SEforALL's reaction to the draft Global Stocktake at COP28

The Global Stocktake text released today at COP28 shows backsliding and dilution of language, which is deeply concerning after the committed work that has gone into its preparation. 

There can be no optionality of the energy transition package, and the inadequate emphasis on energy efficiency is worrisome. Urgent and decisive action is needed to meet climate goals.

As it stands, this text won’t set us on a path for a just and equitable energy transition – one that keeps 1.5 degrees alive, ends energy poverty, and improves livelihoods.

The final text needs to do away with the vague menu of options that Parties “could” pursue. The climate and energy poverty crises demand definitive, unified, global action. We must:

1. Insist that developed countries deliver the long-awaited promise of USD 100 billion per year in new and additional climate finance immediately; and set new targets that are aligned to developing countries’ needs. Annual clean energy investments in emerging and developing economies will need to more than triple to USD 2.8 trillion by the early 2030s to meet rising energy needs and align with the climate goals set out in the Paris Agreement. 

2. Commit to tripling global renewable energy capacity to at least 11,000 GW by 2030 and doubling energy efficiency to more than 4% annual rate of improvement from now to 2030.

3. Emphasize that energy efficiency is critical to achieving Net Zero – the current 20-page document mentions energy efficiency just once, which sends the wrong signal.

4. Call for Parties to urgently phase out fossil fuels, with developed countries doing so well before 2050. It won’t happen overnight, but it needs to happen if we want to come close to 1.5 degrees.

5. Call for clear action on removal of all fossil fuel subsidies. Targeted removal would unlock USD 1.3 trillion of public capital that can be redeployed to scale up climate-aligned investments. 

SEforALL looks forward to seeing a revised text that comprehensively addresses the above points as the final outcome document of COP28. It’s time to chart a course for a more sustainable, equitable and inclusive future for all.