It is always useful to read other professions take on climate change and in this case the Bali conference. Lawyers tend to provide well researched and well written technical pieces that can inform economists.
First two paragraphs below:
The Bali Climate Change Conference [ASIL]
The Bali Roadmap marks a milestone in the process of international consensus building, setting forth a multilateral legal framework to address climate change. Delegates at the UN Climate Change Conference in Bali (Dec. 3-15 2007) launched a two-year process with a comprehensive agenda and 2009 deadline to complete negotiations for a post-2012 agreement. The Bali Conference included both the thirteenth annual meeting of the Conference of the Parties (COP 13) to the 1992 UN Framework Convention on Climate Change (UNFCCC) and third Conference of the Parties serving as the Meeting of Parties to the 1997 Kyoto Protocol (COP/MOP 3).
The building blocks of the Bali Roadmap include: mitigating climate change by cutting emissions; facilitating clean technology transfer; adapting to such consequences of climate change as floods and droughts; and financing adaptation and mitigation measures. Bali delegates additionally agreed to support activities such as funding developing countries to prevent deforestation. This process will include demonstration initiatives involving indigenous communities over the next two years -- culminating in negotiations on forestry in relation to a post-2012 regime. Bali delegates agreed to establish a mechanism to fund tropical countries to preserve their rainforests and launched an Adaptation Fund.