As an aside, I’m pretty sure you actually don’t want it.
No, I don’t want it. It makes no sense. What also makes no sense is the idea of per capita “carbon footprint” rationing, as in the Kyoto accord. Hey, we can pay the Chinese for our fossil fuel usage, while they escalate theirs through the roof!
The “trade” part of “cap and trade” ultimately depends on selecting some such recipient on an arbitrary basis.
You're right. This is what I think the strategy needs to be.