Economists see climate change as a market failure that imposes huge costs and risks on future generations, who will suffer the consequences of climate change. These costs are not being reflected in current market prices. In order to internalise these costs, the notion of carbon pricing has a vital role to play. Globally, the adoption of carbon pricing is growing exponentially, but the big questions governing this trend remain unanswered. The thesis aims at addressing the gaps and providing insights on the ongoing debates on carbon pricing from different angles. The study answers four main ongoing discussions on carbon pricing globally. It addresses the following gaps: 1) the convergence and dependence of carbon markets globally; 2) the influence of stakeholders through news announcements on carbon prices; 3) the efficiency of adopting single or multiple carbon pricing and 4) the presence of renewable energy coupled with technology and carbon prices to influence stock prices.