Your #2 reminds me of something Bjorn Lomborg (yeah yeah, I'm not a fan either - nor a hater, in fact, I just don't know enough about the nuances of the issues involved to have an opinion that's well thought out enough to defend) said in an interview on Dutch television years ago.

He said the money spent on implementing Kyoto was much better spent combating the direct effects of global warming, for example by building dikes in areas that were too poor to build them themselves and that were likely to be affected by rising sea levels, like Bangladesh.

To my layman's ears, that sounded quite reasonable.

It still does, in fact.