There is a widespread sense that a sufficiently stringent climate mitigation policy, that is, a considerable reduction of greenhouse gas emissions to avoid extreme climate change, will come with very high economic costs for society. This is supported by many cost-benefit analyses (CBA) and policy cost assessments of climate policy. All of these, nevertheless, are based on debatable assumptions. This paper will argue instead that safe climate policy is not excessively expensive and is indeed cheaper than suggested by most current studies. To this end, climate CBA and policy cost assessments are critically evaluated, and as a replacement twelve complementary perspectives on the cost of climate policy are offered. © 2009 The Author(s).