Something I'd missed: China is launching a pilot emissions trading scheme next year, scaling up to a nationwide one in 2015. They've already set themselves a stiff energy intensity target of a 40-45% reduction in intensity by 2020 (in other words, almost doubling the efficiency of the Chinese economy), and an ETS will help achieve this. Though as always with emissions trading, it will all come down to the size of the cap, and the robustness of monitoring. Still, it is a positive step, and one which allows much stronger steps to be taken in the future.
So, what will the US's next excuse for doing nothing be?
