Carbon Credit Market Expected to Reach USD 10,552.12 Billion by 2034, Registering a CAGR of 32.5%

Carbon Credit Market

A recent study by Polaris Market Research reveals that the global carbon credit market is expected to grow at a CAGR of 32.5% from 2025 to 2034. The market was valued at USD 633.87 billion in 2024 and is forecast to reach USD 10,552.12 billion by 2034.

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Market Definition

A carbon credit is a permit that allows the holder to emit a particular amount of carbon dioxide or other greenhouse gases. One carbon credit usually represents the right to emit one metric ton of CO2 or its equivalent. These credits are part of carbon trading systems designed to reduce global emissions by enabling companies, organizations, or governments to buy and sell emissions allowances, incentivizing the reduction of greenhouse gases.

Key Drivers of the Market

Growing Adoption of Net-Zero Targets

One of the major drivers of the carbon credit market growth is the increasing adoption of net-zero targets by governments and corporations worldwide. As more entities commit to reducing their carbon footprints, the demand for carbon credits rises to offset the emissions that cannot be completely eliminated, boosting market growth.

Rising Net-Zero Commitments by Corporations

The rising number of corporations setting and working towards net-zero emissions targets is driving the demand for carbon credits. To meet these ambitious goals, companies are increasingly turning to carbon credits as a way to offset emissions that are challenging or impossible to eliminate directly.

Top Companies

A competitive analysis of the market shows a dynamic landscape with rising activity and a growing number of players. Key participants actively involved in the market include:

AirCarbon Pte. Ltd.
ALLCOT AG
CBL Markets (Xpansiv)
Climate Impact X Pte. Ltd.
EcoAct (Atos)
EEX (European Energy Exchange AG)
EKI Energy Services Ltd.
First Climate (ENGIE)
Gold Standard (administered by South Pole)
ICE (Intercontinental Exchange, Inc.)
Verra

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Carbon Credit Market Industry Developments

October 2023: Dubai-based Blue Carbon formed a joint venture with Zimbabwe to advance environmental sustainability through a carbon credit initiative. This partnership underscores the increasing significance of carbon credits in reducing emissions, fostering climate change mitigation, promoting economic growth, and bolstering ecological resilience.

October 2023: Abu Dhabi Bank, Masdar, and Blue Carbon signed a strategic agreement to enhance the supply and trading of carbon credits in the UAE. This collaboration aims to accelerate the development of a robust emissions trading system, positioning the UAE as a key player in global and domestic climate action efforts.

Market Segmentation

By Type Outlook (Revenue-USD Billion, 2020-2034)

● Compliance
● Voluntary

By Project Type Outlook (Revenue-USD Billion, 2020-2034)

● Avoidance/Reduction Projects
● Removal/Sequestration Projects

By End Use Outlook (Revenue-USD Billion, 2020-2034)

● Power
● Energy
● Aviation
● Transportation
● Buildings
● Industrial
● Others

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Regional Analysis

Europe holds the largest share of the carbon credit market revenue, largely due to the robust and comprehensive European Union Emissions Trading System (EU ETS), which stands as one of the world's largest and most liquid carbon markets.

The Asia Pacific market is currently experiencing the highest growth rate, driven by factors such as the growing adoption of national and regional emissions trading schemes in countries such as South Korea, China, and Australia.

By Regional Outlook (Revenue-USD Billion, 2020-2034)

● North America
○ US
○ Canada
● Europe
○ Germany
○ France
○ UK
○ Italy
○ Spain
○ Netherlands
○ Russia
○ Rest of Europe
● Asia Pacific
○ China
○ Japan
○ India
○ Malaysia
○ South Korea
○ Indnesia
○ Australia
○ Vietnam
○ Rest of Asia Pacific
● Middle East & Africa
○ Saudi Arabia
○ UAE
○ Israel
○ South Africa
○ Rest of Middle East & Africa
● Latin America
○ Mexico
○ Brazil
○ Argentina
○ Rest of Latin America

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