Generating electricity by burning fossil fuels causes the release of greenhouse gases like CO2. To curb these emissions without breaking the bank, an Emissions Trading Scheme (ETS) can be put into action. This trading system allows companies to buy and sell emission rights as per firm reduction goals. There are three main types of ETS designs - cap-and-trade, performance standard trading, and project-based credit trading - each with different effects. ETS implementations are gaining traction worldwide, with many areas including Europe, parts of North America, Kazakhstan, China, South Korea, and New Zealand adopting such systems. While some regions have linked their ETSs, a global price for carbon is still a work in progress. Emissions trading is a developing method to safeguard the environment efficiently, but achieving a universal carbon price is a ongoing challenge.