13 2 Degrees of Separation used a single climate outcome as a benchmark – a 2°C scenario based on the IEA’s 450 Scenario. This report uses the IEA’s Sustainable Development Scenario (SDS), which has replaced the 450 Scenario. This update also includes a 1.75°C global warming scenario based on the IEA’s Beyond 2 Degrees Scenario (B2DS). We have also limited the inclusion of high-cost projects in this iteration. We have done this by limiting our curves of potential supply by reference to another IEA scenario – the New Policies Scenario (NPS). The NPS is the IEA’s central scenario, assuming no further climate policy developments beyond those already enacted or announced, and is consistent with a temperature rise of 2.7°C (again, based on a 50% probability). Any high-cost projects above this level have been assumed not to go ahead and therefore excluded from the main metrics in this analysis. KEY FINDINGS The nearly year and a half period since the last data update demonstrates the effects of corporate activity and a continued feed-through of industry cost deflation into the data. The latter factor has resulted in significant reductions to the marginal breakeven costs (used as the dividing line between in/out of a given budget) in some markets, but with effects varying throughout industry. This may be manifested for example in a project which was previously considered inside