[abhimishra]

And yes, we do need to agree at a global level and be willing to pay more for certain goods/services as a result. The entire economic system will just re-balance itself around that, if we as a global society agree that the costs of inaction are greater.

Another note: while China is the world's leading emitter, they also have contributed the most to abatement of emissions according to some (example: http://www.dbcca.com/dbcca/EN/_media/Global_Policy_Tracker_2...) Let's not forget that the US did not ratify the Kyoto Protocol, while China did (http://en.wikipedia.org/wiki/List_of_parties_to_the_Kyoto_Pr...).