Proceedings of the Conference on “Global Carbon Budgets and Equity in Climate Change” that was hosted by Tata Institute of Social Sciences (TISS), Mumbai, India, on June 28-29, 2010. The carbon budgets approach, made explicit by think tanks in Germany, UK, Brazil, China, India and other countries as well as the South Centre, Geneva, provides a useful basis for conceptualising and operationalising equity. This paper calculates the carbon budget for different countries to explore what is available for current and future consumption in Annex I and Non-Annex I countries. It argues that in order to be fair international climate negotiations should follow this approach while deciding targets for Annex I countries.