Focus on global stocktake at COP28

Sweden’s key messages in global climate efforts are urgency and opportunity – science has shown us that climate efforts are urgently needed, and the transition provides opportunities for jobs and growth. The G20 countries account for 80 per cent of global emissions and thus bear a particular responsibility to reduce them. Swedish businesses are already providing solutions to facilitate and speed up the transition in countries throughout the world.

The EU speaks with one voice in climate negotiations. Sweden is part of the EU Delegation and has negotiated a common line together with other members. This provides a clear mandate to pursue for an ambitious outcome from COP28 that encompasses the entire spectrum of climate efforts: emissions reductions, adaptation and financing.

Sweden will take part with representatives of the Government, the Government Offices, the Riksdag, the Sami Parliament and government agencies. Youth representatives will join the delegation as well. Business Sweden will also participate with a delegation of 23 Swedish companies, representing both large enterprises and smaller entrepreneur-driven businesses in a range of sectors – all of which can offer solutions that enable the climate transition.

A key issue at COP28 will be the global stocktake of the participating countries’ climate action, which should be carried out every fifth year according to the Paris Agreement. The first stocktake will be completed during COP28. It will evaluate global progress in reducing emissions of greenhouse gases, increasing resilience against climate impacts, and ensuring the transition of financial flows to enable emission reductions.

The outcome of the global stocktake will inform the design of countries’ upcoming national plans, Nationally Determined Contributions (NDCs), which will be submitted ahead of COP30 in 2025. For Sweden, it is important that the result of the global stocktake leads to higher global ambitions.

The EU and its Member States presented a joint NDC in December 2020, containing the goal of reducing emissions by 55 per cent below 1990 levels by 2030. In its updated NDC ahead of COP28, the EU stated that the Fit for 55 package is now in place. 

Another important topic at COP28 is the negotiations on phasing out fossil fuels. The majority of countries advocate for phasing out all fossil fuels entirely, while producer countries want to focus on phasing out fossil fuels and thereby reigning in emissions with carbon capture and storage technology or similar.

The COP28 agenda also includes climate finance, for example through development assistance funding, which is a key element of the implementation of the Paris Agreement. This should contribute to emissions reductions and climate change adaptation in developing countries, especially vulnerable countries such as the least developed nations and small island states. Donor countries recently confirmed that the goal of USD 100 billion per year in climate finance will be met in 2023.

At the meeting, a new framework for climate adaptation will also be adopted, which Sweden hopes will include goals and follow-up that make it easier for countries to enhance their adaptation efforts. Other agenda items include a new fund to prevent, combat and remedy loss and damage, forms of international cooperation under the framework of Article 6 of the Paris Agreement, transparency in reporting and other support to the climate transition, such as capacity-building and technology transfer.