The aim of this paper is to acquire feasible and practical solutions to climate change. Alternatives to the existing economic system are examined from a interdisciplinary philosophical and politico-economical perspectives. Two mechanisms have been proposed to internalize natural capital as a solution to the ecological crisis: carbon markets and carbon taxation. Both solutions create property rights and force polluters to internalized the cost of damaging the environment through emission rights or taxation. Carbon markets are a cost-effective and efficient solution, but may take a long time to develop. Carbon taxation allow direct control and can be incorporated into existing fiscal infrastructure, but finding the correct tax rate and predicting the net tax effect is complicated. A policy combining both carbon markets and carbon taxation could be very successful in addressing the source of the ecological crisis, that is GHG emission abatement. The paper outlines the ecological crisis in Section I. Section II addresses the first sub-research question by explaining the shortfalls of the existing economic system. Section III delves into alternative economic systems and deals with the second sub-research question. Subsequently, solutions within the existing economic system will be studied in Section IV, which revolves around the third and final sub-research question. This is followed by an overview of the main findings of this research in Section V. To conclude, Section VI elaborates on the limitations to this research and explores possibilities for future research.