Carbon Credit Global Market Report 2024 – Market Size, Trends and Global Forecasts 2024-2033
The Business Research Company’s Carbon Credit Global Market Report 2024 – Market Size, Trends and Global Forecasts 2024-2033
— The Business Research Company
LANDON, GREAT LANDON, UK, June 25, 2024 /EINPresswire.com/ — The global carbon credit market has grown exponentially, from $398.4 billion in 2023 to $526.32 billion in 2024, at a compound annual growth rate (CAGR) of 32.1%. This growth is fueled by international climate agreements, corporate social responsibility initiatives and investments in renewable energy and emissions reduction projects. The market is expected to continue its upward trajectory and reach $1,473.51 billion by 2028 at a CAGR of 29.4%, driven by investments in climate finance, expansion of cap-and-trade systems, and global carbon pricing initiatives.
Increasing transportation pollution is driving market growth
The growth of the carbon credits market is largely driven by increasing transportation pollution, which contributes to greenhouse gas emissions. Carbon credits play a critical role in offsetting these emissions from transportation activities, including trucking and personal vehicles. Investments in sustainable practices and technologies through carbon offsets aim to improve the efficiency and sustainability of transportation systems. For example, transportation was responsible for 29% of total U.S. greenhouse gas emissions in 2021, underscoring the critical need for emissions reduction strategies in this sector.
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Key players and market trends
Major companies in the carbon credit market include NRG Energy Inc., Atos SE and South Pole Group AG. These companies are at the forefront of developing innovative solutions such as blockchain-based platforms to improve the transparency and traceability of carbon credit transactions. For example, Ernst & Young Global Limited’s EY OpsChain ESG uses blockchain technology on Ethereum to provide verifiable carbon emissions data and ensure the authenticity of the carbon offsets used by companies.
Segments:
• Type: Compliance, Voluntary
• Project type: avoidance or reduction projects, removal or sequestration projects
• End use: power, energy, aviation, transportation, buildings, industry and other end uses
Regional insights: North America leads, Asia-Pacific is growing steadily
In 2023, North America emerged as the largest region in the carbon credit market, driven by strict environmental regulations and robust business sustainability initiatives. Meanwhile, the Asia-Pacific region is expected to see significant growth, supported by the increasing adoption of carbon reduction strategies across sectors.
For an in-depth analysis of the global carbon credits market, view the full report: https://www.thebusinessresearchcompany.com/report/carbon-credit-global-market-report
Carbon Credit global market report 2024 from TBRC includes the following information:
• Market size data for the forecast period: historical and future
• Market analysis by region: Asia Pacific, China, Western Europe, Eastern Europe, North America, US, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, US.
Trends, opportunities, strategies and much more.
The Carbon Credit Global Market Report 2024 from The Business Research Company is the most comprehensive report providing insights into the carbon credit market size, carbon credit market drivers and trends, key players in the carbon credit market, competitors’ revenues, market positioning and market growth across all geographies. The Carbon Credit Market report will help you gain deep insights on opportunities and strategies. Businesses can leverage the data in the report and tap into segments with the highest growth potential.
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