© 2022 Elsevier Inc.The greatest environmental issue of the twenty-first century is climate change. Human-caused greenhouse gas emissions are increasing the frequency of extreme weather. Carbon dioxide (CO2) accounts for 80% of human greenhouse gas emissions. However, CO2 emissions and global temperature have risen steadily from pre-industrial times. Emissions data are crucial for most carbon emission policymaking and goal-setting. Sustainable and carbon-neutral sources must be used to create green energy and fossil-based alternatives to reduce our reliance on fossil fuels. Near-real-time monitoring of carbon emissions is a critical national concern and cutting-edge science. This review article provides an overview of the many carbon accounting systems that are now in use and are based on an annual time frame. The primary emphasis of the study is on the recently created carbon emission and eliminating sources and technology, as well as the current application trends for carbon neutrality. We also propose a framework for the most advanced naturally available carbon neutral accounting sources capable of being implemented on a large scale. Forming relevant data and procedures will help the “carbon neutrality” plan decision-making process. The formation of pertinent data and methodologies will give robust database support to the decision-making process for the “carbon neutrality” plan for the globe. In conclusion, this article offers some opinions, opportunities, challenges and future perspectives related to carbon neutrality and carbon emission monitoring and eliminating resources and technologies.