The Global Carbon Credit Market: Driving Sustainability and Growth
The Global Carbon Credit Market enables trading of greenhouse gas emission credits, helping governments and others achieve climate targets and implement cost-effective climate actions.
Carbon credits limit CO2 emissions by setting yearly reductions of 2-3%, balancing environmental sustainability with economic and industrial needs to achieve long-term greenhouse gas reduction responsibly.
Global Carbon Credit Market Growth and Forecast
In 2023, the Global Carbon Credit Market was valued at $373.6 billion and is projected to grow $2,883.2 billion by 2030.
During the forecast period 2024-2030, the market will be growing at an approximate CAGR of 33.9%.
The rising demand for carbon credits stems from their use in offsetting emissions, supporting net-zero goals, pricing pollution, funding resilience, and incentivizing emission reductions.
Global Carbon Credit Market Developments
In March 2024, Toucan launched the first-String photovoltaic (PV) inverter market for biochar carbon credits, responding to the growing demand for carbon credits.
In August 2022, Siemens Smart Infrastructure and South Pole partnered to provide solutions and financing models for companies to reduce energy-related emissions.
In July 2023, JSW announced plans to expand its carbon credits portfolio with solar, battery storage, and green hydrogen projects, set for completion by 2025.
In July 2022, AirCarbon Exchange partnered with NIFC and NSE to create a carbon ecosystem in Kenya, enabling efficient, transparent international and domestic carbon transactions.
In March 2022, CarbonX partnered with AirCarbon Exchange (ACX) to create a carbon marketplace in Indonesia, connecting local developers to international carbon markets for growth.
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Data Sources: Grand View Research, BCC Research, Precedence Research, and others
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