When the climate change topic comes up, my brain automatically translates that the punitive corrective measures bandied about over the years...Carbon Tax, Environmental Regulation, and all the other proposed measures that wind up trading modest pollution levels for wideband economic austerity.
Why would you think that Carbon taxes or environmental regulation would actually trigger "wideband economic austerity"? We've been through similar measures at least twice before (CFCs and Acid Rain) and as non-intuitive as it may seem now, the interventions actually turned out to have a small positive effect on the economy. It turns out that when pollution is free, there is a certain inertia where companies often don't take steps that would actually be beneficial to their bottom line because the benefit is perceived to be small and potentially risky.
Furthermore, there are several countries (and areas withing individual countries) already have carbon taxes and regulation and they have not been driven out of business by their less-regulated competition. Norway, for example, has had a carbon tax for over 20 years.