This issue brief, Carbon Pricing: The Role of a Carbon Price as a Climate Change Policy Instrument, produced by WBCSD explains the business case and the economic rationale for establishing a price on carbon emissions. Based on the economical theory, the price of goods and services needs to reflect their full cost and benefits – economic, social and environmental. In the case of a carbon price, this is a value that reflects a negative externality, the impact of CO2 emissions from the product or an activity on the environment. This price can be direct or indirect, and applied in various ways. This issue brief defines what is a carbon price, what it can deliver, its economics and how it can be implemented in the economy.