Why are international caps worse than international pricing?
Actual there are three possible international commitments: (1) to individual nationals caps, (2) to national carbon taxes at a globally set rate, or (3) to a global carbon price. Why is a carbon price best?
(1) Developing countries object directly to international caps.
(2) Some industrial countries object to national carbon taxes.
(3) Global carbon pricing avoids both objections.
Why do poor countries object to committing to a binding emissions cap?
They object for two reasons: (1) Such low caps, far below the caps of rich countries. are unfair. And (2) caps set a decade or more in advance, often turn out to be quit unrealistic. This makes them risky. See Copenhagen/Caps for more details.