Rhetoric aside, these are the compulsions that I see on different nations.
1. Europe: "Global Warming" was a sexy notion to win funding for the "soft" sciences, and for extensive luxury travel for European "experts". Then it was to translate to tariffs to control trade and subsidize European products. Just like "ISO 9001" etc. and "Ozone Depletion" before it.
2. The scheme was mooted in the late 80s/early 90s, when the distribution of world trade and industry was vastly different. The Americans gradually realized that the Europeans saw this as a way to push out American products from the European marketplace, so backed out citing "unacceptably high economic costs". The big change that rationalized this, was the shift of production to China. Cutting emissions drastically in the US would have the effect of an avalanche, moving all smokestack / assembly line industry 100% out of the US and into China / developing nations.
3. Europeans went ahead, because the Kyoto Protocol justified a lot of investment in Eastern Europe, addressing some of their major socio-economic dangers. In fact, Eastern Europe /FSU nations are the only ones that are now well AHEAD of their promised cutbacks, thanks to the Clean Development Mechanism etc.
But as the deadline for the next stage came around, the economy is in the tank. Unemployment is running extremely high in much of Europe, and the social welfare treasury is rapidly emptying. European products are grossly unable to compete in the world market, because (a) China and India are marching ahead and (b) US is not subject to the emission controls.
So Europeans are under the hammer and want to back out of Kyoto commitments. If they agree to the needed cuts, their remaining industry will also avalanche down to China and India. Hence the hostility towards China and India, and demands for BASIC to adopt large commitments (these commitments are unrealistic, so the Oiropeans will simply use their "intrusive inspection" habits to declare China and India in non-compliance and slap huge tariffs).
American senators saw through this early, and said

to the notion of some European bureaucracy dictating what US companies should or should not do, and setting quotas.
Now the economic pit has united Europe and US against BASIC.
As for the nations facing inundation, nothing is going to save them, short of a massive project to increase ice cover (or reflective mylar cover) at the North Pole, reflecting large amounts of sunlight back, and causing cooling of the Greenland icecap, freezing a lot of ocean water there. Alternatively, nations should find ways of bringing huge amounts of water into the land and putting it under land. I don't see these happening, whatever quotas are imposed on emissions.
It may be many orders of magnitude cheaper to dredge and dump millions of tons of seabed soil and rocks on these islands and raise their seawalls by 20 meters. That is doable with a fleet of dredgers and earth-moving equipment.
African nations are also facing tariffs and bans on economic development, so they are mad.
But the real solution, esp. for India, is to really leapfrog these incremental pains and adopt solar and biomass hydrogen generation on a massively distributed basis, and just REALLY move away from burning imported petroleum or domestic coal. THAT is really doable, and the net result will be that India can truly advance to become a superpower, freed of oil imports and the whole carbon scam.
Wait for the Oiropeans to "discover" that WATER VAPOR in the atmosphere is what killed life on Venus and wiped out the amoebosaurus oiropathacus beeyessus on Earth.