1.5°C — Net Zero 2050

Aggressive immediate decarbonisation. Carbon $250/tCO2e by 2050.

2°C — Below 2°C Pathway

Moderate transition with market mechanisms. Carbon $130/tCO2e.

3°C — Current Policies

Weak transition. High physical damage. Catastrophic by 2070.

Delayed Transition

Late-action shock. Carbon compressed into 10-year window.

Net Zero 2050 — Orderly

Technology scale-up. CCS and hydrogen at scale.

Carbon Tax Shock

Sudden $150/tCO2e global carbon tax. Immediate EBITDA impact.