No matter what you think of global warming itself, one of the things to be lamented over the lack of a substantive global climate treaty backed by the United Nations is all the IT opportunities that won't be created.
Without an effective treaty in place to cap carbons, companies around the globe are not going to have much of an incentive to participate in a cap-and-trade carbon system. Those systems would have resulted in thousands of jobs opportunities for IT professionals and, of course, billions of dollars in revenue for companies such as IBM, SAP and Microsoft that would have provided much of the underlying technology.
The lack of a global treaty doesn't mean that Green IT is dead. Individual countries will still create their own carbon emissions standards and requirements that will need to be measured, and there will be moral pressure from the five countries that agreed to work together on the issue. Companies that do business on a global basis will have to come into compliance with those standards. But there won't be the sense of urgency that a global treaty would have provided.
In the meantime, there's a tremendous amount of work that IT can do to both lower the cost and carbon emitted by IT systems, especially in terms of how we store and process data. At the end of the day, it's only a matter of time before green regulations kick off some IT-related process. It's just unfortunate that given the current state of the economy, the equivalent of a green IT job stimulus plan won't be making as big an impact as some folks might have hoped.