The co-facilitators of the first Global Stocktake released their Synthesis Report of the Technical dialogue on Friday, ahead of the G20 Leaders Summit in India at the weekend, both important milestones on the road to COP28.
The synthesis report makes clear that since the inception of the Paris Agreement climate action has increased across all areas of society, however we are not on track to reach the goals of the Paris Agreement.
CDP welcomes the report highlighting the importance of non-Party stakeholders (NPS) and the central role that businesses, financial institutions, cities, states and regions play in strengthening climate action by Parties to course correct and get the world on track to meet the goals of the Paris Agreement.
The report acknowledges the action undertaken by NPS so far, including the efforts undertaken to reach net-zero emissions, while also making clear the importance of transparency of NPS action to understand the progress being made towards achieving targets. The disclosure of standardized comparable information through CDP is, and will continue to be, key to ensuring this transparency.
With regards to finance, the report also recognizes the increasing number of initiatives engaging the private sector to develop net zero targets, set transition plans and encourage climate-related financial disclosures. Science-based targets, transition plans and disclosure are key actions for all NPS to take going forward, ensuring that their net zero commitments are aligned with the UN High-Level Expert Group recommendations.
During the third GST technical dialogues, participants emphasized “the need to move beyond voluntary approaches to regulatory approaches in order to ensure participation of more entities and reduce greenwashing.” CDP’s newly published policy brief, Shaping High Quality Mandatory Disclosure, echoes this call. Our recommendations include the need for regulators to address key gaps in existing disclosure and regulation around Scope 3 emissions, transition plans and scenario analysis: key parts of a corporate net-zero journey.
However, it is also critical that policymakers go beyond climate to address nature holistically and to deliver on the commitment made under Target 15 of the Kunming-Montreal Global Biodiversity Framework (GBF). It was disappointing, then, to see no new agreements were reached on nature at this weekend’s G20 leaders summit. Nations did, however, reiterate their existing commitments under GBF including the need to improve nature-related data collection and reporting. Ahead of the meeting, we highlighted the gap in existing or impending policies around nature-related disclosure, as 193 governments have committed to under Target 15.
It is important for governments to remain committed to ambitious climate and environmental action in the lead up to and at COP28. In 2022, CDP set out three principles for the Global Stocktake, recommending that it be purpose-driven, to accelerate global ambition; inclusive, fostering participation and engagement from all Parties as well as non-Party stakeholders; and evidence-focused. It is encouraging to see the outcome of these technical dialogues. As we enter the political phase, Parties must continue to ensure these principles are followed, and that the stocktake results in an ambitious outcome at COP28.