The essential problem with the Kyoto approach is that it provides poor incentives for participation and compliance. The minimum participation clause is set at such a low level that the agreement can enter into force while limiting the emissions of less than a third of the global total. The...

If the threshold that triggers climate catastrophe is known with certainty, and the benefits of avoiding catastrophe are high relative to the costs, treaties can easily coordinate countries' behavior so as to avoid the threshold. Where the net benefits of avoiding catastrophe are lower, treaties...