Carbon Offset/Carbon Credit Market Projected to Surge to US$ 2,311.58 Billion by 2031 | EMR

The global carbon offset/carbon credit market is projected to reach USD 2,311.58 billion by 2031, at a CAGR of 28.8%, from USD 237.58 billion in 2022. The carbon offset/carbon credit market is expected to continue to grow in the coming years due to the rising sustainability demand, and net-zero and carbon neutrality goals.

In response to the challenges posed by climate change, the carbon offset market emerged as a mechanism aimed at channeling investments into environmental projects to counterbalance carbon emissions. By providing funding for projects that either absorb or eliminate an equivalent amount of carbon dioxide from the atmosphere, it functions on the basis of “offsetting” emissions. Businesses and individuals buy carbon credits, which are typically derived from reforestation or renewable energy projects, to indicate a measured decrease in greenhouse gas emissions.

Because these credits are commodities that can be traded, companies can offset their carbon footprint outside of internal reductions. When the market was first introduced, there was a mixed response, with discussions centered on its potential for greenwashing, openness, and efficacy. Despite obstacles, business sustainability programs and laws focusing on emissions reductions helped it gain popularity. As the market developed, there was a rise in standards, methods for certification, and overall participation. Its development is a reflection of the increasing awareness of the need for global industry to take environmental responsibility as we fight climate change.

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In August 2022, in order to address building decarbonization, Johnson Controls (JCI) and 3Degrees announced to pool their knowledge and offer energy supply services and energy efficiency through a digital platform. Through market-sourced renewable energy supply services and energy efficiency programs that can be provided as a stand-alone product or from Johnson Controls’ OpenBlue Net Zero Buildings platform, the alliance will deliver carbon reduction services.

Segment Analysis and Market Dynamics

Power generation from fossil fuels, like coal or natural gas, contributes significantly to carbon emissions. Power and energy companies invest in carbon offsets to compensate for emissions from electricity generation. Industries like manufacturing, cement production, and heavy machinery often generate substantial greenhouse gas emissions. Industrial sectors utilize carbon offsets to mitigate emissions from their manufacturing processes or to comply with emission reduction regulations imposed by governments. They might invest in projects that capture or reduce emissions related to their operations.

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The market for carbon offsets is driven by a complicated web of factors, including changing consumer attitudes, market forces, and environmental policies. Its dynamics change as a result of things like different legislative regimes, different kinds of projects, and the equilibrium between the supply and demand of carbon credits. Regulations are essential because they establish emission reduction goals and specify the requirements for projects that qualify for carbon offsets. The quality and credibility of offset initiatives are also important factors in market dynamics that affect their market value.

Regional Analysis

The carbon offset/carbon credit market in Asia Pacific is expected to lead globally. Asia Pacific nations China and India in particular are seeing rapid economic expansion, which is fueling industrialization and rising energy consumption both of which raise carbon emissions significantly. As a result, governments and businesses are beginning to acknowledge how vital it is to solve climate change, encouraging a climate-conscious mentality. In addition, a number of the region’s nations are aggressively enforcing strict sustainability laws and targets, advocating for the approval of carbon offset programs to reduce pollution.

The report “Carbon Offset/Carbon Credit Market Size, Share & Trends Analysis Report by Type (Voluntary Market, Compliance Market), by Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects (Nature-based, technology-based)), by End-User (Industrial, Power, Energy, Transportation, Buildings, and Others), and by Region (North America, Europe, APAC, MEA, and CSA), and Segment Forecasts, 2023–2031” is available now to Econ Market Research customers and can also be purchased directly from: https://www.econmarketresearch.com/

Further key findings from the report suggest:

• The global carbon offset/carbon credit market is predicted to register a compound annual growth rate (CAGR) of 28.8% over the projected period of 2023–2031.
• Asia Pacific will be the leading region of the global carbon offset/carbon credit market during the forecast period of 2023–2031.
• The major key players in the global carbon offset/carbon credit market are: 3Degrees, Finite Carbon, South Pole Group, EKI Energy Services Ltd, Native Energy, CarbonBetter, Carbon Care Asia Limited, Terrapass, Bluesource LLC, and Natureoffice GmbH.

Read More Information about Carbon Offset/Carbon Credit Market:https://www.econmarketresearch.com/industry-report/carbon-offsetcarbon-credit-market/

Econ Market Research has segmented the global carbon offset/carbon credit market based on type, project type, end user, and region:

Carbon Offset/Carbon Credit Market by Type (Revenue, USD Billion, 2023–2031)

• Voluntary Market
• Compliance Market

Carbon Offset/Carbon Credit Market by Project Type (Revenue, USD Billion, 2023–2031)

• Avoidance/Reduction Projects
• Removal/Sequestration Projects (Nature-based, technology-based)

Carbon Offset/Carbon Credit Market by End-User (Revenue, USD Billion, 2023–2031)

• Industrial
• Power
• Energy
• Transportation
• Buildings
• Others

Carbon Offset/Carbon Credit Market Regional Analysis (Revenue, USD Billion, 2023–2031)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Rest of MEA
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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