In this report, the Pembina Institute addresses Canada’s net-zero pathways. Not all pathways are created equal, pathways to net-zero should also be guided by these essential principles: Pathways to net-zero must be anchored in science and respect a carbon budget; Pathways must prioritize early, deep, sustained, technologically feasible reductions in every sector; Pathways must define an appropriate role for carbon removal and offsets. The Pembina Institute also documents key steps to take, and tools to utilize, to bring these principles to life. Key steps include setting ambitious, national and sectoral targets and budgets for each five-year milestone period from 2025 to 2050, separating emissions reduction from carbon removal targets, articulating plans to act on all available direct emissions reduction opportunities for each sector for each milestone period, and implementing policies that incentivize research and mobilize capital to make direct emissions reductions possible for future five-year targets.