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Climate change is a serious challenge to our planet. The point of no return will be upon us in 2014 and we are yet to regulate the emission of greenhouse gas. Failure to reach agreement at the 2009 UN Climate Change Summit in Copenhagen highlighted the difficulties we face in regulating use of the ultimate common pool recourse: our atmosphere. Surrounding these difficulties is the specter of an ideological debate between 'public' and 'private' that is as contentious as ever, and central to thisdoi:10.2139/ssrn.1653966 fatcat:gyqvbxtpvjcchpxajilcjppd7m