Daily Current Affairs : 14-September-2023

The recently concluded G-20 summit held in New Delhi drew global attention to the issue of climate change. Prior to this summit, the United Nations climate secretariat released a ‘synthesis report’ as part of a series of meetings assessing countries’ progress toward the goals set in the 2015 Paris Agreement. This report, known as the ‘Global Stocktake,’ plays a crucial role in shaping international climate discussions and policy decisions.

Why It’s Named the ‘Global Stocktake’ Report:
  1. Periodic Assessment: The term ‘Global Stocktake’ is derived from a larger, five-yearly exercise established after countries committed to the Paris Agreement in 2015.
  2. Reviewing Climate Efforts: The Paris Agreement mandated regular reviews or “stocktakes” of individual countries’ efforts to combat climate change. These assessments evaluate progress in reducing greenhouse gas emissions and transitioning from fossil fuels to renewable energy sources.
Key Findings of the Report:
  1. Galvanized Climate Goals: The Paris Agreement has spurred countries to set ambitious climate goals and recognize the urgency of addressing the climate crisis.
  2. Economic Transition: Governments are urged to support efforts to shift their economies away from fossil fuel industries, even if it involves disruptive changes.
  3. Equitable Transition: Transitioning economies must prioritize equity and inclusivity to ensure that no one is left behind.
  4. Ambitious Emission Reductions: A much greater ambition is needed to achieve a 43% reduction in global greenhouse gas emissions by 2030, followed by a 60% reduction in 2035, ultimately reaching net-zero CO2 emissions globally by 2050.
  5. Scaling Renewable Energy: Renewable energy sources must be significantly expanded to replace unabated fossil fuels, such as coal plants without carbon capture and storage mechanisms.
  6. Halt Deforestation and Land-Degradation: Efforts to stop and reverse deforestation and land degradation are crucial, alongside encouraging agricultural practices that reduce emissions and enhance carbon sinks.
  7. Fragmented Adaptation Efforts: Adaptation efforts are currently fragmented, incremental, and sector-specific, with unequal distribution across regions. Transparent reporting can enhance international cooperation.
  8. Loss and Damage Management: Urgent action is needed to address and minimize “loss and damage” caused by climate change impacts, requiring comprehensive risk management across climate and development policies.
  9. Scaling Support: Support for adaptation and funding arrangements to address loss and damage must be rapidly scaled up, utilizing expanded and innovative funding sources.
  10. Climate Finance Access: Developing countries need enhanced access to climate finance to support their climate resilience and mitigation efforts.
  11. Global Financial Shift: A rapid global shift of financial flows is essential to support low greenhouse gas emissions and climate-resilient development pathways.
Impact of the Global Stocktake Report:
  1. Influence on Upcoming Conference: The report is expected to be a foundational document for the upcoming 28th UN Climate Conference of Parties (COP) in Dubai in November. It will shape discussions and decisions regarding climate policy and ambition.
  2. Recognition in G20 Leaders Declaration: The report’s findings have resonated in the G20 Leaders Declaration, highlighting the significant financial requirements for transitioning to a renewable energy economy.
  3. Acknowledgment of Financial Requirements: The G20 Leaders Declaration officially acknowledges the substantial financial requirements, including USD 5.8-5.9 trillion in the pre-2030 period for developing countries and USD 4 trillion per year for clean energy technologies by 2030, to achieve net-zero emissions by 2050.

Important Points:

Why It’s Named the ‘Global Stocktake’ Report:

  • Part of a five-yearly exercise established after the 2015 Paris Agreement.
  • Mandates regular reviews or “stocktakes” of countries’ climate efforts.

Key Findings of the Report:

  • Paris Agreement galvanized climate goals.
  • Urges support for transitioning away from fossil fuels.
  • Emphasizes equitable transition and ambitious emission reductions.
  • Calls for scaling up renewable energy sources.
  • Highlights the need to halt deforestation and land degradation.
  • Addresses fragmented adaptation efforts and the importance of transparent reporting.
  • Urges action on loss and damage management.
  • Stresses the need to scale support and enhance climate finance access.
  • Calls for a global financial shift toward climate-resilient development.

Impact of the Global Stocktake Report:

  • Serves as a foundational document for the upcoming 28th UN Climate Conference of Parties (COP).
  • Influences discussions and decisions regarding climate policy and ambition.
  • Recognized in the G20 Leaders Declaration.
  • Acknowledges substantial financial requirements for transitioning to a renewable energy economy.
Why In News

Prior to the recently concluded G-20 summit in New Delhi, where world leaders gathered, the United Nations climate secretariat unveiled a crucial ‘synthesis report.’ This comprehensive report summarizes the outcomes of three prior meetings dedicated to evaluating countries’ progress towards meeting the 2015 Paris Agreement goals, providing valuable insights into global climate efforts.

MCQs about Global Stocktake Report

  1. What is the primary purpose of the ‘Global Stocktake’ ?
    A. To evaluate countries’ progress in addressing climate change.
    B. To promote fossil fuel industries.
    C. To enforce climate targets on countries.
    D. To generate revenue for renewable energy projects.
    Correct Answer: A. To evaluate countries’ progress in addressing climate change.
    Explanation: The ‘Global Stocktake’ report’s primary purpose is to evaluate countries’ progress in addressing climate change by assessing their efforts, goals, and commitments.
  2. What does the Paris Agreement encourage countries to do through the global stocktake process?
    A. Maintain the status quo in climate actions.
    B. Decrease their climate ambitions every five years.
    C. Increase their climate ambitions every five years.
    D. Ignore their Nationally Determined Contributions (NDCs).
    Correct Answer: C. Increase their climate ambitions every five years.
    Explanation: The Paris Agreement encourages countries to increase their climate ambitions every five years through the global stocktake process, pushing them toward more ambitious climate goals.
  3. what financial support is highlighted in the G20 Leaders Declaration?
    A. The need for countries to fund their climate efforts independently.
    B. The importance of reducing climate finance for developing countries.
    C. The substantial financial requirements for transitioning to renewable energy.
    D. The necessity of increasing subsidies for fossil fuel industries.
    Correct Answer: C. The substantial financial requirements for transitioning to renewable energy.
    Explanation: The G20 Leaders Declaration highlights the substantial financial requirements, including USD 5.8-5.9 trillion in the pre-2030 period for developing countries and USD 4 trillion per year for clean energy technologies by 2030, to achieve net-zero emissions by 2050.
  4. How does the ‘Global Stocktake’ report impact the 28th UN Climate Conference of Parties (COP)?
    A. It has no influence on the COP.
    B. It serves as a foundational document for the COP.
    C. It enforces binding climate regulations during the COP.
    D. It cancels the COP’s proceedings.
    Correct Answer: B. It serves as a foundational document for the COP.
    Explanation: The ‘Global Stocktake’ report serves as a foundational document for the upcoming 28th UN Climate Conference of Parties (COP) and shapes discussions and decisions regarding climate policy and ambition.

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