The plan is reported to involve setting up a network of carbon trading schemes.
Under the new trading plans, China and India would not face binding targets, but would be allowed to continue their extraordinary economic growth in exchange for a commitment to establish national cap and trade schemes to cover some of their most heavily polluting industrial sectors, such as metals processing and cement manufacturing, the Guardian reported.
The concept of an international agreement involving the G8 industrialised nations and some of the poorest but most polluting countries such as India and China, was first put forward by the UK prime minister at the G8 summit in 2005.
