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I maximize global human vitality, rather than willingness to pay, in optimizing the trade off between spending on consumption goods and mitigating global warming.  Each year of human life is valued equally, regardless of a life's material circumstances.  The implication is that the rich should pay the taxes needed to mitigate global warming, while the price of the necessity that is energy should be kept low for those who must use it as such. Climate policy should reduce the demand for, and not the supply of, emitting fuels so as to keep before-tax prices, paid by the poor, low.  Some “leakage” of emissions from rich to poor nations is fine.  In terms of total damages across income groups, I find that global warming is a mortal, but not an existential, threat.