Overview and Scope
A carbon credit is a transferable voucher or authorization that signifies the entitlement to release one metric ton of carbon dioxide (CO2) or an equivalent quantity of other greenhouse gases (GHGs). These credits serve the purpose of mitigating greenhouse gas emissions by either diminishing emissions directly or by capturing and storing carbon dioxide. The overarching objective of carbon credits is to curtail the release of greenhouse gases into the atmosphere.
Sizing and Forecast
The carbon credit market size has grown exponentially in recent years. It will grow from $398.4 billion in 2023 to $526.32 billion in 2024 at a compound annual growth rate (CAGR) of 32.1%. The growth in the historic period can be attributed to international climate agreements, corporate social responsibility (csr), renewable energy projects, forest conservation and reforestation, emission reduction projects..
The carbon credit market size is expected to see exponential growth in the next few years. It will grow to $1473.51 billion in 2028 at a compound annual growth rate (CAGR) of 29.4%. The growth in the forecast period can be attributed to climate finance investments, expansion of cap-and-trade systems, global carbon pricing initiatives, supply chain emission reduction.. Major trends in the forecast period include carbon credit offset programs, investment flows into carbon market projects, integration with corporate strategies, blockchain technology for transparency, nature-based solutions..
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Segmentation & Regional Insights
The carbon credit market covered in this report is segmented –
1) By Type: Compliance, Voluntary
2) By Project Type: Avoidance Or Reduction Projects, Removal Or Sequestration Projects
3) By End-Use: Power, Energy, Aviation, Transportation, Buildings, Industrial, Other End-Uses
North America was the largest region in the carbon credit market in 2023. The regions covered in the carbon credit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing need to reduce global carbon emissions is expected to propel the growth of the carbon credit market going forward. Carbon emissions are the release of carbon dioxide and other carbon-containing gases into the atmosphere, which trap the heat from the sun and cause the planet to warm. Carbon credits for carbon emissions create a monetary incentive for companies to reduce emissions, and they help the environment by removing carbon from the atmosphere, providing a clear framework for reducing emissions, and boosting economies by investing in sustainable activities. For Instance, in October 2022, the report by the United Nations Framework Convention on Climate Change, a US-based international entity, indicated that CO2 emissions needed to be cut by 45% by 2030 and that to limit global temperature rise to 1.5 degrees Celsius by the end of the century, the emissions reductions needed to be roughly ten times that amount, from 1 to 2 billion tons each year. Therefore, the growing need to reduce global carbon emissions is expected to propel the growth of the carbon credit market.
Key Industry Players
Major companies operating in the carbon credit market report are NRG Energy Inc., Atos SE, WGL Holdings Inc., Sterling Planet Inc., AltaGas Ltd., EKI Energy Services Limited, Aker Carbon Capture AS, South Pole Group AG, Base Carbon Inc., ClimatePartner Gmbh, Bluesource LLC, 3 Degrees Inc., Carbon Care Asia Limited, Sustainable Travel International Inc., Cool Effect Inc., NativeEnergy Inc., Carbonbetter Inc., ClimeCo Corporation, Tasman Environmental Markets Pty Ltd., Carbon Credit Capital LLC, Carbonfund.org Foundation Inc., Clearsky Climate Solutions LLC, Climate Impact Partners LLC, ClimateTrade Inc., Climetrek Ltd., Finite Carbon Corporation, Forest Carbon Ltd., Moss Earth LLC, NatureOffice Gmbh, Terrapass Inc.
The carbon credit market report table of contents includes:
1. Executive Summary
2. Carbon Credit Market Characteristics
3. Carbon Credit Market Trends And Strategies
4. Carbon Credit Market – Macro Economic Scenario
5. Global Carbon Credit Market Size and Growth
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32. Global Carbon Credit Market Competitive Benchmarking
33. Global Carbon Credit Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Carbon Credit Market
35. Carbon Credit Market Future Outlook and Potential Analysis
36. Appendix
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