This paper sets out the arguments for and against such approaches on the basis of equity and effectiveness, that is, will these approaches help achieve a fair and safe deal on climate change? A global deal on climate change is fair if, among other key indicators, it shares the burden of mitigation efforts on the basis of historical responsibility and capability: developing countries should not be expected to take on the same types of binding, economy-wide emissions-reduction commitment as developed countries in the next commitment period. The paper argues that voluntary sectoral agreements are neither a safe nor fair way to engage industry in developed and developing countries to set targets. They will not result in effective enforcement of targets in developed countries and will potentially impose an undue burden on businesses in developing countries.