The time lag between greenhouse gas emissions and their economic damage through climate change implies that today's emissions will have little effect on old generations while they will greatly impact young generations and generations yet to be born. With democratic governments chosen by living generations, it might thus be difficult to adopt ambitious climate policies. I develop a political economy approach to the choice of climate policies in a dynamic setting where generations responsible for climate change partly differ from generations affected by climate change. I highlight how the relative voting power across living generations, their preferences, and strategic behavior relative to future policies determine democratic climate policies. I provide a novel politico-economic formula for the market interest rate, which is useful for the estimation of democratic climate policies.