How does multinational production affect climate change? Global climate negotiations have set the goal of enormous transfers per year from rich to poor countries, including through private investment, to address climate changeThe $100 billion is supposed to address climate mitigation and adaptation. Although most funds so far are for mitigation (emitting less GHGs), I am leaving the “address climate change” phrase rather than “decrease GHGs” here since some of the $100 billion can be for adaptation too (e.g., sea walls). Two stylized facts motivate the analysis of multinational production as a mechanism for such transfers. First, carbon emissions per dollar of value added or output differ substantially across countries, even conditional on industrial composition. Second, the emissions rate of a foreign-owned plant increases with the emission rate of its home country, suggesting that firms bring green technology with them when operating abroad. We develop and quantify a multi-country general equilibrium model of multinational production, trade, and energy to assess how policies encouraging multinational production would affect global carbon emissions and welfare.