The Global Stocktake?

As the world faces increasing challenges from climate change, the global stocktake has become a vital tool for assessing progress and steering collective action. Introduced under the Paris Agreement, the global stocktake is not just a review process but an “ambition mechanism” designed to evaluate where the world stands in its efforts to limit global warming and adapt to climate impacts. Conducted every five years, the stocktake offers a comprehensive evaluation of the world’s progress toward achieving the long-term goals of the Paris Agreement. With the first global stocktake concluding in 2023 at COP28, it marks a critical turning point in international climate governance.

But what is the global stocktake, and why does it matter so much? In essence, it functions like a global inventory, providing a thorough assessment of climate action worldwide. It looks at both mitigation efforts—those focused on reducing greenhouse gas emissions—and adaptation strategies, which help countries cope with the growing impacts of climate change. Additionally, it evaluates the financial, technological, and capacity-building support needed, identifying gaps and offering recommendations to guide countries in strengthening their Nationally Determined Contributions (NDCs)—the pledges each country makes under the Paris Agreement.

As the world faces a closing window to limit global temperature rise to 1.5°C—a threshold beyond which climate impacts become more severe—the importance of the stocktake cannot be overstated. Its role in shaping future climate policies and encouraging more ambitious goals is key to the global effort to combat climate change.

The Stocktake Process: Purpose and Function

The Paris Agreement established the global stocktake to evaluate progress toward its main objectives, especially limiting global warming to well below 2°C and pursuing efforts to keep the increase below 1.5°C. Every five years, the stocktake reviews global progress, using the latest scientific data, input from stakeholders, and national reports.

The stocktake is carried out in three key phases. First, during the information-gathering phase, data is collected from various sources, including national governments, scientific organizations, civil society, and the private sector. This phase is critical for building a full picture of global climate efforts, highlighting both successes and areas where more work is needed. Reports from the Intergovernmental Panel on Climate Change (IPCC), international bodies, and NDCs form the core of this data collection.

The second phase is the technical assessment, where the gathered data is analyzed to evaluate progress in reducing emissions, adapting to climate impacts, and providing financial support to developing nations. This assessment forms the foundation for actionable insights, revealing areas of progress as well as gaps that need to be addressed.

Finally, the consideration of outputs phase brings together Parties to the Paris Agreement and other stakeholders to discuss the findings of the technical assessment. This phase is crucial for setting the stage for the next round of NDCs and climate policy updates. Through these discussions, countries are encouraged to raise their climate ambitions, ensuring their future actions align with the long-term goals of the Paris Agreement.

The first global stocktake, which concluded in 2023, will be instrumental in shaping the next round of NDCs, due in 2025. This iterative process is designed to strengthen global climate action progressively, with each stocktake building on the findings of the previous one.

Why the Global Stocktake Matters

The global stocktake is not merely a technical exercise; it is a cornerstone of the Paris Agreement, promoting transparency, accountability, and ambition in global climate governance. At its core, the stocktake provides critical data for policymakers, enabling informed decisions about climate policies. By assessing progress in mitigation, adaptation, and support mechanisms, the stocktake gives countries a clear picture of where they stand and what adjustments are needed to stay on course.

Moreover, the stocktake plays a crucial role in encouraging countries to increase their climate ambitions. It reveals the gap between current efforts and the targets set under the Paris Agreement, pushing countries to submit more ambitious NDCs and long-term strategies. It serves as a reminder that, while some progress has been made, the world must act with greater urgency—and that the time for action is limited.

On a global scale, the stocktake helps assess collective progress, showing where global efforts are succeeding and where gaps remain. This comprehensive evaluation holds the international community accountable to its shared climate goals, ensuring that global actions are aligned and mutually reinforcing.

The stocktake also brings attention to climate finance, technology transfer, and capacity building, which are essential for helping developing nations meet their climate commitments. By identifying shortfalls in these areas, the stocktake can drive greater financial and technical assistance where it is needed most. Additionally, it evaluates the progress of adaptation efforts, a critical aspect for countries already experiencing the impacts of climate change. By assessing adaptation strategies, the stocktake helps guide future policies to strengthen resilience and protect vulnerable communities.

Challenges Highlighted by the Stocktake

The first global stocktake comes at a time when the world faces unprecedented climate challenges. Reports from the IPCC have repeatedly warned that current climate action is inadequate to limit global warming to 1.5°C, and the gap between what is needed and what is being done continues to grow.

One of the main challenges identified by the stocktake is the mitigation gap. Even if all current NDCs are fully implemented, the world is still on track for a temperature rise of 2.1°C to 2.8°C by the end of the century. This falls short of the Paris Agreement’s goal of keeping warming well below 2°C, let alone meeting the 1.5°C target. The stocktake has made it clear that countries must significantly increase their efforts to reduce emissions if the worst effects of climate change are to be avoided.

Another major challenge is the adaptation gap. While progress has been made in building resilience, current efforts are not enough to keep pace with the increasing frequency and intensity of climate-related disasters. The stocktake emphasizes the urgent need for more coordinated and scaled-up adaptation strategies, particularly in vulnerable sectors such as agriculture, water management, and public health.

Additionally, the stocktake reveals the finance gap. Despite developed countries pledging to mobilize $100 billion per year in climate finance to support developing nations, this target has yet to be fully met. The stocktake shows that the current level of financial support is insufficient to meet the rising needs for climate action, especially in adaptation and resilience.

COP28 and the Global Stocktake: A Defining Moment

The outcome of the first global stocktake shaped the global climate conversation at COP28. The technical report, released in September 2023, delivered a stark message: the climate crisis is more urgent than ever, and immediate action is required to close the mitigation, adaptation, and finance gaps.

The stocktake decision provides guidance for both Parties and non-Party stakeholders on how to integrate the findings into future climate policies. Countries are expected to update their NDCs and long-term strategies in 2025, with a new target date of 2035. The stocktake gives clear direction, emphasizing the need for more ambitious and comprehensive climate plans.

The stocktake decision also outlines a series of follow-up events and mechanisms to maintain momentum. The June Climate Change Conference in Bonn, Germany, for example, will offer a platform for further discussions on how to translate the stocktake’s findings into concrete actions. These events will be crucial in ensuring that the lessons of the stocktake lead to meaningful outcomes and sustained progress.

A Path Forward: Higher Ambition and Urgent Action

Two reports offered a stark assessment of global climate action and provide valuable insights for decision-making ahead of COP28. The synthesis report, designed to guide countries in reaching a decision on the global stocktake, reflects the views of governments on key elements that could shape the political outcome. Meanwhile, the technical report on the global stocktake, the most extensive review of climate action to date, outlines actionable solutions to climate change that are ready to be implemented. Despite the Paris Agreement’s progress in reducing future warming projections, the reports reveal a substantial gap of up to 23.9 gigatonnes of CO2 equivalent in current national commitments, threatening the 1.5°C target. To bridge this gap, global greenhouse gas emissions must be cut by 43% by 2030 and 60% by 2035, requiring transformative changes across all sectors. The reports underscore the critical importance of climate finance, technology, and capacity-building, particularly for developing nations, while recognizing the significant role of developed countries in historical emissions. With many solutions at hand, the window of opportunity to secure a sustainable future is rapidly closing, urging swift global action.

The global stocktake has provided a roadmap for future climate action. It identifies the steps needed to bring the world back on track, from setting emission reduction targets aligned with the 1.5°C goal to accelerating the energy transition by tripling renewable energy capacity and doubling energy efficiency by 2030. It also highlights the importance of phasing out fossil fuels while promoting low-emission technologies and sustainable practices.

Furthermore, the stocktake stresses the need for significantly scaling up adaptation efforts to build resilience across all sectors. Mobilizing more financial support is equally important, ensuring that resources reach the countries and communities that need them most.

Ultimately, the stocktake itself is not the game-changer—it is the global response to its findings that will determine whether the world meets the goals of the Paris Agreement. The willingness of countries to act on the stocktake’s recommendations, increase ambition, and accelerate action will define the course of global climate efforts in the coming years.

The global stocktake is a crucial tool for fostering transparency, accountability, and ambition in the fight against climate change. The challenges are immense, but with bold action and collective will, the stocktake has shown that a sustainable, resilient, and equitable future is still possible. Now is the time for nations to seize this opportunity and act decisively to secure a livable planet for future generations.