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The 2023 update finds that while current policies for 25 major economies may result in 2030 emissions between -6% and +8% compared to 2019 levels, this falls short of the 43% reduction aligned with the Paris Agreement. While 13 countries are now on track to meet their NDC targets, 12 countries still face an implementation gap.

The report projects emissions for the EU, Japan, and other Annex I countries up to 2012 and 2020. It finds that while the EU ETS is likely to have a surplus of allowances up to 2012 at a price of €20/tCO2, the EU-15 and Japan will face overall deficits relative to their Kyoto targets. Conversely, Russia, Ukraine, and new EU member states are projected to have significant emission surpluses. Looking toward 2020, the EU ETS is expected to enter a deficit unless efficiency and renewables targets are met, suggesting a rise in carbon prices post-2012.