There has been a surge in research focusing on sustainability and carbon accounting over the past two decades. Many research papers explore the goals and strategies of sustainability development covering various issues such as water management, plastic phase out, and circular economy principles, waste management, etc. The current literature documents sufficient evidence that carbon accounting is emerging as a separate and independent discipline from conventional financial accounting and environmental accounting. The literature shows carbon accounting plays a pivotal role in aiding directors to pinpoint and evaluate climate-related risks and opportunities and steer their organizations towards a carbon neutral model. Despite this, there are still significant research gaps, enormous challenges and opportunities for future researchers. The chapter identifies under-explored areas in the domain, proposing potential avenues for future investigations.