The objectively fair solution would be for the developed world - particularly the countries that have benefitted from slavery, colonization, theft and other crimes the most - to pay for actual restoration and to meaningfully and sustainably help these countries.
Instead, the status quo is that Western countries exploit cheap labor and lax environmental laws to the detriment of the source countries in the usual rat race to the bottom - say China bans something toxic to the environment, there's always a poorer country willing to let that happen just to get an inflow of hard dollars/euros. On top of that we dump our second-hand clothes or surplus food especially in Africa under the disguise of "aids", which has completely wrecked local industries.
The EU is beginning to do at least something with the supply chain monitoring regulations, but the opposition to them is fierce - it's a pure show of how profitable exploitation (or its ignorance) still is.
The thing is, the comparatively high labor cost in Western countries is so high because we can actually have a life on it and feed a bunch of uber rich people with our labor and taxes (because guess what, people like Warren Buffett and his ilk pay a ridiculously low tax rate [1] compared to legitimately employed working class people). In contrast, China, India, Thailand or Vietnam can offer very cheap labor because for the people there even utter pittances and absolutely ridiculous exploitation are better than the life these people had before.
While I do support the efforts China and India both have committed to lifting literally a billion of people out of utter poverty, it has at the same time brought disastrous consequences on our own society. I'd be happier with globalization if we had forced importers of any good to make sure that wages, labor conditions and environmental impact were on par with domestic regulations because the status quo is exploitation on all levels to benefit Western oligarchs (and imagine how the life of Chinese factory workers would be with Western wages!).
[1] https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg...