Carbon Offset/Carbon Credit Market to Hit $1,602.7 billion by 2028

The global carbon offset/carbon credit market is expected to grow from an estimated USD 414.8 billion in 2023 to USD 1,602.7 billion by 2028, at a CAGR of 31.0% during the forecast period.
The global Carbon Offset/Carbon Credit Market [https://www.marketsandmarkets.com/Market-Reports/carbon-offset-credit-market-85350774.html?utm_source=abnewswire.com&utm_medium=PaidPR&utm_campaign=carbon-offset-credit] is expected to grow from USD 414.8 billion in 2023 to USD 1,602.7 billion by 2028, at a CAGR of 31.0% according to a new report by MarketsandMarkets Trademark . The voluntary carbon market continues to play a critical role in that transition by helping to channel funding into projects that reduce carbon emissions or remove carbon from the atmosphere. Since, the need to curb global warming has significantly increased, the carbon offsetting has become fundamental to achieving net-zero greenhouse-gas emissions. Increasing investments in carbon capture technologies and solutions along with the rise in projects that are helping communities and creating social impact, is expected to drive the carbon offset/carbon credit market.

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As the world moves toward net zero targets, companies are putting considerable effort and capital into decarbonization. Climate change usually requires a complete economic shift. The demand for carbon credits will significantly grow in the coming decades as the companies are focused on net zero targets and are working toward reducing carbon emissions. A carbon credit represents the right to emit greenhouse gases equivalent to one ton of carbon dioxide. Several businesses are now adopting this technique of partially using carbon credits, which is benefitting them significantly. They are getting involved in projects and activities that are helping them generate offsets. They use as many credits as they want according to the limit set for a project and if they have a few left, they are used later for another project. This not only helps them save a significant amount of money, which can aid them in investing in more such credits in the future when required. Hence, these factors help in driving the carbon offset/carbon credit market.

End User Analysis

The carbon offset/carbon credit market segments based on end user into power, energy, aviation, transportation, buildings, industrial, and others. The energy companies have accelerated their participation in reducing carbon emissions, which is helping the carbon markets grow by reducing carbon footprints and creating demand for carbon offset. Carbon offset fund renewable energy projects and help lower the carbon intensity of the energy supply and the energy conservation projects that seek to reduce the overall energy demand.

Regional Analysis

Asia Pacific is expected to fastest growing region for the carbon offset/carbon credit market between 2023-2028, followed by the Europe. ETS could become a major climate policy tool to help China realize its Nationally Determined Contribution (NDC) to the Paris Agreement on climate change and its long-term low-carbon strategy. Hence, these factors are expected to fuel the growth of the market in the Asia Pacific region.

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Key Market Players:

Some of the key players in the Carbon Offset/Carbon Credit Market are South Pole Group (Switzerland), 3Degrees (US), Finite Carbon (US), EKI Energy Services Ltd. (India), and NativeEnergy (US).

South Pole Group

South Pole Group operates as a carbon finance consultancy. It covers project and technology finance, data analysis, and advisory on sustainability risks and opportunities, as well as the development of carbon and renewable energy credits. The company helps public and private sector organizations develop climate-proven policies and strategies. The company's areas of expertise cover every key sustainability-related area of climate change, including but not limited to forests & land use, water quality and conservation, sustainable cities & buildings, as well as renewable energy and energy efficiency. South Pole has worked with over 1,000 clients and is expected to soon develop 800 offset projects across 30 offices globally. South Pole Group operates in North America, Europe, Asia Pacific, and South Africa.

3Degrees

3Degrees is a provider of comprehensive clean energy services intended to take urgent action on climate change. The company's services include PPAs (power purchase agreements), RECs (renewable energy certificates), and community solar and carbon offsets for organizations to meet their greenhouse gas emission reduction goals and help them incorporate clean energy into their business operations, enabling organizations and individuals to transition toward a low-carbon economy. 3Degrees has expertise in sustainability consulting, environmental markets, renewable energy and carbon project development, transportation decarbonization solutions, and utility renewable energy programs.

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