The latest GST text has stronger language on fossil fuels, changes in accountability and the recognition of differentiated pathways
On December 13 , 2023, the fifth iteration of the Global Stocktake (GST) text was adopted at the 28th Conference of Parties (COP28) to the United States Framework Convention on Climate Change, Dubai.
The latest GST text has stronger language on fossil fuels, changes in accountability and the recognition of differentiated pathways. It now calls on Parties to take the eight mentioned steps taking into account different pathways.
An earlier point on “reducing both consumption and production” of fossil fuels has been replaced with transitioning away. This further refers to natural gas, which was heavily stressed by Russia and Iran during the negotiations.
The new text also recognises the role of carbon capture storage solutions “particularly in hard-to-abate sectors”. Elsewhere in mitigation, the text has removed the period of 1850-2019 when talking about the depletion of the carbon budget by historical emissions.
It does still, however, explicitly mention the pre-2020 gaps of developed countries in achieving the recommended emissions reduction. This was specifically pushed for by developing countries including India, the African Group of Negotiators, the Group of 77, and China. It was actively opposed by the USA, EU, Australia and Canada.
When it comes to Nationally Determined Contributions (NDC), the text recalls the mandate of the Paris Agreement to provide new NDCs every 5 years informed by the Global Stocktake outcomes.
There is an acknowledgment that the achievement of NDCs in developing countries is subject to receiving adequate finance and other support. However, while earlier versions highlighted that this must come from developed countries, there is no such accountability now.
The adaptation section acknowledges the efforts of countries in developing adaptation plans, communications and actions. The text also acknowledges the existing gaps in resources for adequate planning in adaptation.
However, a stark change shows up in other mentions of adaptation finance. They have all been moved to the means of implementation section from the earlier adaptation section. The finance section of means of implementation however has language specifically acknowledging the obligation of developed countries in leading climate finance.
There are also specific mentions of the role of the private sector in bridging finance gaps as well as the need to scale up additional, grant-based, highly concessional finance to support the just transition in developing countries. However, there is no specification on who must provide this grant-based finance.
There were requests by developed countries for the text to acknowledge their efforts in meeting the $100 billion a year goal and very likely having met it this year. The new text instead specifies an amount of $89.6 billion achieved in 2021 and a “likelihood” of meeting the goal in 2022.
On adaptation finance, the text calls for a report from developed countries on the doubling of adaptation finance from 2019 to 2025, along with a call for a high-level ministerial dialogue next year to address the adaptation finance gap.
The new GST text is now fully adopted by the COP28 plenary without major changes.
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