With the Kyoto Protocol set to take effect tomorrow, a disturbing realization is hitting many of the world's biggest global-warming suspects: Trying to meet their obligations to limit global-warming emissions under the treaty is proving a political and economic nightmare. What is confronting many of the industrialized participants is the fact that turning their abstract environmental promise into tangible economic policy is extremely unpopular with politically powerful interests. Joining the Kyoto club was the easy part; now governments have to figure out how to divvy up responsibility for the cuts among companies and consumers that produce the emissions. Particularly since...