Yes, that's my understanding of Bush's rejection of the Kyoto agreement: When other nations are willing to sign the Kyoto agreement and restrict their emissions and industries, the U.S. would do the same.

But Bush failed to see the logic of forcing U.S. industries to comply with strict pollution standards that would hurt our economy, while few other nations, if any, were willing to do the same. (I believe T-Dave said somewhere that Australia had signed the Kyoto agreement, but I've never seen that reported in the news.)

From what I've seen, Bush's rejection of Kyoto (as I saw it on BBC) is portrayed outside the U.S. news media as American selfishness and corporate greed. Like Bush's other foreign policy, it's barely defended within the U.S., and I can only imagine how one-sidedly it's trashed outside the U.S.
Although BBC gives me some idea.