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At the core of Paris, signed in 2015, and its 1992 umbrella document, the United Nations Framework Convention on Climate Change, is the principle of “common but differentiated responsibilities and respective capabilities.” The term means that developed countries are expected to go first, do more, and pay more. “To each according to his needs, from each according to his abilities,” as Marx wrote in a similar vein.

The objective is to rebalance resources. How much more must developed countries do and how many more dollars should they transfer? In the Paris negotiations, the parties confirmed a breathtaking minimum transfer of US$100 billion per year starting in 2020, with the expectation that higher amounts would be forthcoming as time progressed. In exchange, developing countries with high and accelerating carbon emissions, such as China and India, talked of reducing emissions, eventually, probably.

At the time the UNFCCC was adopted in 1992, the greater share of global emissions did indeed come from wealthier countries. However, that has not been the case since approximately 2007 and annual emissions from developing countries now dwarf those from the developed world. China became the world’s largest carbon emitter in 2006 and by some estimates emits twice what the U.S. does annually. Yet under Paris, China has said its annual emissions will keep growing until 2030.