Scepticism about the science is no longer an option: the world’s scientists have never been so unanimous, and so ominous, in their projections of future perils. The bad news is that too many participants in the debate consider a climate policy as consisting primarily of manipulating markets and prices. If the only tool available were market liberalization, then the solution to every problem would seem to be a matter of getting the prices right. But setting a price for carbon emissions is only the beginning of climate policy - not the end.