Voluntary Carbon Credit Market Size Worth $14,560.17 Million By 2032 | CAGR: 25.3%

The global voluntary carbon credit market size is expected to reach USD 14,560.17 million by 2032, according to a new study by Polaris Market Research. The report “Global Voluntary Carbon Credit Market Size, Share, Trends, Industry Analysis Report: Information By Project Type (Removal/Sequestration projects, Avoidance/Reduction projects), By End User, and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.  

The increasing demand for nature-based solutions, such as afforestation, reforestation, and sustainable land management projects, is acquiring traction in the market. These initiatives not only sequester carbon but also provide co-benefits like biodiversity conservation and ecosystem restoration. Concurrently, technological improvements, particularly in blockchain and data analytics, are enhancing traceability and transparency in carbon credit trading. Blockchain technology provides immutable records of carbon credits, mitigating risks like double-counting and fraud, which enhances market confidence.

The expanding carbon pricing mechanisms, coupled with the growing demand for corporate sustainability endeavors supported by profitable government approaches, are pivotal drivers of business growth. For example, in October 2023, the Government of India announced that the country has 1,451 projects registered or under various stages of consideration in the world’s leading carbon registries, bolstering industry prospects.

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Furthermore, increasing social and environmental awareness, alongside evolving government policies and regulations, will foster business expansion in the coming years. Investors and consumers increasingly value the social and environmental impacts of carbon credit projects. Projects that deliver broader environmental and social benefits are attracting significant attention and investment. Further, government policies, incentives, and regulations continue to shape the landscape of the voluntary carbon credit market, influencing its growth trajectory.

Voluntary Carbon Credit Market Report Highlights

• The avoidance/reduction projects segment is expected to witness the fastest market during the forecast period due to its effectiveness in achieving measurable emissions reductions, strong corporate demand, supportive regulatory frameworks, technological advancements, and market credibility.
• The power category accounted for the largest market share in 2023 due to its significant carbon footprint, robust regulatory support, technological advancements in renewable energy, and strong demand from corporations aiming to achieve their sustainability goals.
• In 2023, North America accounted for the largest share in the voluntary carbon credit market due to mature market infrastructure, diverse project types, technological innovation, government support, and heightened awareness among investors and consumers.
• The Asia-Pacific voluntary carbon credit market is expected to grow at the fastest CAGR during the forecast period, fueled by a combination of corporate commitments, supportive government policies, expanding renewable energy initiatives, increasing investor interest in sustainability, and technological advancements.
• The global key market players include 3Degrees, South Pole Group, Finite Carbon, CarbonBetter, EKI Energy Services Ltd., Terrapass, Natureoffice GmbH, Carbon Credit Capital, Climate Partner GmbH, TEM (Tasman Environmental), etc.  

Polaris Market Research has segmented the voluntary carbon credit market report based on project type, end-user, and region:

Voluntary Carbon Credit, Project Type Outlook (Revenue - USD Million, 2019 - 2032)

• Removal/Sequestration projects
• Avoidance/Reduction projects

Voluntary Carbon Credit, End-User Outlook (Revenue - USD Million, 2019 - 2032)

• Aviation
• Energy
• Power
• Buildings
• Transportation
• Industrial
• Forestry
• Others  

Voluntary Carbon Credit, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• US
• Canada

• Europe

• Germany
• France
• UK
• Italy
• Spain
• Netherlands
• Russia
• Rest of Europe

• Asia-Pacific

• China
• Japan
• India
• Malaysia
• South Korea
• Indonesia
• 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

Voluntary Carbon Credit Report Scope