The global carbon credit market size is expected to reach USD 4,028.24 billion by 2032, according to a new study by Polaris Market Research. The report “Carbon Credit Market Share, Size, Trends, Industry Analysis Report, By Type (Compliance, Voluntary), By Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects), By End-use, By Region, And Segment Forecasts, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Companies are increasingly realizing the importance of sustainability and the need to reduce their carbon footprint. Corporate social responsibility initiatives have become a priority for many organizations, driven by the recognition that sustainable practices and emissions reductions are beneficial for the environment and their reputation and long-term viability. Purchasing carbon credits allows companies to offset their emissions by investing in projects that reduce GHG emissions, thereby demonstrating their commitment to sustainability and acting against climate change.
Moreover, public awareness and concern about climate change have been growing, driving demand for carbon credits. Individuals and organizations are becoming more conscious of their environmental impact and are seeking ways to mitigate their carbon footprint. Carbon credits provide a tangible means for individuals and businesses to take responsibility for their emissions and support projects that contribute to emissions reductions or sustainable development.
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Establishing carbon credit markets can provide several benefits. It creates economic incentives for companies to invest in emission reduction projects, promotes the development of clean technologies, and encourages sustainable practices. Furthermore, carbon credit markets can support the growth of renewable energy sectors and contribute to the overall transition to a low-carbon economy. Carbon credit growth in India will depend on the regulations and frameworks established under the Energy Conservation Bill 2022. These may include guidelines for project eligibility, certification processes, monitoring and verification mechanisms, and the overall governance of the market. It would be advisable to refer to the bill's specific provisions or follow any subsequent updates or notifications from the Indian government to obtain accurate and up-to-date information on the establishment of carbon credit markets in the country.
The requirement for companies to purchase carbon credits as part of regulatory compliance serves multiple purposes. Firstly, it helps to create a financial incentive for companies to reduce their emissions by providing a cost associated with carbon emissions. By internalizing the cost of emissions, companies are motivated to invest in cleaner technologies, energy efficiency measures, and other emission reduction initiatives.
Carbon Credit Market Report Highlights
Polaris Market Research has segmented the carbon credit market report based on type, project type, end use, and region:
Carbon Credit, Type Outlook (Revenue - USD Billion, 2019 - 2032)
Carbon Credit, Project Type Outlook (Revenue-USD Billion, 2019 - 2032)
Carbon Credit, End Use Outlook (Revenue-USD Billion, 2019 - 2032)
Carbon Credit, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
Report Attributes |
Details |
Market size value in 2024 |
USD 525.62 billion |
Revenue forecast in 2032 |
USD 4,028.24 billion |
CAGR |
29.00% from 2024 – 2032 |
Base year |
2023 |
Historical data |
2019 – 2022 |
Forecast period |
2024 – 2032 |
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
Segments covered |
By Type, By Project Type, By End Use, By Region |
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Key companies |
3Degrees, Carbon Care Asia, CarbonBetter, ClearSky Climate Solutions, EKI Energy Services, Finite Carbon, NativeEnergy, South Pole, Torrent Power, and WGL Holdings. |
For Specific Research Requirements |