targets outlined in the Paris Agreement. • However, it underscored a rapidly closing opportunity for nations to take coordinated action. • The report is based on the Nationally Determined Contributions (NDCs) of 166 countries, which were analyzed and found to fall short of meeting the objectives set by the Paris Agreement.

  7. Key Findings

  8. Impact of the Global Stocktake Report • The report had a notable resonance in the G20 Leaders Declaration. • The G20 Leaders Declaration acknowledges the substantial financial requirements for transitioning to a renewable energy economy. • The Declaration recognises the need for USD 5.8-5.9 trillion in the pre-2030 period for developing countries. • It also emphasises the requirement of USD 4 trillion per year for clean energy technologies by 2030 to achieve net-zero emissions by 2050.

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