What matters for the climate is the total amount of emissions and removals over time and corresponding levels of atmospheric greenhouse gas (GHG) concentration. The current focus on reductions achieved as of a specific moment in time disguises this. Emission budgets that quantify the total amount of permissible emissions would address this problem. The EU should establish an emission budget within its Climate Law. This emission budget should include all GHG emissions, not only CO₂. These are some of the key findings of this briefing paper.