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The report argues that fossil fuel production subsidies create "zombie energy"—reserves that are only viable due to government support—and contribute to carbon lock-in. Using the GSI-IF(p) model and G20 data as a proxy, the authors estimate that a global removal of these subsidies could reduce GHG emissions by 37 to 175 Gt of CO2 between 2017 and 2050, depending on market price assumptions. It further finds that 120–138 Gt of CO2 equivalent in reserves would become uneconomical to produce, representing 13–15% of existing and under-construction reserves as of 2015. The report emphasizes that capex subsidies provide the strongest long-term signals for investment and carbon lock-in.

The document evaluates the COVID-19 recovery packages of G20 nations, finding a prevalence of business-as-usual (BAU) investments that risk undermining Paris Agreement goals. It argues that the lack of pre-existing Paris-compatible project planning hindered green recovery efforts and suggests a multifaceted approach using monetary, fiscal, and regulatory levers to align financial flows with climate commitments.

The document serves as an input for the G20 Climate and Sustainability Working Group, emphasizing the synergy between Long-Term Strategies (LTSs) and Nationally Determined Contributions (NDCs). It asserts that integrating these planning processes allows G20 nations to align near-term decisions with long-term climate goals, thereby fostering sustainable, inclusive economic growth and supporting non-G20 countries in their climate ambitions.