This is my read on this, at this point, as a Laymen & nothing else...
Group of 77 (42% of emissions, 19% of G.D.P., 76% of people) will
walk away if they're requested to reduce emissions at all, but will push
hard for deep cuts by the Annex 1 countries who'll still be expected to
pay everyone for that privelledge.
Annex 1 countries (51% of emissions, 75% of G.D.P., 19% of people)
will request that all reduce or nothing will change so why bother...so do
you want gobs of $$$ or do you want reduced emissions? Pick one
or a balance between the two...
OPEC (6% of emissions, 2% of G.D.P., 5% of people) who have been
price fixing the globe for oil for decades (extortion is such a bad word)
will want compensation if oil consuption drops due to Annex 1 countries
reducing their emissions...
China (21% of emissions, 6% of G.D.P., 20% of people) who has no
debt and $2,000,000,000,000.00USD in reserve, and holds the mortgage
paper on much of the globe, is on it's on tangent & program of lip service
as long as it also gets its own way...much like the Other large developing
nations.
European Union (15% of emissions 25% of G.D.P. 8% of people) is so
far into the Carbon Trading scheme that they can't get out and need new
blood (like a pyramid) so that thier house of cards doesn't fall down, as
they're about done cannibalizing each other without crumbling and need
others to inject revenue into the pyramid....
.....and so on and so forth....I keep thinking of the "Golden Goose" Fable
but that's just me. If this happens and the Annex 1 countries do everything
requested, will it change emission levels globally at all, if nobody (or few)
else have any solid targets they'll have to stick to without penalty? I'm not
even going to touch the whole AGW subject, and just stick to the emmisions
being reduced concept. Whether or not this'll help change temperatures or
not isn't relevent to the question of, "will it lower/change emission levels
globally at all?"