The Kyoto summit initiated an international game of cap and trade. Unlike a national cap‐and‐ trade policy, the essence of this game is the self‐selection of national emission targets. This is like the standard global public‐goods game except that targets are met in the context of a global carbon market. This changes the outcome of the notoriously uncooperative public‐goods game. The equilibrium of the new game may increase or decrease total abatement. If it increases abatement, the resulting carbon price will be no greater than the average public‐goods price.