An important essay by Oxford economics professor Dieter Helm at Yale’s e360 explains the fundamental flaw with Kyoto (in a way which actually makes the US refusal to participate look far less unreasonable than it otherwise might) and suggests a way for the advanced countries to improve upon it without having to get Chinese cooperation.
The lede is somewhat buried. Here is the key idea:
Unless people pay the cost of their pollution, they will not do much about it. And that pollution is best measured by carbon consumption, not carbon production. Therefore there has to be a price (a tax) on carbon consumption — a carbon tax with border adjustments to ensure that imports of carbon-intensive goods from countries without a carbon price are treated on the same basis as domestic production.