I agree with you that the whole economy needs to shift eventually. But as I see it, the most utilitarian way to reduce emissions would be to reduce the overconsumption of carbon emissions in the rich world. The market will not produce the "correct signal" to achieve this because of the enormous income disparity in the global economy.

Example: India vs Us carbon emissions per Capita is 4 times higher than India GDP vs Us GDP per Capita.

Any price increase on carbon will be felt 4x more by an Indian than by an American.