You are right. I have so many thoughts on this, but I will write only one that I find lacking in most discussions. I think delegates are for the most part honest and devoted people which is exactly what's wrong. I remember seing a documentary on Paris conference where I've seen such delegates in tears over the "progress they've made at the end." These people are really into it!
The problem with that is that we get so deeply into the game that we fail to see the bigger picture. They don't see the futility of the clauses they negotiate and paper they print. Otherwise they would act on it.
Similarly protesters get cought up into the "protesting game" which is not the same as saving climate.
At one point it "conferencing" and "protesting" becomes a social thing too. These people bond, make friendships and gather around at the next such meeting. So they both need a fucked up climate to maintain their game and to have an excuse to meet again. Without it their careers collapse.
EDIT: I turned this response into an article :)