To achieve the Paris Agreement’s temperature goal, fossil fuel production needs to undergo a managed decline. While some frontrunner countries have already begun to adopt policies and measures restricting fossil fuel supply, an outstanding question is how international cooperation in support of a managed decline of fossil fuel production could take shape. This article explores two possible pathways—one following a club model and the other more akin to a multilateral environmental agreement. Specifically, the article discusses the participants in an international agreement; the forum through which cooperation will take place; the modalities, principles, and procedures underpinning the agreement; and the incentives to induce cooperation. The article concludes that the most likely scenario at this juncture is the emergence of club arrangements covering particular fossil fuel sources and groups of actors that, over time, give rise to growing calls for a more coordinated and multilateral response.