Market‐based solutions have become an important focus for international strategies to reduce emissions of carbon dioxide. The commodification of carbon through markets, however, raises a number of questions about the ethics and justice implications of these approaches. They are tied up in a calculative, managerial approach to the environment, which looks for cost‐effectiveness, just allocations of carbon allowances and equitable international frameworks. In this paper and using an extended case study of personal carbon trading I argue that current debates have insufficiently focused on the ethical assumptions that underlie these solutions. A universal system of carbon monitoring may not offer the kinds of political debates and imaginations of the good life that will be required for a more thoroughly participatory engagement in climate change debates. Opening up these broader ethical questions is a starting point for a renewed realisation of climate change as being as much of a cultural, moral issue as a technical challenge.