carbon trading might be the only optimal way out that connects different governments, regions etc in a manner that makes the financing work. taxing locally might work but it would be a very disjointed approach. emissions trading and getting the world markets to establish a carbon pricing might be the way that works for all, despite the many issues with it, including worries about how big banks and commodity traders will take advantage of it or the plethora of derivative structures that might be marketed based on the underlying carbon instrument.
Instead, world leaders are likely to sign up to a headline figure for the future financing required."
