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The Paris Agreement legally bound the signatory parties to take necessary and concrete measures to combat climate change and achieve sustainability development goals. While the signatory Governments did their bit, businesses, too, decided to chip in and contribute substantially. Moreover, there was intense pressure from customers, investors and other stakeholders to walk the sustainability and zero carbon footprint path. Several initiatives were undertaken, but it was realised that until a monetary value was assigned to carbon emissions, desired output would not come by. Thus, the concept of carbon pricing and eventually internal carbon pricing (ICP) came into the frame. While there was an encouraging enthusiasm to embrace ICP in businesses, the lack of an agreement over the carbon price was a major roadblock. Businesses were diverse and so were the pricing considerations. For many, the roadmap to ICP was not clear. There were other issues and challenges as well. In view of these limitations, was ICP indeed an effective and realistic tool to mitigate climate change risks?