Global Stocktake report highlights opportunities for ambitious ... - Environmental Defense Fund
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Here's how.</a></div><div><article><div> <a href="https://www.edf.org/cop28"> <picture> <source srcset="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; type="image/webp"/> <img src="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; alt="Earth with clouds" typeof="foaf:Image"/> </picture> </a></div></article></div></article><article><div class="article-title"> <a href="https://www.edf.org/whats-fastest-way-slow-global-warming-bill-nye-has-… Nye the Science Guy highlights the fastest way to slow global warming</a></div><div><article><div> <a href="https://www.edf.org/whats-fastest-way-slow-global-warming-bill-nye-has-…; <picture> <source srcset="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; type="image/webp"/> <img src="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; alt="Bill Nye holding a wrench in one hand and a plunger in the other" typeof="foaf:Image"/> </picture> </a></div></article></div></article></div></div></div></div><div class="topnav-drawer" aria-label="Our impact" id="our-impact"><div class="close-drawer-holder"> <button class="close-drawer" aria-controls="our-impact"> <span>Back</span> </button></div><div class="drawer-sections"><div class="topnav-drawer_pages"><div class="pages-overview"> <span class="primary-page"><a href="https://www.edf.org/impact">Our impact</a></span><div class="summary">For more than 50 years, we have been building innovative solutions to the biggest environmental challenges — from soil to space.</div></div><nav class="page-group"><ul><li class="primary"> <a href="https://impact2022.edf.org">2022 impact report</a></li></ul></nav><nav class="page-group"><ul><li class="primary"> <a href="https://www.edf.org/vision-2030">Vision 2030, our strategic plan</a></li></ul></nav></div><div class="topnav-drawer_articles"> <button class="close-button" aria-controls=""> <span>Close</span> </button> <span class="featured-title">Featured</span><div class="articles"><article><div class="article-title"> <a href="https://www.edf.org/methane-timeline">Slashing methane to slow global warming right now</a></div><div><article><div> <a href="https://www.edf.org/methane-timeline"> <picture> <source srcset="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; 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Degrees is for you.</a></div><div><article><div> <a href="https://www.edf.org/degrees-green-jobs-podcast"> <picture> <source srcset="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; type="image/webp"/> <img src="https://www.edf.org/sites/default/files/styles/2_1_732_366_focal_point/…; alt="Illustrated artwork for the Degrees podcast (square)" typeof="foaf:Image"/> </picture> </a></div></article></div></article></div></div></div></div><li class="search-form-holder hide"><form class="topnav-search-form form-subscribed-to" id="TopnavSearchForm"> <input type="search" placeholder="Search this site..." id="TopnavSearchFormInput"> <button type="submit" id="TopnavSearchFormSubmit">GO</button></form></li><div class="topnav-padding-offset"></div><main id="content" class="row content" role="main"><div class="pageWidth"><div class="column content-wrapper clearfix" id="contentArea"><div class="column breadcrumbs"><div class="region region-content-top"><div id="block-breadcrumbs"><nav class="breadcrumb" role="navigation" aria-labelledby="system-breadcrumb"><h2 id="system-breadcrumb" class="visually-hidden">Breadcrumb</h2><ol><li><a href="https://www.edf.org/" title="EDF Home">Home</a></li><li><a href="https://www.edf.org/blogs" title="EDF Blogs">Blogs</a></li><li><a href="https://blogs.edf.org/climate411" title="Climate 411">Climate 411</a></li><li>Global Stocktake report highlights opportunities f...</li></ol></nav></div></div></div><div class="column content-intro" id="pageIntro"><h1 class="entry-title">Global Stocktake report highlights opportunities for ambitious climate action</h1></div><div class="content-primary content-primary-col2" id="contentColumn"><div class="region region-content"><div id="nav-above" class="navigation"><div class="nav-previous"><a href="https://blogs.edf.org/climate411/2023/09/15/new-analysis-shows-that-in-…; rel="prev"><span class="meta-nav">«</span> New analysis shows that, in a decisive decade for climate action, Oregon must aim higher</a></div><div class="nav-next"></div></div><div id="post-23539" class="post-23539 post type-post status-publish format-standard hentry category-science category-united-nations" ><div class="entry-meta"> <span class="meta-prep meta-prep-author">By </span><span class="author vcard"><a class="url fn" href="https://blogs.edf.org/climate411/author/juanpablohoffmaister/" title="View all posts by Juan Pablo Hoffmaister" rel="author">Juan Pablo Hoffmaister</a></span> / <span class="author vcard"><a class="url fn" href="https://www.edf.org/people/juan-pablo-hoffmaister" title="Bio">Bio</a></span> / <span class="author vcard"><a class="url" href="https://twitter.com/jhoffmaister" title="Twitter">Twitter profile</a></span> <span class="meta-sep meta-sep-entry-date"> / </span> <span class="meta-prep meta-prep-entry-date">Published: </span><span class="entry-date"><abbr class="published" title="2023-09-29T08:00:31-0500">September 29, 2023</abbr></span></div><div class="entry-content"><div style="margin-top: 0px; margin-bottom: 0px;" class="sharethis-inline-share-buttons" ></div><p><em>This blog was co-authored by <a href="https://www.edf.org/people/juan-pablo-hoffmaister" target="_blank" rel="noopener">Juan Pablo Hoffmaister,</a> AVP for Global Climate Cooperation, and <a href="https://www.edf.org/people/alice-alpert" target="_blank" rel="noopener">Alice Alpert</a>, Senior Climate Scientist at Environmental Defense Fund.</em></p><p><a href="https://blogs.edf.org/climate411/wp-content/blogs.dir/7/files//World-Na… decoding="async" fetchpriority="high" class="alignnone wp-image-23540 size-full" src="https://blogs.edf.org/climate411/wp-content/blogs.dir/7/files//World-Na…; alt="" width="612" height="344" srcset="https://blogs.edf.org/climate411/wp-content/blogs.dir/7/files/World-Nat… 612w, https://blogs.edf.org/climate411/wp-content/blogs.dir/7/files/World-Nat… 300w" sizes="(max-width: 612px) 100vw, 612px" /></a></p><p><span data-contrast="auto">Earlier this month, the UN </span><a href="https://unfccc.int/documents/631600"><span data-contrast="none">released a report</span></a><span data-contrast="auto"> synthesizing the technical assessment process of the first </span><a href="https://www.edf.org/designing-meaningful-global-stocktake"><span data-contrast="none">Global Stocktake</span></a><span data-contrast="auto"> (GST) of the Paris Agreement. The report found that the world is making some progress on fighting climate change and a path remains to reach the Paris goal of limiting global warming to 2°C. However, it warned that much remains to be done and such action must accelerate.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">A critical takeaway from the report is that clear, actionable opportunities to reach the Paris Agreement goals exist. Some of the best, most impactful solutions include actions on adaptation, mitigation and finance that all countries have within reach. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The report contains four key messages to inform and drive such action:</span> <span id="more-23539"></span></p><ul><li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{"335552541":1,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="1" data-aria-level="1"><b><span data-contrast="none">Reduce methane emissions:</span></b><span data-contrast="none"> Methane is a shorter-lived but more powerful greenhouse gas than carbon dioxide. The GST Synthesis report notes that low-cost and even profitable opportunities to reduce methane emissions exist, most of all in the oil and gas sector.</span><span data-ccp-props="{"134233117":true,"201341983":0,"335559739":150,"335559740":240}"> </span></li><li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{"335552541":1,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="2" data-aria-level="1"><b><span data-contrast="none">Invest in natural climate solutions:</span></b><span data-contrast="none"> Natural climate solutions, or nature-based solutions, have the potential to help the world tackle climate change and biodiversity loss. By conserving nature and natural ecosystems, we can ensure they act as high capacity carbon sinks.</span><span data-ccp-props="{"134233117":true,"201341983":0,"335559739":150,"335559740":240}"> </span></li><li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{"335552541":1,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="3" data-aria-level="1"><b><span data-contrast="none">Scale up adaptation:</span></b><span data-contrast="none"> The assessment finds opportunities for adaptation across systems and sectors, but we are still to address the challenge in accessing sufficient financial support for the wide-ranging expenses disasters impose.</span><span data-ccp-props="{"134233117":true,"201341983":0,"335559739":150,"335559740":240}"> </span></li><li data-leveltext="" data-font="Symbol" data-listid="3" data-list-defn-props="{"335552541":1,"335559684":-2,"335559685":720,"335559991":360,"469769226":"Symbol","469769242":[8226],"469777803":"left","469777804":"","469777815":"multilevel"}" data-aria-posinset="3" data-aria-level="1"><b><span data-contrast="none">Accelerate the transition to clean energy:</span></b><span data-contrast="none"> The GST Synthesis report is clear that achieving the Paris goals requires phasing out all unabated fossil fuels. But a fossil fuel phase-out will only work if it is accompanied by a rapid acceleration of renewable energy deployment. Deploying these solutions and technologies requires smart finance deployment.</span><span data-ccp-props="{"134233117":true,"201341983":0,"335559739":150,"335559740":240}"> </span></li></ul><p><b><span data-contrast="auto">Pursuing high impact solutions </span></b><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">From dozens of expert presentations and hundreds of submissions from parties and non-party stakeholders alike, the GST synthesis report points to immediate opportunities for meaningful climate action within every country’s reach. Below we highlight a few high impact solutions that are ready to implement and have the capability to make deep emissions reductions.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><i><span data-contrast="auto">Methane </span></i><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The GST synthesis report notes that methane concentrations in 2019 were higher than at any time in the last 800,000 years. Last year the Intergovernmental Panel on Climate Change found that reductions of methane emissions would lower peak warming and reduce the likelihood of overshooting warming limits. Early methane mitigation is also </span><a href="https://iopscience.iop.org/article/10.1088/1748-9326/ac4f10"><span data-contrast="none">critical for reducing the risk of catastrophic events</span></a><span data-contrast="auto"> such as the loss of summer Arctic sea ice. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">But it’s not all bad news. The report also recognizes that there are low and even negative cost (i.e., profitable) opportunities to reduce methane emissions, most of all in the oil and gas sector. </span><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4136535"><span data-contrast="none">Options exist</span></a><span data-contrast="auto"> for both oil and gas producing countries and importers, including policy instruments based on methane emission quantification and monitoring, reporting, and verification. For producers, </span><a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4136535"><span data-contrast="none">additional options include direct regulatory strategies</span></a><span data-contrast="auto"> such as mandating regular leak detection and repair surveys, restrictions on venting and flaring, and equipment technology standards.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">In fact, readily available methods to reduce methane can deliver </span><a href="https://iopscience.iop.org/article/10.1088/1748-9326/abf9c8"><span data-contrast="none">0.25</span><span data-contrast="none">℃</span><span data-contrast="none"> of avoided temperature rise</span></a><span data-contrast="auto"> by 2050. For this reason, all NDCs should strive to reduce methane emissions. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><i><span data-contrast="auto">Natural Climate Solutions</span></i><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">Natural climate solutions, or nature-based solutions, have the potential to help the world tackle climate change and biodiversity loss. By conserving nature and natural ecosystems, we can ensure they act as high-capacity carbon sinks, able to reduce emissions or sequester 7.3 GtCO2e per year. At the same time, we preserve forests, biodiversity, soil health, water quality and help local communities thrive. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">To be most effective, we need to implement natural climate solutions rapidly. For example, we must end and reverse tropical deforestation before the end of this decade to prevent tropical forests from reaching a tipping point at which they’ll become net carbon emitters. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The GST Report emphasizes that both halting and reversing deforestation by 2030, and restoring and protecting natural ecosystems will result in large-scale CO2 absorption and co-benefits. One tool to help scale up forest conservation financing is high integrity carbon markets. Carbon markets with </span><a href="https://tfciguide.org/"><span data-contrast="none">high social and environmental integrity </span></a><span data-contrast="auto">can cut carbon emissions substantially from avoided deforestation, </span><a href="https://www.sciencedirect.com/science/article/pii/S0305750X2300075X#:~:… data-contrast="none">enable greater climate ambition</span></a><span data-contrast="auto">, and support Indigenous and other forest peoples’ struggles to protect their forests and resources. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><i><span data-contrast="auto">Adaptation</span></i><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The GST synthesis report finds opportunities for adaptation across systems and sectors, many of which have been mainstreamed into existing development priorities and processes. </span><a href="https://www.edf.org/inclusive-insurance"><span data-contrast="none">EDF has found that a core challenge</span></a><span data-contrast="auto"> is access to sufficient financial support for the wide-ranging expenses disasters impose. Low-income households, in particular, need adequate financial resources to recover from natural disasters and avoid backsliding on hard-earned financial gains. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">One innovation that can provide fast and flexible dollars to the most vulnerable people after a disaster is parametric risk transfer insurance, which insures against the occurrence of a specific event with a set amount based on the magnitude of the event, as opposed to the magnitude of the losses in a traditional insurance scheme. </span><a href="https://blogs.edf.org/markets/2023/03/01/a-new-pilot-launches/?_gl=1*1f… data-contrast="none">EDF is partnering with others</span></a><span data-contrast="auto"> to develop a parametric product that will pay the low-income neighborhoods following extreme rain. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><i><span data-contrast="auto">Finance</span></i><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The GST Synthesis report is clear: achieving the Paris goals requires phasing out all unabated fossil fuels. But a fossil fuel phase-out will only work if it is accompanied by a rapid acceleration of renewable energy deployment, and the availability of other technologies needed to electrify the transport sector. Scaling up these solutions and technologies requires the deployment of finance. To this end, the GST concludes the technologies that already exist, “need to be rapidly deployed, together with accelerated innovation, development, and transfer of new technologies, to support the needs of developing countries.” </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">The GST report finds that a transformation of the global financial system is required to scale up climate finance. Such transformation is within reach through the global reform of multilateral development banks to adjust investment plans and portfolios in order to increase their investments in decarbonization and resilience projects to align with the goals of the Paris Agreement. </span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><b><span data-contrast="auto">COP28 and beyond</span></b><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p><p><span data-contrast="auto">A successful Global Stocktake will result in NDCs that put us on a path to reach the goals of the Paris Agreement. To do this, at COP28 the United Arab Emirates COP presidency and other key stakeholders must deliver an ambitious, solutions-oriented outcome for the GST process. This means the GST must deliver clear signals on high-impact opportunities to reduce emissions and adapt to climate change. And it must deliver clear expectations for action in 2024 and 2025 and the revised climate action plans countries put forward in their NDCs.</span></p><p> </p><div class="wp_rp_wrap wp_rp_plain" id="wp_rp_first"><div class="wp_rp_content"><h3 class="related_post_title">Related Posts</h3><ul class="related_post wp_rp"><li data-position="0" data-poid="in-20925" data-post-type="none" ><a href="https://blogs.edf.org/climate411/2021/01/25/public-comment-period-rggi-…; class="wp_rp_title">Public comment period on RGGI wraps up, moving Pennsylvania closer to slashing power plant carbon pollution</a></li><li data-position="1" data-poid="in-4429" data-post-type="none" ><a href="https://blogs.edf.org/climate411/2013/12/03/un-talks-produce-a-strong-a…; class="wp_rp_title">UN talks produce a strong agreement on forest protection, but otherwise déjà vu</a></li><li data-position="2" data-poid="in-12930" data-post-type="none" ><a href="https://blogs.edf.org/climate411/2016/03/28/a-big-week-in-court-for-the…; class="wp_rp_title">A Big Week in Court for the Clean Power Plan: Defenders of the Historic Measure File Briefs</a></li></ul></div></div></div><div class="entry-utility"> <span class="cat-links">This entry was posted in <a href="https://blogs.edf.org/climate411/category/science/" rel="category tag">Science</a>, <a href="https://blogs.edf.org/climate411/category/united-nations/" rel="category tag">United Nations</a></span>. 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