The international carbon market landscape contin ued to evolve rapidly in 2024, reflecting the grow ing urgency of addressing climate change and addressing it through cost-effective policy instru ments. Compliance markets remain at the forefront of these efforts, serving as a cornerstone of climate change policy frameworks worldwide. This report examines the current state-of-play in international carbon markets, highlighting both the progress and challenges faced by key systems globally. From the expansion of established markets to the develop ment of new initiatives, the report provides an anal ysis of the trends shaping carbon markets.