Dubai, UAE, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to the latest research report released by Extrapolate, the global Voluntary Carbon Offsets Market is estimated to generate revenue of USD 2655.75 million by 2028 from $535.60 million in 2021, registering a staggering CAGR of 25.70% during the projection period.
The report attributes this growth to various factors, including heightened awareness of climate change and the need for carbon emissions reduction, and the increasing availability of a range of products in the voluntary carbon offset market. With each year, more companies and individuals are investing in these offsets to reduce their carbon footprint.
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Furthermore, the research emphasizes the potential for further growth in the voluntary carbon offset market. As governments and corporations prioritize carbon reduction efforts, the demand for carbon offsets is expected to increase, and investors may become more comfortable with investing in these projects.
The Taskforce on Scaling Voluntary Carbon Markets has commented that voluntary carbon offset credits can be used to offset emissions that cannot be eliminated through other means. Additionally, the Ontario government has stated that voluntary offset credits can be used to help meet an entity's environmental goals, and Credit Suisse Group AG has claimed to be carbon neutral in its operations through the use of voluntary carbon credits.
Key Insights
- Extrapolate’s research on the voluntary carbon offset market has revealed that over 330 companies are demonstrating leadership in environmental transparency and performance on climate change, deforestation, and water security.
- Nearly 300 companies are actively participating in the carbon offset market. The global energy sector is estimated to reduce CO2 emissions by 16.5 GtCO2 by 2030 through current technology maturity categories in the Sustainable Development Scenario.
- The Intergovernmental Panel on Climate Change (IPCC) has emphasized that offsets aim to avoid, reduce, or remove greenhouse gas (GHG) emissions. The report also notes that achieving this objective would require a carbon price of $100 to $150 per ton.
- The report highlights the potential economic consequences of declining ecosystem functionality. Without accounting for changes in the price of carbon offsets, the global economy could lose over $5 trillion annually due to the loss of natural services.
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Competitive Landscape
The market for voluntary carbon offsets is highly competitive, with several enterprises providing a variety of services and products to satisfy the requirements of organizations, governments, and individuals. In order to remain competitive, businesses must distinguish themselves through several categories such as innovation, pricing, and quality of service. The market is further subject to competition from businesses that provide comparable products and services.
For instance, 3Degrees has assisted at the beginning of the first voluntary community solar programs in the United States, carried out the first voluntary Renewable Energy Certificate option trade in the U. S., and started some of the first renewable natural gas transactions in the country.
Key Players:
- South Pole Group
- 3Degrees
- First Climate Markets AG
- NatureOffice GmbH
- Allcot Group
- Forliance
- Swiss Climate
- Ecotierra
- EcoAct
- GreenTrees
- Forest Carbon
- ClimatePartner GmbH
- Bioassets
- Carbon Credit Capital
- Bluesource
- Biofílica
- L&C Carbon
On the Basis of Type: This report displays the sales volume, revenue (Billion USD), product price, market share and growth rate of each type, primarily split into:
- Forest Management Project
- Afforestation Project
Forest Management Project Segment to hold highest market share
The forest management project segment is the most popular type of offset and is expected to hold the largest market share during the forecast period. When carbon dioxide is stored or removed from the atmosphere by planting trees or by performing other measures such as better forest management, forestry offsets are created.
Since they can produce immediate environmental advantages, provide short-term benefits, and have a cheap cost in comparison to other offset types, forest management projects are anticipated to gain popularity in the upcoming years.
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On the Basis of Application: This report focuses on the status and outlook for major applications/end users, sales volume, market share, and growth rate of Voluntary Carbon Offsets for each application, including:
- Personal
- Enterprise
Enterprise Segment to Lead Market Share
The enterprise segment is estimated to account for the highest share of the global voluntary carbon offsets market as there is a growing product demand among enterprises, which is majorly driven by a strong desire to achieve sustainability targets and lower CO2 emissions. Businesses are increasingly using these offsets as it helps them achieve their sustainability and climate goals since they are able to buy these credits to offset the emissions from their operations. Furthermore, the market has grown as a result of the growing demand, and more projects and initiatives are being launched to give enterprises access to offsetting solutions that cater to their needs.
Also, an increasing number of enterprises are seeking to fulfill their continuing carbon-neutral commitments and those want to lock in offset supply lines in order to meet future demand, which is driving the overall market growth. In light of this, it's crucial for businesses to comprehend the several types of available offsets, how well they work to cut down on carbon emissions, and how much they will cost. By doing this, companies can make sure that their funds are being used to support the climate change solutions that are both the most affordable and effective.
Geographic Segmentation
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
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North America to Dominate Voluntary Carbon Offsets Market
North America is expected to maintain its leading position in the voluntary carbon offsets market during the projection period owing to several factors such as the rising awareness about the importance of reducing CO2 emissions. Furthermore, the regional market growth is attributable to supportive government laws and regulations in order to reduce carbon emissions.
For instance, under President Obama's leadership, the United States signed the Paris Agreement in 2016. The project received significant funding from the United States, which also committed $3 million to the Green Climate Fund by 2020.
Additionally, Europe is likely to grow as a result of the rising demand for carbon offsets in industrial applications. For instance, the taskforce on scaling voluntary carbon markets was established to assist in the better comprehension and navigation of the VCM by governments, businesses, and other stakeholders. However, on account of the surging demand for carbon offsets in residential devices and agricultural applications, the voluntary carbon offsets market in the Asia Pacific is also anticipated to expand.
Key Benefits of This Market Research:
- Industry drivers, restraints, and opportunities covered in the study
- A neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Voluntary Carbon Offsets Market
- Overview of the regional outlook of the Voluntary Carbon Offsets Market:
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Key Points from TOC:
1 Research Methodology and Statistical Scope
2 Voluntary Carbon Offsets Market Overview
3 Voluntary Carbon Offsets Market Competitive Landscape
4 Voluntary Carbon Offsets Value Chain Analysis
5 The Development and Dynamics of Voluntary Carbon Offsets Market
6 Voluntary Carbon Offsets Market Segmentation by Type
7 Voluntary Carbon Offsets Market Segmentation by Application
8 Voluntary Carbon Offsets Market Segmentation by Region
…..Continued
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