This chapter explores Pope Francis’s critique of carbon trading in Laudato Si. Discussions of that critique in the popular media and among academic commentators have typically treated it as constituting a categorical rejection of market-based policy responses to climate change. Situating the critique within Francis’s broader approach to the morality of markets, however, suggests a more qualified view. As long as market-based climate policies do not participate in the distributive pathologies that Francis identifies and condemns in wider market relationships, they will not run afoul of the principles he sets out in Laudato Si and his other papal writings.