Voluntary Carbon Credit Market
According to the latest research by Polaris Market Research, the global voluntary carbon credit market was valued at USD 1,908.41 million in 2023. It is expected to reach USD 14,560.17 million by 2032, registering a CAGR of 25.3% during the forecast period of 2024-2032.
Market Scope:
The voluntary carbon credit is a decentralized system where private entities voluntarily purchase and trade carbon credits that showcase the removal or reduction of greenhouse gases in the atmosphere. High-integrity carbon credits can unlock essentially required finance that would if not be obtainable to decrease separate billions of tonnes of emissions.
The voluntary carbon credit (VCM) market enables firms to fund high-integrity carbon credits as a way to accelerate climate mitigation past their value chain. While the primary focus is on decarbonizing internal operations, the VCM offers a way for them to take accountability for greenhouse gas emissions they cannot yet limit. These high-integrity credits help channel funding into critical climate mitigation projects that might not be financially viable without this support.
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Market Drivers:
Technological Progressions: The voluntary carbon credit market CAGR is being pushed by technological advancements that improve the preciseness and clarity of carbon credit projects, making it simpler to establish and count on the carbon curtailment professed. The advancements of online marketplaces and exchanges ease the purchasing, disbursing, and trading of carbon credits, boosting market availability and propelling the voluntary carbon credit market forward.
Growing Demand for Carbon Offset Projects: The growing demand for carbon offset projects and connected credits is a notable driver for the market. This demand is pushed by several elements including corporate sustainability, consumer inclination, regulatory pressure, and the wider push to confront climate change. Several firms are engaging in determined sustainability goals involving acquiring net zero emissions by particular dates.
Key Players:
The market is growingly becoming an important element of corporate sustainability schemes, with major players illustrating notable performance and market impact.
Some of the current players in the market are:
• 3Degrees
• Carbon Credit Capital
• CarbonBetter
• Climate Partner GmbH
• EKI Energy Services Ltd.
• Finite Carbon
• Natureoffice GmbH
• South Pole Group
• TEM (Tasman Environmental Markets)
• Terrapass
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Voluntary Carbon Credit Market Report Highlights:
• The avoidance/reduction projects segment is expected to witness the fastest market during the forecast period due to its effectiveness in achieving measurable emissions reductions, strong corporate demand, supportive regulatory frameworks, technological advancements, and market credibility.
• The power category accounted for the largest market share in 2023 due to its significant carbon footprint, robust regulatory support, technological advancements in renewable energy, and strong demand from corporations aiming to achieve their sustainability goals.
• In 2023, North America accounted for the largest share in the voluntary carbon credit market due to mature market infrastructure, diverse project types, technological innovation, government support, and heightened awareness among investors and consumers.
• The Asia-Pacific voluntary carbon credit market is expected to grow at the fastest CAGR during the forecast period, fueled by a combination of corporate commitments, supportive government policies, expanding renewable energy initiatives, increasing investor interest in sustainability, and technological advancements.
Segmental Outlook:
Voluntary Carbon Credit Market, Project Type Outlook (Revenue – USD Million, 2019-2032)
• Removal/Sequestration projects
• Avoidance/Reduction projects
Voluntary Carbon Credit Market, End User Outlook (Revenue – USD Million, 2019-2032)
• Aviation
• Energy
• Power
• Buildings
• Transportation
• Industrial
• Forestry
• Others
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Regional Insights:
North America accounted for the largest voluntary carbon credit market share in 2023, driven by entrenched fiscal markets and trading platforms easing the purchasing and disbursement of carbon credits.
Asia Pacific is expected to register a significant CAGR, particularly due to growing consciousness and allegiance to CSR capabilities that are forcing businesses to fund carbon offset projects. The rapid urbanization and industrialization in China have caused increased emissions needing carbon offset schemes.
• North America
o Project Type Outlook
• Removal/Sequestration projects
• Avoidance/Reduction projects
o End User Outlook
• Aviation
• Energy
• Power
• Buildings
• Transportation
• Industrial
• Forestry
• Others
• Asia Pacific
o Project Type Outlook
• Removal/Sequestration projects
• Avoidance/Reduction projects
o End User Outlook
• Aviation
• Energy
• Power
• Buildings
• Transportation
• Industrial
• Forestry
• Others
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