Accelerating Net Zero at COP28 from the UNFCCC Global Stockstake and World Energy Forum reports

The upcoming COP28, just days away, has captured widespread attention as the world grapples with the urgent issue of climate change. The need to address climate change becomes more critical. The recent UNFCCC Global Stocktake report, along with insights from the World Economic Forum and Boston Consulting Group's State of Climate Action, underscore the importance of this moment. COP28 is now recognized as a crucial juncture in the global battle against climate change.​

The inaugural Global Stocktake, unveiled in October 2023, has revealed that the world is falling short in its pursuit of the objectives outlined in the 2015 Paris Agreement. Including :

1. Insufficient Progress Towards Paris Goals: The report states that current global actions are inadequate to achieve the Paris Agreement 2015 objectives. The world is  off track in its mission to limit global warming to well below 2 degrees Celsius above pre-industrial levels.
2. Urgent Need for Enhanced Ambition: It underscores the immediate necessity for nations to ramp up their climate ambitions. This includes more aggressive emission reduction targets and concrete actions to transition to cleaner energy sources through the Nationally Determined Contributions or NDCs)
3. Energy Transition is Vital: The report highlights the central role of the energy sector in reaching net-zero emissions. It calls for the establishment of precise and ambitious targets within this sector, covering renewables, coal, hydrogen, oil, and gas.
4. Financial Support for Vulnerable Nations: Recognizing the financial constraints that hinder climate action in vulnerable countries, the report advocates for the creation of scalable financing mechanisms to support adaptation efforts, especially in regions most at risk from climate change impacts.
5. Private Sector Engagement: The report emphasizes the importance of involving the private sector in climate action. This includes initiatives related to financing, enhancing accountability, building capacity, and adopting climate-friendly technologies. Encouraging private sector engagement is seen as a key driver of transformative climate action.

During COP28, member states of the United Nations will engage in discussions to determine their course of action in response to the stocktake's revelations.  We  expects the below actions: 

1. Precise objectives are established for various technology of the energy sector, such as renewables, coal, hydrogen, oil, and gas, among others. The stocktake emphasizes the pivotal role of the energy transition in attaining net zero emissions and suggests the formulation of concrete targets within this sector.
2. Robust financial mechanisms are put in place to bolster adaptation efforts, particularly for nations most vulnerable to climate impacts. UN member states acknowledge the existing gaps in action and implementation, primarily attributable to financial limitations.
3. Strategies for engaging the private sector in climate initiatives are developed, encompassing aspects like financing, accountability, capacity enhancement, and technology adoption. This involves creating pathways to encourage corporate involvement in climate action.

A call for action reiterated by the 'State of Climate Action' from the World Economic Forum

 The insights provided by the World Economic Forum and Boston Consulting Group (BCG) further underscore the imperative for action. Published in November 2023, "The State of Climate Action" report highlights that the transition to a sustainable, low-carbon economy is not just a moral obligation but a pragmatic economic imperative. It reveals that nations and businesses that embrace sustainable practices are not only contributing to the preservation of the planet but are also poised for economic growth and resilience. The key recommendations from the report are : 

1. Unlock more ambitious and swifter national commitments and initiatives, with a particular emphasis on revamping energy infrastructure, engaging high-emission sectors, mitigating methane emissions due to its substantial short-term impact, and implementing robust government green procurement policies.
2. Create a level playing field for decarbonization by employing mechanisms such as carbon pricing, emissions trading systems, and carbon border adjustments.
3. Strengthen governmental efforts to remove roadblocks hindering the transition. Expedite permitting processes, develop essential infrastructure and supply chains, facilitate investments to reduce risks associated with accessing raw materials, and enhance workforce skills, with a specific focus on reskilling individuals from fossil fuel-based industries.
4. Encourage corporations to set more ambitious targets for themselves and their supply chains and align their actions to achieve these objectives.
5. Significantly expand the adoption of high-impact technologies and the requisite infrastructure.
6. Mobilise climate financing for developing nations, contingent on their commitment to ambitious mitigation actions.

As we anticipate the beginning of COP28, it's crucial to recognize the pressing nature of the climate crisis. Reports like the Global Stocktake and "The State of Climate Action" serve as urgent reminders, urging us to take swift and decisive action. COP28 marks a significant moment in our shared quest for a sustainable, Net Zero future. It's a time for global leaders to unite, set aside differences, and pave the way toward a greener, more prosperous world. The world's eyes are on COP28 as we strive to realign our efforts and achieve the Climate Agenda for Net Zero.

​Author: Hayatte Loukili