Stocktaking The Calamity: On Climate Crisis And The U.N. Global Stocktake Report

Relevance: GS2 - Regional and global groupings and agreements involving India and/or affecting India’s interests; GS3 - Conservation, Environmental Pollution and Degradation; Climate Change

(Source: The Hindu, 09/14/2023)

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Why in the news?

• Recently, the United Nations’ Global Stocktake report was released just ahead of the G-20 meet.
• The G-20 summit held in Delhi placed a significant focus on the climate crisis, particularly in the context of discussions related to clean energy, sustainable development, and the collective responsibility needed to address this global challenge.

What is Global Stocktake?

• The Global Stocktake or GST, which was established under the 2015 Paris Agreement, serves as a comprehensive evaluation of the efforts made to combat climate change.
• It was created under Article 14 (1) of the Paris Agreement to “assess the collective progress towards achieving the purpose of this agreement and its long-term goals.
• It encompasses an assessment of various key aspects, including the reduction of greenhouse gas emissions, the establishment of resilience against climate impacts, and the acquisition of financial resources to combat the climate crisis.
• The results obtained from the Global Stocktake provides countries with valuable insights and recommendations on how to refine and strengthen their climate actions moving forward.

Purpose of the Global Stocktake Report

• The report is intended to serve as a template for guiding discussions leading up to the 28th Conference of Parties (COP28) scheduled in Dubai in November.
• Its primary purpose is to provide an official assessment of the progress made by countries since 2015 in reducing greenhouse gas (GHG) emissions.
• In 2015, signatories to the UN convention on climate change agreed in Paris to keep global emissions from rising beyond 2°C and, as far as possible, limit it to 1.5°C.

Key Finding of the Global Stocktake Report

• Challenges in meeting climate goals: The report highlights the challenges that major economies around the world face in addressing the climate crisis, particularly in the areas of clean energy, sustainable development, and collective responsibility to combat climate change.
• Ambitious action required: According to the report, much more ambitious action and support from countries are necessary to achieve global goals. It specifically calls for a reduction of global GHG emissions by 43% by 2030, 60% by 2035, and reaching net-zero CO2 emissions by 2050.
• Emissions gap: The report estimates that the emissions gap consistent with limiting global warming to 1.5°C in 2030 is significant, ranging from 20.3 billion to 23.9 billion tonnes of CO2.
• Renewable energy transition: To address the emissions gap, the report underscores the importance of rapidly scaling up renewable energy resources and reducing reliance on fossil fuels such as coal, oil, and natural gas.
• Addressing loss and damage: Urgent action is needed to address and minimize loss and damage from climate change, requiring comprehensive risk management and support for affected communities.

Developments During the Recent G-20 Summit On Climate Change

• G-20 countries are major contributors, as they account for 93% of global operating coal power plants and 88% of prospective ones.
• G20 countries have committed to work towards tripling global renewable energy capacity by 2030.
• Financial commitments: The G-20 Leaders Declaration formally recognizes the financial requirements to address the climate crisis, including the need for approximately $5.8-5.9 trillion in the pre-2030 period for developing countries and $4 trillion per year for clean energy technologies by 2030 to achieve net-zero emissions by 2050.

Conclusion

• The Global Stocktake Report underscores the importance of government support for a just transition away from fossil fuels, the need for ambitious emission reduction targets, and the scaling up of renewable energy.
• It also highlights the necessity of halting deforestation, addressing fragmented climate efforts, managing loss and damage, and ensuring adequate climate finance and investment.

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FAQs

MCQ

Question: With reference to ‘Global Climate Change Alliance’, which of the following statements is/are correct? (UPSC 2017)

1. It is an initiative of the European Union.
2. It provides technical and financial support to targeted developing countries to integrate climate change into their development policies and budgets.
3. It is coordinated by World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD).

Select the correct answer using the code given below:

(a) 1 and 2 only

(b) 3 only

(c) 2 and 3 only

(d) 1, 2 and 3