Many have argued that the international community should establish a global emissions trading scheme(ETS) to reduce emissions and streamline efforts to mitigate climate change. This paper argues against establishing such global ETS for the following reasons:(1) a global ETS may assist developed countries in cutting emissions abatement cost, but it may also result in deterioration in the welfare of developing countries;(2) each nation participating in providing global public goods shall be dedicated to forming "Lindahl equilibrium" under the principle of common but differentiated responsibility, rather than the " Walrasian equilibrium", which is represented in a global ETS;(3) the establishment of a global ETS has its driving forces as it is seen as a preferred regulatory form for industrial special interest groups in developed economies, since its benefits is biased rather than promoting global economic and environmental efficiency; and(4) the developing countries should be more cautious when designing tools of climate policies and need to avoid to be locked in emission trading systems.