MasterResource looks at the consequences of the proposed Waxman-Markey climate bill in the U.S.:

The expected growth of coal-fired generation in China over the next 20 years will result in a net increase in CO2 emissions from their power sector of more than ten times that of reduced U.S. emissions due to coal constraints.

Once again, unless developing countries such as China are part of the solution, the purported threat of climate change will remain.