The latest climate change news from WWF

Excellencies, The Copenhagen Ministerial has proven to be a key milestone for successful negotiations at the Bonn sessions and COPs. In the spirit of contribution, here are a few reflections on what we see as priorities for advancing the climate agenda in 2024 and delivering on the outcomes of the Global Stocktake. Next NDC Cycle - In the context of the UNFCCC, we have been talking about urgency and momentum for many years. After the first Global Stocktake, we are faced with a litmus test for the Paris Agreement in this critical decade. The world can't afford another NDC cycle that does not respond to science, namely collectively reducing CO2 emissions by 43% in 2030 and 60% in 2025 compared to 2019 levels. In this sense, we welcome the launch of the Troika of Presidencies and the Roadmap to Mission 1.5 to significantly enhance international cooperation and the international enabling environment to stimulate ambition in the next round of NDCs. The Copenhagen meeting provides an opportunity for countries to start a list of tangible activities, initiatives, and partnerships, as laid out in the GST outcomes from Dubai. This must send a strong political signal for countries to launch their domestic processes for NDC review and enhancement, leading to the highest possible ambition. Finance: It is imperative that the world agrees on a New Collective Quantified Goal (NCQG) for public finance that responds to the needs of developing countries, especially the most vulnerable ones. This outcome can rebuild trust between countries for a strong second round of new and enhanced NDCs that will keep us on a pathway to no more than 1.5°C global warming. A finance package from COP29 should also include scaling up contributions for the Loss and Damage Fund, and the doubling adaptation finance. It must also make finance flows consistent with low greenhouse gas emissions and climate-resilient development, as per the Paris Agreement’s article 2.1.c. Energy Transition - The main achievement of the UAE Consensus is the first step towards the end of the fossil fuel era. But much remains to be done. It is crucial that Ministers advance discussions and exchange on how to fulfil the Global Stocktake recommendations. This should be on, among others, tripling renewable energy capacity globally and doubling the global average annual rate of energy efficiency improvements by 2030; and accelerating efforts towards the phase-down of unabated coal power. We think it should also include accelerating efforts globally towards net-zero emission energy systems; transitioning away from fossil fuels in energy systems; accelerating zero- and low-emission technologies; accelerating and substantially reducing non-carbon-dioxide emissions globally and phasing-out inefficient fossil fuel subsidies. These discussions must link such recommendations to NDCs and the New Collective Quantified Goal for public finance. Signed, Manuel Pulgar-Vidal WWF Global Lead Climate and Energy COP29 President Former Minister of Environment, Peru
Posted: March 18, 2024, 12:00 am
The report "Corporate Climate Targets: ensuring the credibility of EU-regulated commitments" includes a detailed description of the legal obligations of companies and financial institutions, as well as methodological recommendations. It also shows that using the Science Based Targets Initiative (SBTi) facilitates target setting and enables companies to comply with related requirements of European regulations. It assesses the alignment of the methodological requirements of SBTi with the EU legal requirements outlined in the Corporate Sustainability Reporting Directive (CSRD), which provides a framework for mandatory sustainability reporting at the European level. All recommendations and conclusions issued in this report are also in line with the current version of the Corporate Sustainability Due Diligence Directive (CSDDD), which is expected to be voted on shortly by EU Member States. According toAntoine Pugliese, Sustainable Finance Advocacy Manager at WWF France: “Strengthening corporate sustainability reporting requirements is a key element of the European Green Deal. The main objective of the Corporate Sustainability Reporting Directive (CSRD) is to provide strategic sustainability data empowering companies to align business models with a sustainable economy and a limitation of global warming to 1.5°C, in line with the Paris Agreement. This first report examines how companies, auditors and supervisors need to ensure the credibility of climate objectives as the first element of a robust transition plan.” Reacting to the report,Anna Notarianni, Group Chief Impact Officer at Sodexosaid: “As the first company in our industry with short and long term climate targets validated by SBTi, Sodexo has consistently led the way in Sustainability. We are proud that our proactive adoption of SBTi-validated targets and trajectories was the right decision to take and will be useful to address emerging regulatory requirements such as CSRD - this new WWF report confirms it.” ForSkender Sahiti-Manzoni, Head of Sustainable Policies & Stakeholder Engagements at La Banque Postale: “The recent WWF report underlines La Banque Postale's ongoing commitment to tackling climate change in the financial sector. By adopting rigorous science-based targets and pathways early on, we are reaffirming our commitment to sustainable transitions while effectively meeting climate target disclosure standards such as the CSRD. This underlines our proactive approach, demonstrated by our commitment to withdraw completely from fossil fuels by 2030 at the latest.” In particular, the report makes the following recommendations: EU institutions and Member States, relevant regulators and supervisors, and assurance providers (auditors) should immediately recommend companies toadopt SBTi-validated climate targets, to both ensure compliance with EU regulatory requirements on corporate climate target setting and reporting, and improve transparency on their projected emissions reductions. TheEU should develop a methodological regulatory frameworkof reference to ensure credible, comparable climate targets aligned with a 1.5°C global temperature increase limit for companies, based on SBTi methodological guidelines and recommendations. Climate targets must be monitored by relevant regulators (national competent authorities) and supervisors who should ensure thatappropriate means are allocatedto achieving these targets and monitor progress on corporate engagements. In this sense, CSDDD represents an essential part of EU sustainability regulation, which should be complemented by the development of a robust Measurement, Reporting and Verification (MRV) process for corporate climate targets. WWF calls for rapid consideration of these recommendations to ensure the ambition and credibility of corporate climate targets, in line with the EU 2030 climate goals, the European Green Deal, and the promotion of long-term climate resilience and financial stability. Key findings of the report: CSRD requirements:the report recalls that the CSRD allows companies to set climate targets, declare whether they are aligned with a limit of 1.5°C global temperature rise, and describe the scenarios used to develop them. These targets must be set in absolute terms to ensure the rapid decarbonization of economic activities, in five-year intervals between 2030 and 2050. This should eventually be complemented by the CSDDD, which, if voted as expected, will also require supervisors to ensure that adequate means are provided by companies to implement their climate targets through transition plans. Compliance of SBTi with European regulations:SBTi is a methodological reference for defining corporate climate objectives. It has been used to validate the objectives of over 4,000 companies and financial institutions in almost 100 countries, with over 3,000 more committed to do it. It enables economic players to ensure that their decarbonization objectives are compatible with a global temperature rise limit of 1.5°C (with little or no overshoot). WWF's analysis shows that SBTi's methodological requirements for the creation, submission and validation of climate targets are aligned with the requirements set out in the CSRD, and are sometimes even more stringent. A facilitated process for setting climate targets: with its well-established presence in the EU and significant coverage of the Union's GHG emissions, SBTi can greatly facilitate the implementation of the CSRD and projected CSDDD requirements for companies and financial institutions to set and publish climate targets. This will help to improve the credibility and comparability of these targets, and better contribute to the EU goal to achieve climate neutrality. Ambitious and credible climate targets also help to improve the resilience and long-term financial stability of companies and financial institutions. The report points out, however, that setting targets alone is not enough to provide a satisfactory assessment of the reality of companies' climate ambitions. Indeed, these targets represent only the first step in the development of corporate climate transition plans, which will be the subject of future WWF reports in 2024.
Posted: March 4, 2024, 12:00 am
Mark Lutes, Senior Advisor, Global Climate Policy, WWF Climate and Energy, said, “WWF is encouraged to see Maersk’s leadership in the shipping industry, as they become the first company to have ambitious greenhouse gas emission reduction targets in line with the Paris Agreement’s 1.5°C warming limit validated by the Science Based Targets initiative. “Maersk, as one of the largest global shipping companies, has shown that science-based decarbonization targets are possible for the sector. This should serve as a benchmark of ambition for others. “Shipping accounts for around 3% of global greenhouse gas emissions, and with only 6 years to 2030, when global emissions should have reduced by at least 43%, the urgency to act is clear. It is time for shipping companies to demonstrate commitment to tackling the climate crisis by setting their own targets and taking immediate action to implement them. These targets must be more ambitious than the pathway set out by the International Maritime Organization in their recently approved decarbonization strategy if we are to limit warming to 1.5°C and avert the worst impacts of climate change.”
Posted: February 9, 2024, 12:00 am
WWF´s Greening Financial Regulation Initiative (GFRi) has today published findings from its annual SUSREG Tracker.The assessment shows that whilst significant progress has been made by several central banks and financial supervisors to implement sustainable regulatory and supervisory measures, key gaps remain, particularly in major economies where broader environmental and social risks are still being neglected.Current financial regulations and central banking activities focus on climate and do not fully account for broader environmental and social impacts, like biodiversity loss and its effects caused on communities who heavily depend on fragile natural resources for their livelihood. Only 18% of central banks show exemplary progress in integrating climate-related risks into their monetary policy and central banking activities, whilst 68% of high-income countries have not yet adopted adequate climate and environmental banking supervision policies. Moreover, ambition and implementation of sustainable financial measures is unequal across central banks and financial supervisors. Maud Abdelli, WWF’s Greening Financial Regulation Initiative lead, says: “Inaction or little action is fueling the dual climate-nature crisis. At the COP28 UN climate summit last week, countries agreed to transition away from fossil fuels, but they failed to commit to a full phase-out and to prioritise protecting nature. Central banks and supervisors need to take up a prominent role in directing finance away from the most environmentally harmful sectors like coal, gas and oil, and set minimum ESG expectations in financial regulation and supervision.“ SUSREG Tracker is WWF´s interactive online assessment tool that evaluates progress on the integration of environmental and social risks into central banking, financial regulation and supervision activities. This year's analysis covers 47 jurisdictions, which together, represent over 88% of the global GDP, 72% of global GHG emissions and 11 of the 17 most biodiversity-rich countries in the world. Some notable progress includes: The integration of biodiversity indicators into central banks own portfolios and pension fund disclosure. The development of supervision methodologies to tackle biodiversity loss. The growing requirements for financial institutions and corporations to disclose their climate transition plans. The set up of sector-specific lending guidelines for high-risk sectors to help financial institutions assess client's E&S risks. But the assessment also finds that: The focus of central banking and insurance supervision activities remains primarily on climate. Only 18% of central banks have shown exemplary progress in integrating climate risks into their monetary policy and central banking activities. 68% of high-income countries have not yet adopted adequate climate and environmental banking supervision policies. Some of the highest emitting countries have not put in place strong climate-related banking and insurance supervision policies. More than half of the countries with net-zero targets (20 out of 37) that are covered in this assessment have considerably weak climate banking supervision policies. Sustainable banking and insurance supervision policies are falling short in the most biodiverse countries of the Asia-Pacific and Latin America, leaving them highly-exposed to nature-related risks. Building on its Roadmap for a climate safe and nature positive economy that recommends new nominal anchors for central banking and financial supervision mandates (– 1.5ºC, full biodiversity recovery by 2050, 50% GHG emissions reduction, and nature positive by 2030), WWF urges central banks, financial supervisors and regulators to: Publish own transition plans for a low-carbon and nature-positive economy that are transparent and measurable, and encompass all central banking, financial regulation, and supervision activities.​ Apply a precautionary approach using all micro and macro prudential supervision tools available. Instead of waiting for the perfect data and models, financial supervisors need to prioritise preventive and impactful measures in the face of uncertain and potentially catastrophic environmental threats. Utilise their monetary policy toolkit to address environmental and social risks while phasing-out always environmentally harmful activities from their portfolios, i.e. those that do not adapt to business models that ensures a transition to a sustainable economy. Impose higher capital requirements to financial institutions’ lending, investing and insuring companies with always environmentally-harmful activities like coal, oil and gas expansion. Siti Kholifatul Rizkiah, lead author of the SUSREG Annual Report 2023 says: “Properly managing financial risks stemming from environmental and social risks is an intrinsic part of central banks and financial supervisors mandates. It harnesses the power of the financial sector to safeguard our economy and underpins the foundation of a resilient financial system.” Watch the video below for an overview of the SUSREG assessment main findings and recommendations:
Posted: December 18, 2023, 12:00 am
After two weeks of negotiations the UN climate summit, Cop28, came to a close in Dubai.Here are the main takeaways from 2023’s largest global conference on the climate crisis. A transition from fossil fuels but not a full phase-out After days of intense negotiations, a landmark agreement emerged from the UN climate summit in Dubai, marking a significant step towards addressing the climate crisis. For the first time in history, the agreement explicitly calls on all nations to transition away from fossil fuels, a crucial step in curbing greenhouse gas emissions and limiting global warming. While the agreement stopped short of explicitly calling for a phase-out of fossil fuels, a move that many governments had hoped for, its acknowledgment of the need to move away from these polluting energy sources represents a significant shift in global climate diplomacy. Climate change: Who should foot the bill? Fossil fuels vs renewable energy COP28: What is the Global Stocktake? WWF at COP28: Find out more The text clearly recognizes the urgency of the situation, stating that "deep, rapid and sustained reductions" in emissions are essential to avoid the devastating consequences of exceeding the 1.5°C warming threshold set out by the Paris Agreement. This newfound recognition of the need to transition away from fossil fuels is a testament to the growing global consensus on the urgency of the climate crisis. It is a sign that even in the face of immense challenges and vested interests, nations are able to come together to address this existential threat. Now countries must turn this agreement into action. This will require a significant scale up of climate finance to unlock this action. Developed countries must deliver the finance needed to ensure all countries can rapidly decarbonise and restore nature. Despite these challenges, the agreement reached at COP28 is a step in the right direction, signaling a willingness among nations to recognize the gravity of the situation and take action to address it. The first global stocktake revealed we're off track The world is not on track to meet the goal of limiting rising temperatures to 1.5°C, above pre-industrial levels. This was the stark conclusion of the first Global Stocktake (GST), conducted at COP28, the 28th Conference of the Parties to the UN Framework Convention on Climate Change. The GST, a comprehensive assessment of global climate action, found that current national commitments to reduce greenhouse gas emissions are woefully inadequate. To stay within the 1.5°C warming target, global emissions need to be cut by 42% below 2010 levels by 2030. However, current NDCs put us on track for only a 14% reduction. The GST served as a sobering reminder of the urgency of climate action. The world is rapidly approaching the point of no return, and we need to take immediate and drastic action to avert the worst impacts of climate change. The GST outcome is a call to action for all countries, businesses, and individuals to step up their efforts and work together to achieve a sustainable future. What is WWF’s assessment? WWF welcomes the decision by countries to transition away from fossil fuels, but is disappointed at the failure to commit to a full phase out. WWF calls for increased ambition and implementation of climate action, highlighting the need to transform energy systems and replace fossil fuels with clean and cheaper renewable energy at an unprecedented speed and scale. The WWF also calls for more funding to help people in harm's way and for action to protect nature. Find out more:panda.org/cop28
Posted: December 13, 2023, 12:00 am
How can governments integrate action on climate and nature? WWFsBreaking Silos: Enhancing Synergies between NDCs and NBSAPsidentifies a number of entry points to ensure that policy planning and implementation processes work together to deliver for climate, nature, and people. Key actions in the report include: ensuring that national climate and biodiversity policy planning processes are integrated in the development of sectoral strategies the prioritization and pooling of financial resources for policy measures such as nature-based solutions that can contribute to both climate and biodiversity objectives greater representation and resources for Indigenous Peoples and local communities to act on climate change and biodiversity through holistic approaches. Public-private partnerships, along with non-state initiatives, are also highlighted as key catalysts for synergistic action - with the report recommending the expansion and alignment of their mandates with national biodiversity and climate targets. Released ahead of Nature Day at COP28 (9 Dec), the report reinforces calls for COP28 to be the moment when nature is truly brought into the climate process through the Global Stocktake outcome and the establishment of a dedicated nature-climate work stream at future COPs.
Posted: December 8, 2023, 8:30 am
The first week of the COP28 climate negotiations has seen mixed results. While significant progress has been made on some key issues, the outcome of the Global Stocktake is uncertain. Country negotiators have produced a long draft text on the Global Stocktake, with multiple options, including one on a fossil fuel phaseout. WWF, along with many others, will be pushing to keep “phase out fossil fuels” in the text and on top of the agenda. However, progress has been slow and difficult on many other issues, including the Mitigation Work Program, the Global Goal on Adaptation and food systems. What is COP28 and does it matter? Climate change: Who should foot the bill? Fossil fuels vs renewable energy COP28: What is the Global Stocktake? WWF at COP28: Find out more WWF is calling on negotiators to prioritize a successful outcome of the Global Stocktake, which is a crucial assessment of progress towards the Paris Agreement goals. “The progress made at COP28 so far has been disappointing and does not reflect the urgency called for by science and people suffering from the climate crisis,” said Dr Stephen Cornelius, WWF Deputy Global Climate and Energy Lead. “There is a lot to do in the remaining five days of negotiating time to achieve the course correction needed to adequately respond to the climate emergency.” WWF is also concerned about the lack of progress on nature and food systems. The current draft of the Global Stocktake does not include a reference to nature-based solutions, and food systems are currently being sidelined from the negotiations. “In the next week’s political phase of the negotiations we need to see decisions that secure a major course correction in global climate action,” said Shirley Matheson, WWF Global NDC Enhancement Coordinator. “Ministers must strengthen the texts, bring in missing elements, and resolve disagreements. They must keep the strongest elements of the Global Stocktake text, especially on a fossil fuel phaseout and emissions reductions needed by 2035.” “Those in negotiation rooms cannot be tone-deaf to science and urgency,” added João Campari, WWF Global Food Lead. “We will not achieve any of the long-term goals of the Paris Agreement without more ambitious, comprehensive, and equitable climate action on food. Negotiators can’t squander another opportunity by excluding food systems transformation from the Global Stocktake. It has to be reinstated - and meaningfully.” WWF is urging negotiators to seize this critical opportunity to deliver a strong outcome from COP28. Find out more:panda.org/cop28
Posted: December 7, 2023, 12:00 am
COP28 has seen some notable finance developments so far - including agreement on the Loss and Damage Fund to support countries already impacted by the climate crisis; a $30 billion catalytic fund from the UAE designed to unlock private finance across the Global South, and a $270 billion green finance pledge from its banks; and commitments fromMultilateral Development Banks (MDBs)that promise to unlock over $180 billion in additional climate finance. These developments and others are welcome. But developing countries need trillions not billions. And there’s a gaping abyss between what’s been pledged and what’s required. WATCH:Aaron Vermeulen, Global Finance Practice Leader, WWF, reflects on Finance Day at COP28. Emerging markets and developing countries outside China need $2.4 trillion a year in investment by 2030 for ajust energy transition, adaptation and resilience, loss and damage,and conservation and restoration of nature - a fourfold increase on current funding for these priorities. Bridging the gap requires the private sector to set ambitious transition plans that deliver massive investment in adaptation and nature-based solutions. Leading multilateral development banks are planning to launch a global ‘task force’ at COP28 to scale up 'debt-for-nature' swaps to help protect vital ecosystems. And several have already agreed to pause debt repayments for countries suffering climate shocks. But governments and public development banks must address the fundamentals by regulating climate- and nature-related risks, repurposing global financial architecture, and finding innovative ways to use public finance to unlock and channel private capital where it’s needed most. The bottom line is that COP28 must finally deliver on the long overdue 2009 annual $100 billion pledge for developing countries, and agree an ambitious post-2025 Climate Finance Goal. But the trillion dollar question remains - will COP28 keep 1.5 and the most climate-vulnerable countries and communities alive? WEBINAR: Supercharging blended finance for a net zero, nature-positive transition Join WWFon Thursday Dec 6th at 3.30pm in the Panda Pavilion along with special guests from GEF, Equity Group Holdings, The Lightsmith Group, and Business for Nature to find out more, and explore how blended finance can help secure a net zero, nature-positive transition. Also via livestream at youtube.com/WWFclimate. Press Enquiries WWF has a number of experts available on the ground at COP28 and remotely to provide commentary in multiple languages on topics ranging from key issues in the negotiations to the energy transition and the dual climate and nature crises.To set up an interview with one of our experts, contactnews@wwfint.org.
Posted: December 4, 2023, 3:00 pm
Continuing their ongoing collaboration, WWF and London-based animation company NOMINT announce the release of "Up in Smoke" at COP28, a film that urgently addresses the global climate crisis driven by fossil fuel emissions and features a reinterpretation of Billie Eilish’s and Finneas’s hit song "When the Party's Over." Employing innovative stop-motion animation with real smoke to tell the story of the devastating effects of fossil fuel emissions on humans and the planet, "Up in Smoke" visually articulates the dangers of continued fossil fuel use. Following in the footsteps of critically acclaimed works "Can’t Negotiate the Melting Point of Ice" and "A Flammable Planet," "Up in Smoke" continues the partnership's legacy of fusing artistic creativity with environmental activism. Film Synopsis: A World Covered in Smoke "Up in Smoke" immerses audiences in a world where a young girl confronts a smoke-filled environment, symbolizing the catastrophic consequences of fossil fuel emissions. The film's narrative, depicted through groundbreaking stop-motion animation using real smoke, powerfully conveys the urgent environmental themes. Innovative Production Process For "Up in Smoke," NOMINT employed a unique production process, integrating stop-motion animation with real smoke, and using a full-color 3D printing technique to create over 700 unique sculptures for different poses of the girl. The film, a year-long project, included a full month dedicated to shooting and was shot entirely in-camera, exemplifying NOMINT's commitment to environmental messaging through innovative visual artistry. Directed by co-founder Yannis Konstantinidis, "Up in Smoke" exemplifies NOMINT's dedication to blending technology with storytelling. Essential Themes: The role of fossil fuels as a primary driver of climate change. The irreversible impact on the planet and humanity. The urgency for global leaders to shift to 100% renewable energy. A Legacy of Award-Winning Stop-Motion Innovation This film builds upon "Can’t Negotiate the Melting Point of Ice," a stop-motion film created entirely using real melting ice, and "A Flammable Planet," employing live fire. Both films have been lauded for their innovative storytelling and strong environmental messages, earning awards including Cannes Lions, Webbys, Clios, One Show, and D&ADs. Musical Collaboration: Enhancing Emotional Depth Featuring The Social Singing Choir from Margate, the film includes a poignant rendition of the hit song "When the Party's Over," originally performed by Billie Eilish and written by Finneas O'Connell. The Margate-based Social Singing Choir, formed in 2018, is celebrated for its inclusive approach to music, contributing to various performances and collaborations. Invitation to Witness and Act “Up in Smoke" emphasizes the critical need for action against the climate crisis. The film is a compelling call to action for a sustainable future. At COP28, WWF is calling on countries to commit to phase-out all fossil fuels well before 2050, with developed countries achieving this far sooner. Ambitious targets are also needed to accelerate the transformation of the global energy system to deliver 100% renewable energy, increased energy efficiency and expanded energy access. Credits: CLIENT: WWF AGENCY: NOMINT CAMPAIGN: “Up In Smoke” PRODUCTION: NOMINT CREATIVE DIRECTION: Yannis Konstantinidis, Christos Lefakis DIRECTOR: Yannis Konstantinidis EXECUTIVE PRODUCER: Marilena Vatseri MUSIC SUPERVISION: Twelve Decibels MUSIC ARRANGEMENT: Hughie Gavin PERFORMANCE:The Social Singing Choir LABEL: Manners McDade MUSIC/ LYRICS: Finneas O’Connell SOUND DESIGN/ MIX: Rabbeats Music COLOUR GRADING: George Kyriacou (at Black Kite Studios) MARKET: Global
Posted: December 4, 2023, 12:01 am
The UN climate talks - COP28 - are taking place in Dubai The Global Stocktake (GST) is the first "report card" on the efforts by countries around the world to address the climate crisis. This assessment about how well countries are doing will contain few surprises: it is already widely known that we are way off track to limit global temperature rise to 1.5°C, the goal of the Paris Agreement. Not enough is being done to address the cause of climate change (greenhouse gas emissions). And not enough is being done to prepare for the impacts of climate change, which are already here and are predicted to get worse in the future. What is COP28 and does it matter? Climate change: Who should foot the bill? Nature is climate's crucial ally COP28 must rebuild the credibility and ambition of the global climate regime WWF at COP28: Find out more This assessment will be especially damning for richer countries who have the money to take action, and can take advantage of opportunities like the new jobs and clean industries which will benefit their citizens. These countries are not providing enough money to those in need, so poorer countries cannot afford to take their own steps to address climate change, nor to access similar economic opportunities. This is exacerbating poverty and is unfair because these countries are the least responsible for the climate crisis in the first place. What will be new, and vitally important, is what countries decide to do to address all of these gaps. The head of UN Climate Change calls this a "course correction". This means that countries will need to improve their climate action plans and speed up their roll-out. Underpinning this is the need for countries to accept that the largest contributor to the climate crisis is our reliance on fossil fuels. We need to phase them out, and move towards a future powered by more sustainable, efficient, renewable energy. We won’t know what this course correction will look like until the climate talks in Dubai wrap up - but this will be a crucial litmus test for success for this year’s climate negotiations. Progress and course correction We know we are not on track to meet our internationally agreed climate goals. Report after report shows us that the average global temperature rise is set to exceed 2°C – dangerously above the 1.5°C target of the Paris Agreement and a threshold to avoid the worst impacts for people and nature. That makes the agreement’s Global Stocktake so important. It not only represents a report card that shows us where we are, it also provides a critical opportunity to course correct, and build a foundation for more ambitious action in the years to come. At COP28, the Global Stocktake is the first of what will be a five-yearly cycle of assessing our progress in achieving the long-term goals of the Paris Agreement. In 2021, the Global Stocktake process kicked off with a phase of collecting information, followed by a series of "technical dialogues", which concluded in June this year. The resulting report bringing together all this contained few surprises. It found that the Paris Agreement has “driven near universal climate action”, but that much more effort is needed, included on “systems transformation” to ensure we are more resilient to a warming world anc can continue to grow our economies without further growth in emissions. This takes us to the stocktake’s next phase. At COP28, governments will consider the findings and, hopefully, produce a political decision supported with technical guidance. At a minimum, this political declaration should clearly identify the gaps in where we need stronger goals and more on-the-ground action to achieve these goals. It should set out where we need to be in terms of reducing emissions and adapting to a warming world. This includes addressing the losses and damages already being faced by vulnerable countries as climate impacts become more severe, and providing finance, capacity building and technology to support poorer countries. It also needs to offer guidance and ways to help countries improve their existing climate action plans and produce new ones that are equal to the crisis we face. These plans must put the world on a pathway to limit warming to 1.5°C of warming and outline exactly how this will be done. The declaration must also provide clarity on the financing and support that will be needed to meet the Paris Agreement goals. It should provide the basis for a global climate finance target that delivers at least US$600 billion over 2020-2025, after which donor countries should expect to scale up their funding, in line with expected needs. Undoubtedly, we face serious political challenges in agreeing an ambitious declaration onthe Global Stocktake at the COP28 climate talks. We know what needs to be done. Now we need to make it happen. Find out more:panda.org/cop28
Posted: December 4, 2023, 12:00 am