Consensus on reducing greenhouse gas emissions has been reached at the technical and political level. However, as the issue involves economic costs and the right to develop, the international institutional framework for addressing greenhouse gas emissions has consistently failed to balance the demands of impartiality and sustainability. However, a sustainable carbon budget proposal is undoubtedly achievable if the global carbon budget （the total amount of carbon permitted by climate security） is made an absolute constraint. If a preliminary distribution was made among the world＇s population on a per capita basis, the total limited global carbon budget could not only meet basic needs but also ensure the proposal＇s equitable. Taking into account historical emission levels and future needs, we should carry out carbon budget transfer payments and devise a corresponding funding mechanism to ensure efficient allocation under the proposal. Unlike the phase-by-phase progress and provisional goals of the Kyoto Protocol, the carbon budget proposal outlined above is a comprehensive and holistic package. Due to the politicization of the climate change issue, however, many technical issues can only be worked out through international political and diplomatic negotiations.