The stocktake recognises the science that indicates global greenhouse gas emissions need to be cut by 43 per cent by 2030, compared to 2019 levels.

The stocktake calls on parties to take actions towards achieving, at a global scale, a tripling of renewable energy capacity and doubling energy efficiency improvements by 2030.

The list also includes accelerating efforts towards the phase-down of unabated coal power, phasing out inefficient fossil fuel subsidies, and other measures that drive the transition away from fossil fuels in energy systems, in a just, orderly and equitable manner, with developed countries continuing to take the lead.

In the short-term, Parties are encouraged to come forward with ambitious, economy-wide emission reduction targets, covering all greenhouse gases, sectors and categories and aligned with the 1.5 degrees Celsius limit in their next round of climate action plans—known as nationally determined contributions—by 2025.

The agreement signals the ‘beginning of the end’ of the fossil fuel era by laying the ground for a swift, just and equitable transition, underpinned by deep emissions cuts and scaled-up finance, the UN Framework Convention on Climate Change (UNFCCC).

“Now all governments and businesses need to turn these pledges into real-economy outcomes, without delay,” UN Climate Change executive secretary Simon Stiell said in his closing speech at the two-week-long conference.

The World Climate Action Summit at the conference brought together 154 heads of states and government.

The Green Climate Fund (GCF) received a boost to its second replenishment with six countries pledging new funding at COP28 with total pledges now standing at a record $12.8 billion from 31 countries, with further contributions expected.

Eight donor governments announced new commitments to the Least Developed Countries Fund and Special Climate Change Fund totaling more than $174 million to date, while new pledges, totaling nearly $188 million so far, were made to the Adaptation Fund at COP28.

However as highlighted in the global stocktake, these financial pledges are far short of the trillions eventually needed to support developing countries with clean energy transitions, implementing their national climate plans and adaptation efforts, the UNFCCC release noted.

Discussions at the conference continued on setting a ‘new collective quantified goal on climate finance’ in 2024, taking into account the needs and priorities of developing countries.

The new goal, which will start from a baseline of $100 billion per year, will be a building block for the design and subsequent implementation of national climate plans that need to be delivered by 2025.

Fibre2Fashion News Desk (DS)