The Climate Institute commissioned Climate Analytics to examine the impacts on Australia of limiting global temperature rise to 1.5°C and 2°C, and to provide estimates of the global carbon budgets associated with achieving these temperature limits. This report provides an overview of three important issues arising from the Paris agreement: Benefits of the 1.5°C limit in the Paris Agreement in terms of avoided global and national climate impacts and risks; The global emission pathways needed to meet the Paris agreement’s long-term temperature goal, including the required timing of peak global emissions and of zero global emissions; The remaining carbon budget consistent with the 1.5°C limit in the Paris Agreement.