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The principle of common but differentiated responsibilities and respective capabilities (CBDRC) captures the idea that it is the common responsibility of states to protect and restore the environment but that the levels and forms of states’ individual responsibilities may be differentiated according to their own national circumstances. This principle has shaped the evolution of the climate regime and has played an important role in promoting compromise and agreement. It is argued that some twenty years after the adoption of the United Nations Framework Convention on Climate Change (UNFCCC), the principle of CBDRC remains as relevant as ever. The practice of Parties under the regime and, most recently, the concerted efforts to shape and flesh out the meaning of the principle, underscore the central role that it plays. At the same time, the binary understanding of CBDRC in the Kyoto Protocol is being replaced with a more nuanced, multifaceted understanding. The evolving interpretation of CBDRC is considered, and its continued relevance as the nucleus of a global burden-sharing regime for addressing climate change is demonstrated. Policy relevance The development of a common understanding of the principle of CBDRC is essential for the burden sharing and responsibilities under a future climate agreement. The CBDRC principle captures the idea that it is the common responsibility of states to protect and restore the environment, but that the levels and forms of states’ individual responsibilities may be differentiated according to their own national circumstances. This article informs the international climate change negotiations by considering the development of the principle of CBDRC under the UNFCCC over time. It is concluded that, although there has been a significant shift in how the principle is understood, it remains crucial to the integrity and stability of the climate regime.