This New Climate Economy working paper examines the strong momentum for carbon pricing around the world, the benefits of carbon pricing, and explains what is needed for successful implementation, drawing on lessons from different countries. Finally, it discusses how to advance international cooperation on carbon pricing, with particular attention to members of the G20. This paper was written as a supporting document for the 2015 report of the Global Commission on the Economy and Climate, Seizing the Global Opportunity: Partnerships for Better Growth and a Better Climate