Carbon dioxide emissions are priced under a sprawling ecosystem of compliance markets, voluntary offset schemes, and taxation regimes. In late 2021, allowance prices hit record highs under the EU Emission Trading System, just as Article 6 of the Paris Agreement was finalized, potentially paving the way for a truly global carbon market. With over 90% of global GHG emissions now covered by some form of net-zero target, effectively pricing carbon is a policy priority. With investors pushing companies to measure, disclose, and act upon climate-related risk, carbon pricing is becoming an essential consideration for corporate strategy. How will markets evolve over the coming years? What principles of market design will insulate carbon pricing from the ebb and flow of political will? And how to balance carbon prices that are high enough to deliver ambitious goals, with the pressure to secure reliable and affordable energy for the long term?