An international research group has developed a framework to evaluate the economic and climate benefits of local versus outsourced PV waste recycling, assessing 1,708 different scenarios across 32 regions. Despite anticipated technological advances, global PV waste recycling is not expected to reach its break-even point for over a decade, with rising material prices impacting profitability and new PV deployment. Combining region-specific recycling technologies with outsourced strategies can reduce greenhouse gas emissions by up to 3.32 billion metric tons of CO2 equivalent by 2060, but may concentrate benefits in a few regions. A well-designed declining-subsidy scheme can help mitigate inequalities, with high-carbon-price subsidies potentially increasing disparities. The study highlights the importance of considering various waste-trade configurations and subsidy schemes to maximize global recycling benefits and reduce regional disparities in the future.