Carbon Credit Trading Platform Market Will Reach USD 479 Million by 2030

The carbon credit trading platform market was USD 103 million in 2022, and it will propel at a 21.20% CAGR, to reach USD 479 million, by 2030.

The growth of the industry is attributed to the increasing number of markets allowing the partial utilization of carbon credits, growing acceptance of renewable energy sources, and rising funding in carbon capture systems.

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In 2022, the cap and trade category, based on system type, accounted for the larger share of the industry. This system creates a "cap" on maximum emissions to decrease aggregate emissions from an emitters group.

Furthermore, it is stated to be a method based on industry to decrease the emissions of total pollutants and encourage business investment in energy efficiency and fossil fuel substitutes.

In 2022, the voluntary category, based on type, accounted for the larger carbon credit trading platform market share, of over 60%. The voluntary carbon sector is growing and becoming more important in the matter of controlling global warming.

Moreover, the advancement of this category can also be attributed to the increasing need for voluntary carbon credits to help in the efforts of organizations to lessen their own emissions is increasing, because of the increasing commitments of business leaders to lessen the emissions of global greenhouse gas.

In 2022, the utilities category, based on end use, led the industry, with around 30% share. Furthermore, power businesses are concentrating on advanced approaches to lessen carbon emissions.

Moreover, fossil fuels are burned to generate the required heat to run steam turbines, which leads to the generation of carbon dioxide, the major greenhouse heat-trapping gas that creates global warming, and accounts for approximately 40% of all emissions of carbon dioxide all over the world. Therefore, businesses are accepting smart electric grid technologies that have the ability to cut the emissions of carbon dioxide.

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In 2022, Europe led the carbon credit trading platform industry, with 32% share, owing to the high emissions of CO2 in the continent. Moreover, the EU Emissions Trading System is a pillar of the strategy for climate change in the EU, and its main greenhouse gas emissions-lessening strategy is a cost-effective and efficient approach.

In 2022, APAC accounted for the second-largest share in the industry, mainly because of the promises made by APAC countries, in recent years, at the UN Climate Change Conference, to achieve net-zero targets.

With the mounting number of sectors allowing the partial utilization of carbon credits, acceptance of renewable energy sources, and the target to achieve net-zero emissions by several countries across the globe, the carbon credit trading platform industry will continue to advance in the years to come.

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