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This paper analyses costs and benefits of three different post-Kyoto policy options: On the one hand there is PARETO which is the nickname for the pareto-efficient in-ternationalization of the external effects of global climate change through trading car-bon emission rights on open global markets. And there is QCAP as well as ICAP on the other. Both are unilateral climate policies. QCAP denotes a scenario where re-gions aim for reducing domestic carbon emissions by a certain percentage annually. ICAP is a short cut for intensity targeting which is the US ’ most preferred climate pol-icy option. In a world without uncertainty about future GDP and carbon dioxide emis-sions it refers to the same abatement policy, however by means of technological pro-gress only