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There has been a growing focus on uncertainty as a distinct concept in the risk literature. This paper is concerned with how those involved in the design and implementation of climate change policy conceptualize risk and uncertainty. Based on interviews with policy and industry elites in Australia, China and the UK, it finds that participants did not distinguish between "risk" and "uncertainty" in their conceptualization of climate threats. For the majority of them, politics was the most significant source of risk and uncertainty in climate policy, but delegation of otherwise political decisions to the market was seen as the best solution. The conclusion suggests that the conceptual distinction between risk and uncertainty is less important, for policy and industry elites, than the need to develop mechanisms that account for both persistent scientific uncertainties as well as interpretive and moral ambiguities in climate policy design and implementation. [ABSTRACT FROM AUTHOR]