Absolutely no reductions by Russia and emerging nations. Huge credits for themselves they don't need and can sell. A guaranteed 100 billion penalty on the US economy.
The next step is to prevent cutbacks in their customer's (Europe) use and purchase of Russian oil and gas. They will probably accomplish this, as the "agreement" only binds the US, and Zer0 will ensure enforcement.
When the AGW collapse comes, Russia, China, and India will be sitting pretty and we will have to rebuild from the position of most indebted nation in the history of the world.
Definitely ancient East verses West conflict. Thanks to the Shiite Persians, we will have the Sunni Arabs watching our backs in Baghdad. What could possibly go wrong ? Funny how our economic collapse is going to coincide with Iran going nuclear. What are the chances of the most powerful Western nation in history fiscally collapsing at the same time as the ancient Eastern Persian Empire acquires mankind's most devastating weapons ?