The sixteenth edition of the Emissions Gap Report finds that global warming projections over this century, based on full implementation of Nationally Determined Contributions (NDCs), are now 2.3-2.5°C, while those based on current policies are 2.8°C. This compares to 2.6-2.8°C and 3.1°C in last year’s report. However, methodological updates account for 0.1°C of the improvement, and the upcoming withdrawal of the US from the Paris Agreement will cancel another 0.1°C, meaning that the new NDCs themselves have barely moved the needle. Nations remain far from meeting the Paris Agreement goal to limit warming to well-below 2°C, while pursuing efforts to stay below 1.5°C. Reductions to annual emissions of 35 per cent and 55 per cent, compared with 2019 levels, are needed in 2035 to align with the Paris Agreement 2°C and 1.5°C pathways, respectively. Given the size of the cuts needed, the short time available to deliver them and a challenging political climate, a higher exceedance of 1.5°C will happen, very likely within the next decade. The report finds that this overshoot must be limited through faster and bigger reductions in greenhouse gas emissions to minimize climate risks and damages and keep returning to 1.5°C by 2100 within the realms of possibility – although doing so will be extremely challenging. Every fraction of a degree avoided means lower losses for people and ecosystems, lower costs, and less reliance on uncertain carbon dioxide removal techniques to return to 1.5°C by 2100. Since the adoption of the Paris Agreement ten years ago, temperature predictions have fallen from 3-3.5°C. The required low-carbon technologies to deliver big emission cuts are available. Wind and solar energy development is booming, lowering deployment costs. This means the international community can accelerate climate action, should they choose to do so. However, delivering faster cuts requires would require navigating a challenging geopolitical environment, delivering a massive increase in support to developing countries, and redesigning the international financial architecture.