The 2021 Emissions Gap report shows that we are on track for a global temperature increase of 2.7°C by the end of the century, way over the estimate in the Paris Agreement. Yet many countries are delaying the implementation of their reduction plans until after 2030. The world needs to reduce annual greenhouse gas emissions by half in the next eight years. Carbon markets can deliver real emissions reductions, as long as they are backed by agreements to track and make progress transparent.