Five years after the adoption of the Paris Climate Agreement, growth in global CO2 emissions has begun to falter. The pervasive disruptions from the COVID-19 pandemic have radically altered the trajectory of global CO2 emissions. Contradictory effects of the post-COVID-19 investments in fossil fuel-based infrastructure and the recent strengthening of climate targets must be addressed with new policy choices to sustain a decline in global emissions in the post-COVID-19 era. Growth in CO2 emissions has slowed since the Paris Agreement 5 years ago. The COVID-19 pandemic has caused a drop in emissions of about 7% in 2020 relative to 2019, but strong policy is needed to address underlying drivers and to sustain a decline in global emissions beyond the current crisis.