This working paper outlines three principles that can inform debate on an equitable phase-out of U.S. fossil fuel extraction. In order to avert the most extreme harms of climate change, the world must reduce net carbon dioxide (CO2) emissions from all sources — especially fossil fuels — to zero by mid-century. As one of the world’s top fossil fuel producers, the United States is heavily implicated in this transition. How should the U.S. align fossil fuel production with climate limits?