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Even if every major government were to slap huge taxes on carbon fuels - which is not going to happen - it wouldn't do much to halt climate change any time soon. What it would do is cost us hundreds of billions - if not trillions - of dollars, because alternative energy technologies are not yet ready to take up the slack.
To some, a cap-and-trade system might sound like a neat approach where the market sorts everything out. But in fact, in some ways it is worse than a tax. With a tax, the costs are obvious. With a cap-and-trade system, the costs are hidden and shifted around. For that reason, many politicians tend to like it. But that is dangerous.
When thinking about the future, it is fashionable to be pessimistic. Yet the evidence unequivocally belies such pessimism. Over the past centuries, humanity's lot has improved dramatically - in the developed world, where it is rather obvious, but also in the developing world, where life expectancy has more than doubled in the past 100 years.