The global stocktake at COP28 refers to a comprehensive review process undertaken by the Parties to the UN Framework Convention on Climate Change (UNFCCC).
Its purpose is to assess collective progress towards achieving the long-term goals of the Paris Agreement, particularly in limiting global temperature rise.
Key Components of the COP28 Global Stocktake:
1. Emissions Reduction Targets: Emphasis on reducing global greenhouse gas emissions by 43% by 2030, relative to 2019 levels.
2. Renewable Energy and Efficiency: Goals to triple renewable energy capacity and double energy efficiency improvements by 2030.
3. Fossil Fuel and Coal Policies: Strategies for phasing down unabated coal power and phasing out inefficient fossil fuel subsidies.
4. Action Plan Development: Guidance for countries to formulate stronger climate action plans by 2025.
Significance:
The global stocktake at COP28 plays a crucial role in monitoring and encouraging enhanced action by countries.
It serves as a reality check, showing how far the world has come and how much further it needs to go to meet the Paris Agreement targets.
The process is vital for transparency, accountability, and fostering international collaboration in the fight against climate change.
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