Higgs misses the point. Having carbon pricing generates a constant movement in the direction of increased efficiency in order to reduce the amount owing by emitters. Having limits sacrifices this dynamism. Limits also only hides the impact on consumers because compliance costs will naturally be passed on anyhow.
The economy is already being significantly affected by climate change. The whole world is being negatively affected by climate change. 
It is time to stop saying that fighting climate change is some kind of luxury add-on, that fighting climate change is nothing but a drag on the economy. Climate change is a runaway train. It is accelerating and we need to do more, faster. If we don't act faster the economy will be even more seriously damaged, and a lot more than that will be harmed. 
We also need public education, and transparency in compliance and an enforcement mechanism.