COP28: Taking Stock Of Progress

Introduction

The first week of COP28 saw some key outcomes, in particular financial commitments to the Loss and Damage Fund, and an emerging consensus around a pledge to triple renewable energy and increase energy efficiency. However, negotiations relating to the "phase out" or "phase down" of fossil fuels remain contentious and there is still significant work required to finalise the text on the Global Stocktake.

Taking Stock

Global Stocktake

COP28 marks a critical turning point for climate action, marking the first Global Stocktake under the Paris Agreement, which is intended to inform adjustments to states' nationally determined contributions (NDCs) by 2025. The Global Stocktake, colloquially referred to as the 'ratchet mechanism', requires countries to submit new NDCs every 5 years. The Global Stocktake is a critical opportunity to assess collective progress in achieving the goals of the Paris Agreement, including keeping global temperature well below