The article talks about the Kyoto Protocol, an international agreement aimed at reducing greenhouse gas emissions to fight climate change. It looks at how implementing this agreement could affect the oil market, gas, and coal - including production, prices, and revenues of countries. It also explores different ways to reduce emissions without hurting these markets too much, like using energy taxes or trading emission permits internationally. The focus shifts to getting developing countries involved in such agreements, as right now, only industrialized countries have committed to reducing emissions. To make things fair for both developing and industrialized nations, the article suggests a new method for setting emission limits based on fairness. The researchers used a model to study the impacts of different climate change policies.