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UNFCCC Puts “Cards on the Table” Ahead of Global Stocktake

The United Nations Framework Convention on Climate Change (UNFCCC) has published a new synthesis report to serve as a blueprint for guiding governments in their decision-making process for the global stocktake at COP28 in Dubai. Simon Stiell, Executive Secretary of UN Climate Change, said: “This report puts the cards on the table – except this is not a game. We know that we as the global community are not on track towards achieving the long-term goals of the Paris Agreement and that there is a rapidly closing window of opportunity to secure a liveable and sustainable future.” The global stocktake is a key component of the Paris Agreement, serving as a tool to evaluate the world’s response to the climate crisis and establish a sustainable path forward. The synthesis report represents an extensive compilation of views from nearly all participating Parties. While divergent views exist regarding the specifics of achieving Paris Agreement goals, governments have broadly concurred that previous climate action falls short. This report follows the release of a technical report on the global stocktake in September, which outlined actionable climate solutions ready for implementation. The global stocktake, conducted every five years, will inform the next round of climate action plans under the Paris Agreement, to be submitted by 2025. Ahead of the global stocktake, Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change (IIGCC), has penned a letter to Sultan Ahmed Al Jaber, COP28 President-Designate and UAE Special Envoy for Climate Change, calling for ambitious climate action at COP28 in Dubai. In her letter, Pfeifer underlines that “investors are uniquely placed to support the climate transition, although their ability to do so is in part predicated on there being a supportive and conducive political and regulatory environment. 

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