First, an Earth-like atmosphere produces signals of only order parts per million in transit and planet-star contrasts near in reflected light, demanding extreme photon collection, calibration, and starlight suppression. Second, stellar spots, faculae, flares, and spectral variability can imitate or overwhelm atmospheric features, especially around active M dwarfs. Third, long orbital periods provide few transits, while clouds, hazes, refraction, and overlapping molecular bands make the resulting sparse spectra difficult to interpret uniquely.
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