There's also the phrase "Now we know better". When the industrial revolution came to the US we were ignorant and we polluted the world like crazy because of that. Today, we've learned from that mistake. We now know that you can and must control the pollution factories spew out into the world, even though doing that cuts into corporate profits.

China doesn't get a pass to pollute at historic US levels for their industrialization because they have the benefit of having learned from our mistakes. Rejecting the "No Fair! It's my turn to needlessly destroy the planet just to make myself richer!" argument isn't hypocrisy, it's just acknowledgement of history and the progress we've made in dealing with the problems we ran into while we were industrializing without the benefit of anyone else's past experience.

China and every other developing country has already been benefiting enormously from the example of developed nations, but they want to cherry pick the things that maximize their wealth while ignoring everything else at the expense of every living thing on Earth. They want to point to the damage we caused while we were stumbling around in the dark with no idea where we were going, even though today the sun is shining and they've got all the maps we made and GPS to guide them.