BACKGROUND: Planetary health equity (PHE) is defined here as equitable good health in a stable Earth system. PHE is arguably in crisis. Human-made climate change is damaging global populations through hotter temperatures, wildfires, and more severe and frequent storms, flooding, and landslides. A tsunami of health inequities will result from this, as pre-existing health conditions and inequities in living and working conditions ensure that socially disadvantaged groups and people in low-income and middle-income countries are disproportionately affected by climate change. Despite evidence of these massive challenges and multiple calls to action, why has there been so little effective remedial action? And more importantly, how can we overcome this failure? To answer these questions, this panel discusses new research for understanding the conditions that enable coherent governance to improve planetary health equity outcomes. METHODS: The panel draws on emerging research from the Planetary Health Equity Hothouse. With perspectives from political economy, public health, policy studies, and systems science, we present new conceptual thinking and empirics around the complexities, dynamics, and trajectories of the global consumptogenic system in the 21st century, with a focus on the intersections between climate change and social and health inequities. The research examines mechanisms via which the global political economy creates planetary health inequities; identifies policy that optimises the climate, social, and health equity outcomes of mitigation actions; and discusses how governance for planetary health equity must evolve into the future, focusing on the structural, institutional, and ideational factors that advance action to promote PHE outcomes. FINDINGS: The global consumptogenic system of institutions, actors, norms, policies, and commercial activities that incentivise excessive production and consumption of fossil fuel-reliant goods and services with negative environmental, social, and health effects lies at the heart of the PHE crisis. Using network analysis, we show that the global PHE governance architecture is highly centralised and dominated by economic governance organisations. We also discuss a new Planetary Health Equity Impact Assessment tool to assess the PHE effects of existing policy and business practices within the consumptogenic system. An initial assessment of the mitigation sections of national governments' Nationally Determined Contribution reports to the UN Framework Convention on Climate Change shows a dominance of economic language and issues. This highlights a missed opportunity for mitigation policy to be inclusive of social and health matters. Finally, we present new conceptual understandings of multilevel governance coherence and relevant strategies to advance PHE focused action. INTERPRETATION: The major contribution from research on governance for planetary health equity lies in detailing the what, who, and how of effective governance that advances health, social equity, and the environment in an interconnected way, helping to shift institutional norms and behaviours towards principles of fairness, sustainability, and human wellbeing. Crucially, it provides strategies for socially oriented actors, including governments, civil society, and international organisations to change the consumptogenic system and advance action for PHE. FUNDING: Australian Research Council.