Carbon pricing can be an important tool to mobilize finance and secure development outcomes. Today, nearly 30% of global greenhouse gas emissions are covered by a direct carbon price across 87 implemented policies. The 2026 edition of the State and Trends of Carbon Pricing report provides anopportunity to reflect on the past decade. Viewed over this longer horizon, several trends stand out: carbon pricing has expanded significantly, with more diverse approaches to its design, and steadily increasing carbon prices. Carbon markets have expanded both in size and the potential uses they serve and now exist in a more elaborate ecosystem to generate, trade, and evaluate credits. Drawing on compliance instruments (ETSs and carbon taxes) and carbon crediting data, the report offers evidence-based insights into policies and market developments.