We examine peer-reviewed studies which estimate ICT's current share of global greenhouse gas (GHG) emissions to be 1.8-2.8% of global GHG emissions. Our findings indicate that published estimates all underestimate the carbon footprint of ICT, possibly by as much as 25%, by failing to account for all of ICT's supply chains and full lifecycle (i.e. emissions scopes 1, 2 and fully inclusive 3). Adjusting for truncation of supply chain pathways, we estimate that ICT's share of emissions could actually be as high as 2.1-3.9%. We explore the argument for and against the role of efficiency gains and green energy in offsetting ICTs global carbon footprint. Whatever assumptions analysts take, they agree that ICT will not reduce its emissions without a major concerted effort involving broad political and industrial action. We provide three reasons to believe ICT emissions are going to increase barring a targeted intervention. We make specific recommendations and pose a set of challenges for those using heavy computation in their research. Related report: https://arxiv.org/abs/2102.02622