The global stocktake

The results are in…

In 2015, the Paris Agreement united the world in a bid to reduce greenhouse gases and prevent global temperatures from increasing beyond the point of no return.

Eight years on, the time has come to conduct a thorough review of our collective progress. The findings are one of the most anticipated outcomes from COP28, and whatever the results of the stocktake, they’ll have a significant impact on the next steps of our global journey and the actions your organisation might need to take in the coming years.

But what progress has been made?

To meet the targets set in 2015, global emissions must peak between 2020 and 2025. Currently, they are still rising, and a substantial reduction is required to restrict temperature hikes to 1.5 degrees by the 2030 target.

Ultimately, it’s likely that the Paris Agreement’s targets will not be met. In fact, the U.N. has already released its climate analysis citing inadequate progress.

So, what does that mean for net zero?

If this is the case, it will be time to reassess these commitments and find a more realistic balance between what the world needs and what is currently achievable.

Conversations around climate financing, sustainability reporting standards, greenwashing and greenhouse gas reductions are all expected to take place in an effort to correct course, which could mean new legislation, guidance or incentives for organisations in the UK.

The good news is, eight years on we have more data to make sure any new plans and legislative changes are well considered and attainable.