India, Pune, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The demand for Voluntary Carbon Offsets Market has been increasing in recent years due to a growing awareness of climate change and the need to take action to reduce carbon footprints. Fortune Business InsightsTM has presented this information in its report titled “Voluntary Carbon Offsets Market, 2022-2029”. Voluntary carbon offsets are a well-known mechanism for reducing CO2 levels in the atmosphere.
Key Industry Developments
As mentioned earlier, there has been a significant increase in demand for voluntary carbon offsets. This demand comes from both individuals and corporations looking to mitigate their carbon emissions
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Drivers & Restraints -
Many companies are setting ambitious sustainability and carbon reduction goals, which often include achieving carbon neutrality. To reach these goals, they invest in carbon offsets to compensate for emissions they cannot eliminate internally.
Increased awareness among individuals and consumers regarding climate change and environmental responsibility has led to a surge in demand for voluntary carbon offsets. Many individuals purchase offsets to mitigate their personal carbon footprints or to support eco-friendly initiatives.
Growing concerns about the impacts of climate change have prompted more people and organizations to take action. Voluntary carbon offsets offer a way for concerned citizens and companies to participate in climate mitigation efforts.
The development of carbon marketplaces and online platforms has made it easier for buyers to find and invest in carbon offset projects. These platforms provide transparency and accessibility, which drive market growth.
The adoption of rigorous quality standards and certification schemes, such as the Verified Carbon Standard (VCS) and the Gold Standard, has improved trust and credibility within the market. Buyers are more confident in the effectiveness of offset projects.
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Segmentation -
On the basis of type, the market is divided into forestry, renewable energy, landfill methane projects, and others. On the basis of application, the market is segmented into industrial, household devices, energy industry, agriculture, and others. On the basis of end-use, the market is fragmented into government, non-government, private sector, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
By Type
- Forestry
- Renewable Energy
- Landfill Methane Projects
- Others
By Application
- Industrial
- Household Device
- Energy Industry
- Agriculture
- Others
By End-Use
- Government
- Non-Goverment
- Private Sector
- Others
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Report Coverage -
The report covers an in-depth analysis on the voluntary carbon offsets market. The report comprises details on the growth opportunities, challenges, driving, and restraining factors. Furthermore, the report covers details about the key market players adopting several growth strategies to sustain in the market.
Regional Insights -
Greater Demand for Clean Electricity to Accelerate Growth in North America
The voluntary carbon offsets market share in North America is expected to remain the leading region during the forecast period. The increase is due to supportive government regulation aimed at lowering CO2 emissions. The rising demand for carbon offsets in industrial applications will drive market expansion. In Europe, the leading countries are the U.K. and Germany. The Asia Pacific market will expand due to the rising demand for carbon offsets in household devices and agricultural applications. The Middle East and Africa are expected to see significant growth due to the increasing adoption of carbon offsets in the energy industry.
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Competitive Landscape -
Finite Carbon to launch a voluntary carbon offset program
In October 2019, Finite Carbon Inc., a Finite Resources subsidiary, launched a voluntary carbon offsets program. BP Ventures has invested $5 million in this launch. The investment will help Finite Carbon launch a new business that will reduce emissions and provide sustainable forest management.
List of Key Players in the Global Market -
- SOUTH POLE
- Shell
- Vertis Environmental Finance
- Terrapass
- 3Degrees
- NativeEnergy
- Forest Carbon Ltd
- FairClimateFund
- BNP Paribas CIB
- Carbon Footprint Ltd
- ClimeCo Corporation
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