I have written at least two earlier posts on the title subject. These posts had some reasonable ideas, but what I didn’t have was the skill (nor credibility) to have anyone to take them seriously.
Recently I came across a really good article in Science, by a large group of highly credible professionals. Excerpts from this article will form a large part of this post. Note that the primary source is written by EU and North American authors and relies upon early EU experience with climate / trade adjustment mechanisms. The EU seems to currently be taking the lead in this area.