Solving global climate change is a political issue. In the United States, pundits prefer solutions based on a market in trading of carbon-emissions. Organizations will be granted rights to emit carbons based on historical usage. Those organizations that implement reductions faster will be able to sell their carbon emissions to slower-paced ones.
The issue with market-based solutions is the variability in carbon pricing. Many economists prefer solutions based on carbon taxes whose costs are more predictable.
With carbon taxes, the big question, then, is is the price of carbon. This particular analysis suggests that the situation is more dire and carbon taxes should be higher than previous proposals.
I haven’t yet had a chance to review the quality of their research. However, to reiterate previous comments, global climate change is, by far, the largest economic and moral crisis of our era.