This deliverable analyses the impacts of the decarbonization efforts taken by countries on a global basis, with a higher degree of attention to the EU-28 countries, under three pathways – the Status-quo, the REEEM and the Paris agreement – between 2011 and 2050. While the Status-quo pathway assumes low ambition targets for the emission reduction until 2050, reflecting the actual state of the NDCs and the Paris agreement pathway assumes that each region in the world takes measures consistent with the 2° target, the REEEM pathway assembles the main assumptions from this project to how the world will develop in the coming years and presents an intermediary emissions path in between the other two pathways. This report’s objective is to assess the economic impacts of pursuing different reduction targets and main challenges to ensure economic growth.