The world will continue with the carbon tax, my strawberry farmer neighbour and his sign "families can not afford the carbon tax" will continue to farm and the sign to rust into the ground (yipppeeee) and I will be happy to see a price on carbon. Sure this will see an increase in prices and greedy businesses passing this tax on to their consumers, but there will be a recognition for the environment in the economics of business and we may start to make some realistic decisions about what we should and should not invest in.
The environment should not be an externality but something that is costed within prices and this is what the carbon price is about.
I enjoyed reading "Greening of Gavin" blog's post on this topic. Go and have a read and maybe you might also see some light at the end of the tunnel too!