Recent estimates of the global carbon budget, or allowable cumulative CO2 emissions consistent with a given level of climate warming, have the potential to inform climate mitigation policy discussions aimed at maintaining global temperatures below 2 °C. This raises difficult questions, however, about how best to share this carbon budget amongst nations in a way that both respects the need for a finite cap on total allowable emissions, and also addresses the fundamental disparities amongst nations with respect to their historical and potential future emissions.