The landmark Program of Action agreed to at the 1994 International Conference on Population and Development in Cairo calls for a wide range of population-related policies motivated primarily by the improvement of individual well being. Currently, a funding shortfall threatens continued progress toward the Cairo goals. This shortfall risks missing an opportunity not only to improve the lives of individuals around the world, but also to reduce the environmental consequences of population growth. Recent estimates of environmental externalities to childbearing associated with global climate change indicate that climate-related returns to investments in such policies could be of the same order of magnitude as the investments themselves. Thus, continued support of the Cairo program is clearly a “win–win” strategy.