Almost all economists agree a carbon price is the most economically efficient way to cut carbon emissions. Putting economic proscriptions into political effect are of course another matter.
> It seems likely that demand for fossil fuels will prove rather inelastic
Doesn't the contrast between the US and Europe belie that? Petrol prices are double or more in much of Europe and their cars are smaller and more fuel efficient, their cities are denser, they drive less miles per capita, they invest more in public transport, use more bikes and scooters, etc.