This article is concerned with global environmental governance of climate change. We focus on four key questions: (1) What is the evolution of the negotiations on climate change regime and the institutional architecture of the Kyoto Protocol? (2) What are the interest groups in the climate change political arena and the consequences of non-ratification of the Kyoto Protocol by the United States? (3) What are the characteristics of the international carbon market and Brazilian participation in this market? (4) What are the main obstacles blocking the effectiveness of the global collective action which is required to mitigate the threat of global warming? This article explores these questions, seeking a better understanding of the challenges for implementation of international climate change agreements.