SEATTLE, July 01, 2021 (GLOBE NEWSWIRE) -- Carbon Credit is a specific financial term for a tradable environmental certificate or license recognizing the right to emit a certain tons of carbon monoxide or the corresponding amount of another greenhouse gas. The carbon credits are issued based on the quantity of carbon produced during the year. The emission of carbon is recognized as a useful source of renewable energy. It provides an important source of non-carbon-based electricity, though further development of carbon capture and storage technology will play a major role in eliminating the use of carbon-based electricity. In fact, the ambition of governments around the world is to convert all the existing fossil fuel-powered electricity plants to run exclusively on carbon-based electricity.
The global Carbon Credit market is estimated to account for US$ 2,407.8 Mn in terms of value by the end of 2027
1. Increasing global warming across the world is expected to drive growth of the global carbon credit market during the forecast period
Global warming is one of the imminent and existential crises in the world. According to the National Oceanic and Atmospheric Administration (NOAA)’s 2020 Annual Climate Report, since 1880, the combined land and ocean temperature has increased at an average rate of 0.08 degrees Celsius per decade. However, the average rate increase since 1981 has been 0.180C, which is more than twice that rate. Carbon credit refers to a tradable permit, which provides the holder of the credit the right to emit one ton of carbon dioxide. This is essentially an offset for producers of greenhouse gases and thus they can purchase carbon credits to comply with the emission cap. Hence, such factors are expected to drive growth of the carbon credit market during the forecast period.
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2. Increasing investment in the carbon credit market is expected to propel the global carbon credit market growth over the forecast period
Any government authorities and international organizations are adopting carbon credit. As a matter of fact, it has become a trend and thus, many countries are keen on adopting carbon credit. For instance, in 2015, European Union launched European Union Emission Trading Scheme (EU ETS) for the Kyoto mechanism adopted by the European Union. Thus, these factors are expected to propel the global carbon credit market growth over the forecast period.
Market Opportunity
1. Growing adoption of advanced technologies can provide major business opportunities in the global carbon credit market
Many companies have started adopting advanced technologies, in order to reduce their carbon emission. These advanced technologies can improve current manufacturing practices, enhance the utilization of resources, and reduce the carbon footprint. Although the initial investment is significant, organizations are more focused on the long-term benefits of these technologies and hence, they are keen to adopt advanced technologies.
2. Adoption of voluntary commitment to reduce carbon emissions can provide major business opportunities in the global carbon credit market
Many companies, as well as government organizations, are voluntarily committing to reduce carbon emissions. Voluntary initiatives are further encouraging other organizations to commit to the carbon credit program. Thus, these initiatives can provide major business opportunities for market players in the near future.
Market Trends
1. Europe Trend
On the basis of region, Europe is expected to witness significant growth in the global carbon credit market during the forecast period. This is owing to the presence of developed countries such as France, Germany, the U.K., and other European countries.
2. Asia Pacific
Asia Pacific is expected to register a robust growth rate, owing to the presence of emerging economies such as India and China that have a higher percentage of carbon emission.
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Competitive Section
Major companies involved in the global carbon credit market are Sterling Planet, Inc., WGL Holdings, Inc., Enking International, Native Energy, 3 Degrees, Cool Effect, Inc., ClearSky Climate Solutions, Green Mountain Energy, and Sustainable Travel International.
Recently, in June 2021, Carbon Streaming Corporation entered into a joint venture partnership with WilsonZinter Enterprises Ltd. to invest in carbon credit streaming arrangements to achieve net-zero climate goals.
Market segmentation:
By Sector: Energy, Transportation, Residential and Commercial Buildings, Industry, Agriculture, Forestry, and Water and Wastewater
By Region: North America, Europe, Asia Pacific, Latin America, Middle East and Africa
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