What is the global stocktake and why is it important?

"The global stocktake is designed to ‘take stock’ of the implementation of the Paris Agreement and assess progress towards achieving the pact’s goal to limit global warming to 1.5 degrees Celsius." "The global stocktake will provide critical information for countries and stakeholders to see what progress has been made on meeting the Paris Agreement goals, as well as identify any remaining gaps and opportunities for increased action." UN Climate Change.