Sen. Inhofe said. “With China and India recently issuing statements of defiant opposition to mandatory emissions controls, acting alone through the job-killing Waxman-Markey bill would impose severe economic burdens on American consumers, businesses, and families, all without any impact on climate.”

Getting China and India on board with a carbon reduction plan is highly unlikely. Even then, a multilateral approach does not guarantee a successful system or the ultimate goal of global temperature reduction. Take a look at Europe:

The experience of the European Union is Exhibit A. Emissions targets were set too high. Too many pollution allowances were given away to industry. The value of a carbon credit plummeted. Companies made windfall profits by charging customers more for energy while selling allowances they didn’t need. And the Europeans have not had much success reducing greenhouse gas emissions.