In the spirit of equity, all humans should be entitled to a life congruous with a very high level of well-being. The development needed to achieve this would however heavily rely on manufactured assets, the production of which negatively impacts the climate system. Both efficiency- and sufficiency-based strategies have been put forward as solutions to reduce greenhouse gas remissions. Assessing their respective and combined effectiveness in supporting the realization of a fair and sustainable future is essential to guide future policy-making. Here I show that combining both would minimize the risk of a global warming beyond 1.5-2˚C while allowing developing regions, particularly Africa and Asia, to sufficiently raise the well-being of their citizens. Comparing different effort-sharing approaches, I further show that this sustainable development can be supported in international climate negotiations by adopting the Human Development Index (HDI) as a proxy for equitably allocating the remaining carbon budget (RCB). This supports research advocating for equating development with human well-being, rather than economic growth, and thus the introduction of demand-side interventions to reduce emissions. The ensuing discussion also points to need to strategically invest in assets in order to prevent unsustainable lock-ins and additional stranded assets.