Carbon markets play a key role in Australia’s efforts to reduce emissions. The Clean Energy Regulator (CER) has prepared this report to support the effective operation of Australia’s carbon markets. This report consolidates information across the national carbon markets that the CER administers for the December Quarter 2024 (October to December 2024). It provides information on supply and demand trends and opportunities that may inform market decisions. As usual, the December Quarter report includes 2 chapters looking back at the calendar year as a whole for renewable electricity (chapter 2) and emissions reductions from CER schemes (chapter 5).