Tag Archives: targets

Key takeaways for business from the first Global Stocktake (GST) decision of COP28

Introduction

Recap: Climate change is a defining challenge of our time, impacting ecosystems, economies, and societies globally. The Paris Agreement, adopted in 2015, aims to limit global warming to below 2 degrees Celsius, and to pursue efforts to limit the temperature increase to 1.5 degrees Celsius.

The 2015 Paris Agreement included a commitment (Article 14) to implement a periodic global stocktake (GST) of the implementation of the Agreement to assess global progress towards long term goals, including mitigation, adaptation, implementation and support, and having regard for equity and updates to the science basis. The intent of the stocktake is that it prompts member countries to update and enhance their Nationally Determined Contributions (NDC) as well as fostering international cooperation.

The recently-concluded Conference of the Parties in the United Arab Emirates (COP28, UAE) reached agreement on the first GST decision, which contains both sobering updates on progress and the urgency to act now, as well as reasons for optimism with the recognition – for the first time – that transitioning out of fossil fuel use and related subsidies is essential to keep any chance of 1.5C alive!

The findings of the GST at a global and national level can be cascaded down to action at sub-national, business and community levels. This is similar to how the UN Sustainable Development Goals (SDGs) enable action at all of these levels. In this blog post we’ll break down the key messages from the draft GST decision that are relevant to organisations like yours.

 

I. Urgency and ambition

The draft GST decision emphasises the urgency of addressing climate change, that countries are off-track in reducing emissions in line with the requirements of the Paris Agreement, and that 2023 will be the hottest year on record. It acknowledges that global greenhouse gas emissions must peak between 2020 and 2025 to limit global warming effectively. Decarbonisation targets are reiterated, including emissions reductions of 43% by 2030 and 60% by 2035 compared to 2019 levels.

What it means for your organisation:

  • Understand that immediate action is required to reduce emissions.
  • Set targets for decarbonisation that are aligned with science.
  • Explore opportunities to transition to renewable energy sources, aligned with the COP28 agreement to work towards a tripling of renewable energy capacity by 2030.
  • Increase energy efficiency efforts in line with the COP28 agreement to work towards a doubling of the global annual average rate of efficiency improvement by 2030.
  • Accelerate efforts to transition away from fossil fuel use in your operations and in transport fleet.
  • Where relevant, accelerate efforts to reduce emissions from methane and other non-CO2 sources.
  • Stay abreast of technologies that are evolving to lower emissions in hard-to-abate activities.

 

II. Adaptation and resilience

Adaptation to climate change is vital, given the increasing severity of its impacts. The draft GST decision highlights the need for rigorous monitoring and evaluation of adaptation actions. It encourages country-driven adaptation strategies and emphasises the role of nature-based approaches in building resilience.

What it means for your organisation:

  • Assess how climate change may affect your operations and supply chains.
  • Consider incorporating nature-based solutions into your resilience strategies.
  • Collaborate with stakeholders to share best practices in adaptation.

 

III. Climate finance, technology transfer, and capacity building

Access to finance, technology, and capacity-building is essential for effective climate action. The draft decision acknowledges the challenges faced by developing countries in accessing climate finance. It calls for doubling adaptation finance by 2025 and emphasises the role of the private sector in driving innovation and investment in climate-friendly technologies.

What it means for your organisation:

  • Explore opportunities for climate finance and partnerships.
  • Consider how your organisation can contribute to technology transfer and adoption.
  • Invest in capacity-building for your employees and suppliers to address climate-related challenges.

 

IV. Cooperation and engagement

Collaboration is critical for addressing climate change comprehensively. The draft decision recognises the role of businesses, in driving climate action. It calls for inclusive and cooperative approaches to accelerate climate action.

What it means for your organisation:

  • Engage in partnerships and initiatives that support climate action.
  • Consider how your business can align with the goals of the Paris Agreement.
  • Explore opportunities for knowledge sharing and collaboration with diverse stakeholders.

 

Conclusion

The draft decision of the GST provides valuable insights that are relevant for business action on climate change. It underscores the urgency of climate mitigation action, the importance of adaptation and resilience, the need for climate finance and technology transfer, and the role of cooperation. Embracing these messages can guide your organisation in contributing to climate solutions, reducing risks, and fostering sustainability in a changing world. By aligning your strategies with the principles of the Paris Agreement, you can not only mitigate climate risks but also seize opportunities for growth and innovation in a low-carbon economy.

 

 

If you need help developing a net zero strategy or climate risk assessment, contact us today to learn how we can support your transition. Reach out to  Barbara or Patrick for more information.

Feel free to use an excerpt of this blog on your own site, newsletter, blog, etc. Just send us a copy or link and include the following text at the end of the excerpt: “This content is reprinted from 100% Renewables Pty Ltd’s blog.