The fight against climate change is a global public good and COP 26 is a key appointment to address it. However, while the climate agreement that will be negotiated in COP 26 must be global, its implementation will have to be local as it will be driven by each individual signatory State. In this context, a Global Carbon Price (GCP) has the qualities of a win-win solution. Within the Technical WG of the UN High Level Dialogue on Energy 2021, this paper, after reviewing the state-of-the-art of the literature and assessing the results of the empirical research, analyses the relationship between carbon pricing, subsidies and decarbonization. It brings to light the proposal of a GCP including different economic tools -ETS, carbon taxes, excises- feeding a Fair Transition Fund for inclusive development, as a flexible, effective and sustainable mechanism to reduce global CO2 emissions.