Agriculture is a major emitter of greenhouse gases. Its potential to contribute to limiting global warming to less than 2oC by the end of the century is substantial by reducing direct emissions in crop and livestock production, by reducing indirect emissions associated with changes in land use, and by increasing carbon sequestration. Technological advancements and changes in consumer preferences that result in land-sparing are particularly promising options given food security concerns. Gains in total factor productivity will also enhance the sector’s competitiveness. Changes in domestic and trade policies are essential to maximize mitigation potential. In the absence of global application of carbon pricing, international co-ordination is needed to ensure that national mitigation efforts result in carbon reallocation, i.e. shifts in the location of production to low emissions sources. Measures of emissions relative to the economic contribution of agricultural activities can be insightful for identifying national mitigation priorities.