In 2021, long-standing progress in emissions-efficiency in the OECD came to a sudden-stop.

If the 2022 targets are also missed, Emissions Inefficiency Tariffs should be put on the global agenda to add teeth to the Nationally Determined Contributions process to drive the big global emitters back on track.

Annual targets to mid-century net recapture to address global warming consistent with the core economic Pigovian principle—that externalized parties should be accorded full Status Ante Redress to ensure economic efficiency—were enumerated here. They were based on data available to 2020.

Recently, data on industrial emissions for all individual countries to 2021 have become available. Alongside, data on individual country PPP GDP were published by the IMF in its Fall 2022 WEO.

This note presents the 2021 outturn compared to the targets set for the OECD and 200 Plus1 blocs. It then assesses the implications for 2022 and beyond, notably for governance.