Actually, I 100% agree with you on the current plans being considered in the US Congress to stop global warming. The current plan, cap-and-trade, does resemble the exact financial bubbles that caused such huge problems for the US economy. A simple price on carbon would be much simpler, and it could be instituted as a dividend that could yield financial rewards for individuals that reduced their emissions.
See this great article by one of the world's most famous climate scientists for more info:
But climate change is 100% real, according to a virtually unanimous consensus of scientists, and if we wean ourselves off of fossil fuels that cause global warming, Saudi Arabia stands to suffer economically. Why? They have all the oil. That is why I believe that the Saudi leadership made a stand at the Copenhagen conference - not because they really question the science.