Carbon Credits Market Size to Grow USD 143.5 Billion By 2032, Growing at a CAGR of 55.5% | Valuates Reports

BANGALORE, India , Oct. 9, 2023 /PRNewswire/ -- Carbon Credits Market by Type (Regulatory, Voluntary), by System (Cap-and-Trade, Baseline-and-Credit), by End-use Industry (Aviation, Energy, Industrial, Petrochemical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.  It is published in Valuates Reports under the Energy & Utilities Category.

The global carbon credits market was valued at USD 2 billion in 2022 and is projected to reach USD 143.5 billion by 2032, growing at a CAGR of 55.5% from 2023 to 2032.

Major Factors Driving The Growth Of The Carbon Credit Market are

Companies need to participate in carbon credit schemes more and more as cap-and-trade policies are adopted by more and more nations. Carbon credits purposefully place an additional burden on businesses. In exchange, the greatest cap-and-trade plans include a precise plan for cutting carbon emissions.

Companies can use carbon credits to help them reach their climate change objectives.

Additionally, the global carbon credit market presents an investment opportunity as it is predicted to develop strongly as climate change becomes a more pertinent issue for the entire world. These factors are expected to drive the growth of the Carbon Credit Market.

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TRENDS INFLUENCING THE GROWTH OF THE CARBON CREDIT MARKET

Companies are investing a lot of time and money in decarbonization as the globe approaches net-zero targets. A comprehensive economic transition is typically necessary to address climate change. The companies' focus on net zero aims and efforts to cut carbon emissions will cause a large increase in the market for carbon credits in the ensuing decades. The authorization to emit greenhouse gasses equal to one ton of carbon dioxide is represented by a carbon credit. Now, many companies are implementing this strategy of utilizing carbon credits in part.  They are participating in initiatives and actions that are assisting them in producing offsets. They consume as many credits as they need to in accordance with the project's credit allotment, and if any remain, they can be used for future projects. This factor is expected to drive the growth of Carbon Credit Market

In the ensuing decades, there will be a huge increase in the demand for carbon credits. The voluntary offset market is a chance to reduce greenhouse gas emissions while also meeting the demands of poor nations for development. Involving developing nations in climate protection enables them to reduce and avoid carbon emissions while making money from the sale of their offsets. They can then use the money to pay for development initiatives for their nation's underprivileged neighborhoods. To optimize nature's contribution to the fight against climate change, carbon projects are created. Increased carbon storage can be quantified and converted into carbon credits, which top businesses and individuals can purchase to assist them in achieving their climate goals. This can be done by preserving and restoring forests, grasslands, and other ecosystems. This factor is expected to drive the growth of the Carbon Credit Market.

The market for carbon credits is anticipated to expand as a result of the fact that carbon credits can assist businesses in achieving their climate change objectives.  Companies will need to decrease their own emissions as much as possible in order to accomplish the global net-zero target (while also measuring and reporting on their progress to ensure the openness and accountability that investors and other stakeholders are increasingly seeking). However, adopting the technology of today is excessively expensive for some businesses, even though the prices of those technologies may decrease with time. And for some companies, it is impossible to completely eradicate some sources of emissions.

The main goal of nature-based carbon offset initiatives is to lower emissions caused by deforestation and forest degradation. Although it is difficult to gauge their effectiveness, they serve as a vital stopgap measure until there is no more area available for reforestation or until nations enact laws that are more aggressive in protecting existing forests and natural systems.

The implementation of new renewable technologies, stopping or capturing methane leakage from the production of fossil fuels, mining, landfills, or livestock, replacing wood-burning stoves with clean cookstoves, capturing carbon dioxide directly from the air, and storing captured carbon from emission sources and permanently storing it underground are just a few examples of tech-based offset projects. This factor is expected to drive the growth of the carbon credits market.

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CARBON CREDIT MARKET SHARE ANALYSIS

In 2022, the regulatory sub-segment ruled the market in terms of type. Companies must legally offset their carbon emissions in the market for regulated carbon credits. The emission standards set forth in the Framework of the United Nations Convention on Climate Change (UNFCCC) govern the carbon-emitting industries in this subsegment.

The advantage of regulating carbon credits is that the emission reduction standards are verified by certified operational organizations, ensuring that measurable and actual reductions in carbon emissions are made. Companies or people who purchase carbon credits under regulation carbon credits must have their purchases verified by Verified Emission Reduction (VER). During the projected period, these are anticipated to be the main variables affecting the market size for carbon credits.

The cap-and-trade sub-segment dominated the market for carbon credits globally in 2022 according to the system. Offsets are permitted under cap-and-trade systems that are regularly used. Offsets are credits generated from programs to lower emissions that are exempt from the cap but still contribute to lowering overall emissions. Cap-and-trade schemes usually provide flexible methods to increase cost efficiency and account for varying emission reduction costs.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key players

• MOSS.Earth
• Terrapass
• South Pole
• 3Degrees
• Climate Impact Partners
• EKI Energy Services Ltd
• NativeEnergy
• CarbonBetter
• NatureOffice GmbH
• Carbon Credit Capital, LLC.

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