The Senate's Deliberations on Carbon Legislation and Strategic Interactions

I am worried about the following strategic logic. The NY Times is reporting that the G-8 nations have failed to agree on an international carbon target.

"China, India and the other developing nations are upset that commitments to provide financial and technological help made during a United Nations conference in Bali, Indonesia, in 2007 have not translated into anything more tangible."

A U.S Senator such as Sen. Rockefeller of West Virgnia or Baucus of Montana may say to himself; "If we adopt stringent standards, and the rest of the world does not follow our step, could Martin Feldstein be right that we will end up imposing costs on our economy and global carbon emissions will not fall?"

see
http://network.nationalpost.com/np/blogs/fpcomment/archive/tags/Martin+Feldstein/default.aspx

This is turning into an interesting co-ordination game. Is it a leader/follower game or a simultaneous move game? Rock/Papers/Scissors is a lot more fun to play when you are a sequential follower!

Of interest is this new piece:
http://belfercenter.ksg.harvard.edu/analysis/stavins/?p=219