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Abstract Carbon pricing is a marketbased instrument for climate change governance. The existing studies on carbon pricing focus on a specific carbon pricing mechanism, while having less examination of the development of carbon pricing at the macro level. At the macro level, the global carbon pricing has been generally evolving in a fragmented way. It presents a multilevel governance structure without a central regime and there is little coordination and weak connections among various regimes. This fragmentation results from the differentiated development of carbon pricing mechanisms, which, if not effectively controlled, may undermine the efficiency of global emission reduction and damage the global trading system. Currently, there are four possible pathways to address the fragmentation of global carbon pricing, namely the carbon pricing mechanism linkage, unilateral extension of the carbon market, climate clubs and multilateralism. The international community should stick to the idea of multilateral governance with the United Nations Framework Convention on Climate Change (UNFCCC) governance process as the core, apply a combination of the bottomup approach and the topdown approach to the governance, adopt a governance approach that addresses both the problems and their root causes, and further improve the multilateral way.
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