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The report finds that, despite a brief dip in carbon dioxide emissions caused by the COVID-19 pandemic, the world is still heading for a temperature rise in excess of 3°C this century - far beyond the Paris Agreement goals of limiting global warming to well below 2°C and pursuing 1.5°C. However, a low-carbon pandemic recovery could cut 25 per cent off the greenhouse emissions expected in 2030, based on policies in place before COVID-19. Such a recovery would far outstrip savings foreseen with the implementation of unconditional Nationally Determined Contributions under the Paris Agreement, and put the world close to the 2°C pathway. The report also analyses low-carbon recovery measures so far, summarizes the scale of new net-zero emissions pledges by nations and looks at the potential of the lifestyle, aviation and shipping sectors to bridge the gap. Chapter 1. Introduction -- Chapter 2. Global emissions trends and G20 status and outlook -- Chapter 3. The emissions gap -- Chapter 4. Bridging the gap - implications of current COVID-19 fiscal rescue and recovery measures -- Chapter 5. Bridging the gap - the role of international shipping and aviation -- Chapter 6. Bridging the gap - the role of equitable low-carbon lifestyles Annex 1. Additional information on scenarios, LULUCF and global warming potentials underlying chapter 2 -- Annex 2. Overview of the methodologies of the COVID-19 fiscal investment trackers included in chapter 4 -- Annex 3. Notes on the Ivanova et al. (2020) analyses included in chapter 6.