Climate change is no longer a distant threat; it's an existential crisis unfolding before our eyes. On our current trajectory, SwissRe estimates that global warming could wipe out roughly 18% of the global economy by 2050, costing $40 trillion annually. Developing nations will bear the brunt, with ASEAN projected to suffer a 37.4% GDP loss. Despite the urgency to act, the greenhouse gas externality distorts incentives, making climate action dauntingly quixotic. Effective climate action requires a multi-pronged approach, including market mechanisms like carbon pricing, well-designed regulations, education, and international cooperation to create a more equitable market.