The economic theory underlying climate control argues that the price of carbon should be set equal to the present value of the damages that a ton causes. There has been a substantial amount of economic research over the last decade measuring those climate damages. The research suggests that damages will be quite mixed in mid to high latitude countries with benefits approximately offsetting losses. The bulk of net damages will fall on low latitude countries primarily in losses in agriculture. The overall picture suggests that the price of carbon should be less than $5/ton C or about 1?/CO2. This is quite at odds with the current market price of carbon in Europe but perhaps consistent with the average price of carbon emissions.