What are the key differences between substitutionary atonement and penal substitution in Christian theology?

Substitutionary atonement and penal substitution are both Christian theological concepts that focus on the idea of Jesus Christ taking the place of humanity to atone for sin. The key difference lies in the emphasis on punishment: penal substitution emphasizes that Jesus took on the punishment for sin that humanity deserved, while substitutionary atonement focuses more broadly on the idea of Jesus serving as a substitute for humanity in order to reconcile them with God.