The global dilemma of climate change can be seen in refrigeration: as warming increases, air conditioning becomes essential for people living in the tropics, but providing it will also contribute to carbon emissions. A successful policy must respect the need for development, yet overcome the collective action barriers to global cooperation. The first step is for each country to propose its own carbon budget, so that negotiations can proceed in light of their combined impact on the carbon cycle. The next step is to initiate a carbon club, in which willing countries agree to coordinate their policies. Advantages of joining include mitigating the free-riding and competitive costs of collective action, sharing research and development expenses, aligning border adjustments and, especially, arranging for global transfers of carbon revenues. A plausible transfer system could rectify shortfalls in development finance and fulfill the climate adaptation pledges made in the Paris Agreement. Global cooperation on climate change can and should also operate as development policy.