Meeting the EU objective of limiting global average temperature increase to 2 degrees Celsius above pre-industrial levels requires a peak in global greenhouse gas emissions within the next two decades. This means that early participation of developing countries in global emission control is needed, even under a significant strengthening of the commitments of Annex I countries under the Kyoto Protocol. The study has shown that it is possible to design a set of consistent rules for the attribution of the long-term emission endowments of the different world regions. The gains from participating in global emission trading and from reduced air pollution damage and/or abatement costs does substantially enhance, from a developing country perspective, the attractiveness of an early participation in a regime based on greenhouse gas reduction pathways, provided that the level and the form of their commitment is well designed so as to minimise economic risks.