Our key takeaway: We’ve just discussed in another update the importance of the Global Stocktake, and what the technical report of September 2023 says - at a high level. We have had three high-level global stocktake events at COP28 which discussed the findings, and the Global Stocktake High-Level Committee published a summary. While this document is not intended to reflect a consensus, it helps to better understand the perspectives that were discussed at these events. There was an emphasis amongst leaders at COP28 on “the importance of a comprehensive, transformational, multisectoral and whole-of-society response to climate action, ensuring fair and equitable transitions, leaving no one behind, and aligned with efforts for sustainable development and poverty eradication.” There was particular importance placed on ‘Non-Party stakeholders (NPS)’ which include “businesses, investors, cities and regions, women, youth, Indigenous Peoples, and local communities worldwide” - these NPS are viewed as having “a crucial role in implementation through inclusive and innovative approaches to support global efforts to tackle climate change challenges and seizing opportunities.” Just transitions feature in the text - with a call for transitions to be just and equitable and fast tracked. The discussions reflect that NDCs should be in line with the just transitions - which offer opportunities for job creation, enterprise and growth. The discussions also call for an urgent need for stronger adaptation action at scale, to reduce vulnerabilities and enhance resilience, recognizing that climate change is already impacting lives and livelihoods across the world, especially in developing countries and vulnerable communities. Finally, they reflect on the step-change needed to mobilize climate finance to meet the scale required to deliver the Paris Agreement.
The first Global Stocktake High-Level Committee has published a summary of three high-level global stocktake events (on mitigation, adaptation and means of implementation) at COP28. (We have added the bolded text):
- General: There was an emphasis amongst leaders at COP28 on “the importance of a comprehensive, transformational, multisectoral and whole-of-society response to climate action, ensuring fair and equitable transitions, leaving no one behind, and aligned with efforts for sustainable development and poverty eradication.” The summary notes that leaders “highlighted the value of making policies gender-responsive and ensuring the integrity of all ecosystems, including oceans and mountains, and the protection of biodiversity.” There was particular importance placed on ‘Non-Party stakeholders (NPS)’ who include “businesses, investors, cities and regions, women, youth, Indigenous Peoples, and local communities worldwide” - these NPS are viewed as having “a crucial role in implementation through inclusive and innovative approaches to support global efforts to tackle climate change challenges and seizing opportunities.”
- Mitigation: “There is an urgent need to set the world on appropriate pathways to deliver the deep, rapid, and sustained reductions in global greenhouse gas emissions, as reflected by science. Transitions should be just and equitable and fast tracked, including through decarbonizing industry using all available technologies, decarbonizing transport, and halting deforestation.” “To keep the 1.5°C goal within reach there is a need for the second round of NDCs to be more ambitious, economy-wide, and cover all GHGs and sectors, in line with the Paris Agreement and subject to national circumstances, enhanced finance and support, and in the context of just transitions.” “Just transitions offer opportunities for job creation, enterprise and growth. Urgent actions are needed to reduce methane and non-CO2 gas emissions and to phase out of unabated fossil fuels in particular coal, as well as inefficient fossil fuel subsidies, with developed countries taking the lead.” “The scale and speed of the needed transitions are unprecedented and should strengthen, not derail, efforts towards sustainable development and poverty eradication and deal with the socio-economic impacts of action to reduce greenhouse gas emissions.”
- Adaptation: “There is an urgent need for strengthened adaptation action at scale, to reduce vulnerabilities and enhance resilience, recognizing that climate change is already impacting lives and livelihoods across the world, especially in developing countries and vulnerable communities.” “Progress is currently uneven and unequally distributed across the world. Future adaptation efforts need to be transformational and needs-responsive. Adaptation efforts made by developing countries, despite the challenges they face, must be recognized.” “The adaptation finance gap, estimated to be in the range of USD $194-366 billion per year [according to UNEP, Adaptation Gap Report 2023] must be urgently addressed. Doubling adaptation finance by 2025 is a step in the right direction. However the scale of overall adaptation finance must be dramatically increased, including through improved access to grants and highly concessional adaptation finance for all developing countries.”
- Means of Implementation: The summary notes that “[t]here is no climate action without means of implementation. A step-change is needed to mobilize climate finance to meet the scale required to deliver the Paris Agreement. This necessitates enhanced scale and quality of concessional finance, as well as a broader shift in public and private financial flows, consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.” in addition, “[a]ccessible and affordable finance at scale is a pre-requisite to fully implementing climate plans, including NDCs and NAPs, especially in developing countries.” Finally, “[w]hile there has been progress in mobilizing climate finance, it is crucial to urgently meet all relevant pledges, including the delivery of the USD $100 billion and set an ambitious new collective quantified goal on climate finance, scaling up finance from all sources - public, private, domestic and international finance -, including guarantees and blended finance, green bonds and innovative instruments. Public finance is key and can also incentivize private finance flows towards economy wide decarbonization.”
