Models that incorporate the economic damages from climate change find that the global cost of limiting warming to 2°C over the 21st century is lower than the global economic benefits of reducing warming, unless: (i) climate damages are towards the low end of the range; or, (ii) future damages are discounted at high rates (medium confidence).68 Modelled pathways with a peak in global emissions between now and 2025 at the latest, compared to modelled pathways with a later peak in global emissions, entail more rapid near-term transitions and higher up-front investments, but bring long-term gains for the economy, as well as earlier benefits of avoided climate change impacts