- The synthesis report of the first Global Stocktake has been released by United Nations Framework Convention on Climate Change (UNFCCC).
About:-
- The Global Stocktake report is a blueprint for discussions during the Conference of Parties, which was established under Paris Agreement of 2015.
- It is designed to assess the global response to the climate crisis every five years, with the first one scheduled to conclude at the UN Climate Change Conference (COP28) in 2023.
- The 'global stocktake' is integral to Paris Agreement, which commits countries to limit global warming to below 2 degrees Celsius and strive for 1.5 degree target.
- It periodically reviews and evaluates world's progress on reducing greenhouse gas emissions, building resilience to climate impacts, and securing finance and support to address the climate crisis.
- While countries have laid out their Nationally Determined Contributions (NDCs), they are expected to enhance their ambitions before the next NDC in 2025, where the latest NDC was submitted in 2020.
Key Findings of the Report:-
- The report key findings collectively convey that the world is falling short of its Paris Agreement targets.
- Galvanized Global Response:
- The Paris Agreement has encouraged countries to set climate goals and signal the urgency of addressing climate crisis.
- Government needs to bolster ways for transition from fossil fuels, and to strengthen the efforts.
- Environmental Conservation and Renewable Energy Transition:
- Land degradation Deforestation needs to be halted and reversed.
- Agricultural practices that would help in reducing emissions and enhancing carbon sinks have to be encouraged.
- Renewable energy have to be scaled up, while unabated fossil fuel must be phased out rapidly.
- Ambitious Goals with Economic Transition:
- Much more ambition is needed to reduce global GHG emissions 43% by 2030 and further by 60% in 2035, leading to net-zero CO2 emissions by 2050.
- Adaptation and Loss Management:
- Support for adaptation and funding for preventing, minimizing and addressing loss and damage, from impact of climate change, needed to be scaled up from expanded and innovative source.
Source - The Hindu