I agree that in principle it sounds good. The one issue I pick up on here is the old 'tragedy of the commons' - some countries are just not going to want to pay for it, meaning that other countries will be hugely economically impacted by this. As far as I can see, the only way to make this enforceable for the entire planet is for the largest consumer economies (US&EU) to include a carbon boarder tax where emissions can't be outsourced to other countries.