What is the global market size of Carbon Credits Market?

Global Carbon Credits Market size was valued at USD 1.29 billion in 2021 and is poised to grow from USD 2 billion in 2022 to USD 68.37 billion by 2030, growing at a CAGR of 55.5% in the forecast period (2023-2030).

Carbon Credits Market Size, Share, Growth Analysis, By Type (Regulatory, Voluntary), By Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects), By End-use (Aviation, Energy, Industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG25E2111 | Region: Global | Published Date: November, 2024
Pages: 223 | Tables: 88 | Figures: 66

Carbon Credits Market News

On June 28, 2023, the Government of India's Ministry of Power formally launched the Carbon Credit Trading Scheme 2023, recognized alternatively as the carbon offsets initiative. This scheme marks a significant step in India's efforts to address environmental concerns and combat climate change by introducing a structured framework for trading carbon credits. The scheme aims to facilitate the reduction of greenhouse gas emissions by establishing a system where entities can trade carbon credits as a means to offset their emissions.

On December 1, 2023, the World Bank unveiled ambitious initiatives aimed at fostering the expansion of high-integrity global carbon markets. This strategic move entails 15 countries benefiting from revenue generated through the sale of carbon credits derived from preserving their forests. The announcement signifies a concerted effort to incentivize countries for their conservation efforts, particularly in safeguarding forests that play a crucial role in sequestering carbon.

Carbon Credits Market Report Snapshots

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Global Carbon Credits Market size was valued at USD 2.2 billion in 2022 and is poised to grow from USD 479.41 billion in 2023 to USD 69.88 billion by 2031, growing at a CAGR of 39.4%during the forecast period (2024-2031).

The competitive environment of the Global Carbon Credits Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. '3Degrees Group, Inc. ', 'Carbon Care Asia Ltd. ', 'CarbonBetter ', 'ClearSky Climate Solutions ', 'EKI Energy Services Ltd. ', 'Finite Carbon ', 'Native Energy ', 'South Pole Group ', 'Torrent Power Ltd. ', 'WGL Holdings Inc. ', 'Tasman Environmental Markets ', 'Moss.Earth ', 'Climeco Llc ', 'Climetrek Ltd. ', 'Climatepartner Gmbh ', 'Climate Impact Partners ', 'Terrapass ', 'Carbon Credit Capital ', 'Bluesource Llc ', 'Carbonfund'

The forecasted surge in demand for carbon credits holds considerable weight, yet McKinsey's analysis suggests a potential equilibrium by 2030, wherein the anticipated demand aligns with the projected annual supply of carbon credits, estimated at 8 to 12 GtCO2 per year. This potential supply hinges on four primary categories: mitigating nature loss, encompassing efforts such as preventing deforestation; nature-based sequestration, such as reforestation initiatives; endeavors aimed at curtailing or diminishing emissions like methane from landfills; and the advancement of technology-driven methods to extract carbon dioxide directly from the atmosphere.

The Boston Consulting Group has taken a more reserved stance in its projections, anticipating a market size ranging between $10 billion to $40 billion by 2030. However, their outlook remains optimistic, anticipating a rapid surge in demand, supported by insights from a survey of business executives. This growth trajectory is propelled by several factors, including the increasing number of companies committed to achieving net-zero emissions targets, leading to amplified purchases of offsets to facilitate their attainment.

In 2022, the Asia-Pacific emerged as the dominant force in the global carbon credits market and is anticipated to maintain its position as the fastest-growing region throughout the forecast period. The market's prevalence in countries such as China, Japan, India, among others, is attributed to numerous sustainability initiatives undertaken by companies within this region. Notably, countries such as Japan have made significant strides in promoting sustainability, exemplified by the decision in May 2022 to launch the region's inaugural exchange specifically dedicated to carbon emissions trading.

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Carbon Credits Market Size, Share, Growth Analysis, By Type (Regulatory, Voluntary), By Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects), By End-use (Aviation, Energy, Industrial), By Region - Industry Forecast 2024-2031

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