This report focuses on the key trends, challenges, opportunities, financing, and policy developments within the compliance and voluntary carbon markets globally. We analyze compliance in established emission trading systems (ETS) around the world, including the European Union (EU), the UK, South Korea, China, New Zealand, the US states of California and Washington, the US Regional Greenhouse Gas Initiative (RGGI) and Low Carbon Fuel Standard (LCFS) systems, and the Australian Carbon Credit Unit Scheme (ACCU).