The first Global Stocktake will set to be a key talking point at COP28. The process, which began at COP26 and will culminate at COP28, evaluates the collective progress made by countries in achieving the goals and targets outlined in the Paris Agreement.
During the Global Stocktake, participating nations will assess the overall effectiveness of climate action taken at local, national, and global levels. This assessment will include a review of mitigation efforts (such as greenhouse gas emissions reduction targets), adaptation measures, financial support provided, and technology transfer. It will also consider the latest scientific findings and advancements in climate research.
The findings that will be revealed at the conference will undoubtedly lead to prominent discussions with executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC) stating it will help provide a greater light “for the course correction that is needed.”
The stocktaking process occurs once every five years and spans a duration of two years.
Following years of advocating for dedicated financial support to assist vulnerable nations in dealing with the repercussions of a climate crisis that they bear little responsibility for, developing economies and allied nations jointly exerted concerted efforts in 2022 to make significant strides on this matter — and they ultimately achieved success.
At COP27, there was the loss and damage agreement that was delivered which looks to help those vulnerable countries deal with climate-related disasters. The subsequent phase, which will require a deeper comprehension is establishing who will be paying these funds and who will be eligible to receiving the funding.
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Food and agriculture were arguably one of the biggest subjects on the agenda at COP27. Some of the largest food and agriculture initiatives around the world including the Agriculture Innovation Mission for Climate (AIM for Climate) and the Global Fertilizer Challenge were more widely recognized thanks to the climate conference.
The importance of this topic led to countries agreeing on a four-year plan at the event to guarantee the continued inclusion of food and agriculture on the global climate agenda in the forthcoming years.
Executive director of the food and land use coalition program at the World Resources Institute said that this agreement would help “continue to push for a more progressive outcome at next year’s Global Stocktake and COP28.”
COP28 is set to become another crucial summit with important topics set to be discussed in depth but with six months remaining, the talking points raised so far have already set the stage for a contentious and complex event. However, the collective determination to address pressing climate issues remains but we await to see the how countries will collaborate, share innovative solutions, and strengthen commitments to combat climate change.