What is the purpose of the Global Stocktake in COP28

The purpose of the Global Stocktake in COP28 is to assess the overall progress toward achieving the goals of the Paris Agreement on climate change. Specifically, it evaluates the collective efforts of all countries in reducing greenhouse gas emissions, adapting to the impacts of climate change, and providing financial and technological support to developing nations. BASIC nations (Brazil, South Africa, India, and China) argue that the Global Stocktake should account for the failures of developed nations. Here are some key points:

• 1. Accountability: BASIC nations believe that developed countries, being historically responsible for most emissions, should be held accountable for their commitments and actions.
• 2. Equity: They argue that the Global Stocktake should consider equity and common but differentiated responsibilities, recognizing the differing capacities and development stages of countries.
• 3. Financial support: BASIC nations contend that the assessment should incorporate the provision of adequate financial resources from developed nations to support developing countries' climate actions and adaptation measures.
• 4. Technology transfer: They highlight the importance of technology transfer to allow developing countries to effectively mitigate and adapt to climate change, and this should be taken into account during the stocktake.
• 5. Adaptation needs: BASIC nations advocate for ensuring that the Global Stocktake acknowledges the adaptation needs of vulnerable nations and the support required for them.

Ultimately, the BASIC nations emphasize the need for an inclusive and comprehensive evaluation that addresses the failures and responsibilities of developed nations while considering the unique circumstances and requirements of developing countries.