Eco-Friendly Finance: Carbon Credits Market Grows Exponentially with Key Drivers and Opportunities

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Carbon Credits Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The carbon credits market size has grown exponentially in recent years. It will grow from $26.78 billion in 2023 to $33.8 billion in 2024 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to kyoto protocol implementation, clean development mechanism (cdm), voluntary carbon offset programs, renewable energy projects, corporate social responsibility (csr).

The carbon credits market size is expected to see exponential growth in the next few years. It will grow to $79.28 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to paris agreement commitments, carbon pricing mechanisms, global sustainability initiatives, natural climate solutions, voluntary market growth. Major trends in the forecast period include blockchain technology integration, technology innovations, carbon credit standardization, increased corporate participation, technological innovations in monitoring, .

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Market Segmentation:
The carbon credits market covered in this report is segmented -

1) By Type: Regulatory, Voluntary
2) By System: Cap-And-Trade, Baseline-And-Credit
3) By End-User: Power, Energy, Aviation, Transportation, Industrial, Buildings, Other End Users

Major Driver - Rising Global Temperatures Fueling Surge In Carbon Credit Market
The increase in global warming is expected to propel the growth of the carbon credit market going forward. Global warming refers to the long-term heating of the Earth's surface due to human activities, primarily the release of carbon dioxide (CO2) and other greenhouse gases into the atmosphere. The increase in global warming is addressed through the use of carbon credits, which incentivize and promote activities that reduce carbon dioxide and other greenhouse gas emissions. For instance, in August 2023, according to Copernicus EU, a Europe-based provider of Earth observation data, 2023 is currently the third warmest year to date, at 0.43 ºC above the recent average, with the average global temperature in July at 1.5 ºC above preindustrial levels. Furthermore, in January 2022, according to the US National Oceanic and Atmospheric Administration (NOAA), a US-based government agency, the annual temperature of Africa in 2021 was 1.33°C (2.39°F) higher than the continent's average, with West and North Africa experiencing an extremely warm year. Therefore, the increase in global warming is driving the growth of the carbon credit market.

Competitive Landscape:
Major companies operating in the carbon credits market report are NRG Energy Inc. , Atos SE, WGL Holdings Inc., AltaGas Ltd., Aker Carbon Capture AS, South Pole Group AG, ClimatePartner Gmbh, Bluesource LLC, 3 Degrees Inc., EKI Energy Services Limited, Sustainable Travel International Inc., Cool Effect Inc., NativeEnergy Inc., ClimeCo Corporation, Tasman Environmental Markets Pty Ltd., Carbon Care Asia Limited, Carbon Credit Capital LLC, Carbonbetter Inc., Carbonfund.org Foundation Inc., Clearsky Climate Solutions LLC, Climate Impact Partners LLC, ClimateTrade Inc., Climetrek Ltd., Base Carbon Inc., Finite Carbon Corporation, Forest Carbon Ltd., Moss Earth LLC, NatureOffice Gmbh, Sterling Planet Inc., Terrapass Inc.

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