I think you've described emissions trading well enough - but I wouldn't agree that it's the driver behind Kyoto. In fact I seem to rememeber there was a lot of resistence to including emissions trading in Kyoto for the reasons Rouge pointed out earlier.
You don't need Kyoto to have emissions trading, anymore than you need Kyoto to have emissions reductions.
I don't buy the idea that corporations get a free ride either. That's just deferring responsibility for the environment to nameless faceless corporations rather than taking it for oursleves. Ultimately, we consume what corporations produce.
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