Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The global Voluntary Carbon Offsets Market size is set to gain traction owing to the increase in respiratory diseases. Fortune Business Insights 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. According to report analysis, global voluntary carbon offsets market to grow rapidly during forecast period of 2022 to 2029; Increase in respiratory diseases to augment market growth
Key Industry Developments
February 2020: The Carbon Offset Program was introduced by Xometry. For this launch, Xometry collaborated with Dot Neutral, an organization dedicated to connecting businesses with carbon-offset initiatives. This launch will assist Xometry in reducing its carbon footprint.
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Drivers & Restraints -
Increasing CO2 emissions to boost the market
The rapid increase in CO2 emissions has increased the demand for voluntary carbon offsets. CO2 emissions have had a negative impact on both human health and the environment. It has resulted in climate change and an increase in respiratory diseases, primarily caused by pollution of the air, water, and soil. These negative consequences have increased the demand for voluntary carbon offsets to compensate for greenhouse gas emissions.
The supportive government initiative to reduce greenhouse gas emissions will increase the demand for voluntary carbon offsets. As a result, market growth will be accelerated during the forecast period. However, compliance emission reductions (CERs) and verified emission reductions (VERs) are two alternative projects for reducing CO2 emissions. Implementing these projects is expected to reduce voluntary carbon offset adoption and limit the voluntary carbon offsets market growth.
COVID-19 Impact
COVID-19 had a Potential Impact On Market
The economic impact of the COVID-19 pandemic had the potential to shock global carbon markets. On the other hand, markets demonstrated remarkable resilience, first reacting rationally to lower demand by lowering prices and then returning to near-normal functioning. While the increase in emissions is concerning, many of the world's largest carbon-emitting countries have recently announced long-term environmental policies to assist their economies in recovering from the COVID-19 pandemic and eventually achieving net-zero carbon emissions.
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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.
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.
SEGMENTATION:
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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 detail 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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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
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Distribution Analysis
4.3 Porter’s Five Forces Analysis
4.4 PEST Analysis
4.5 Technological Developments
4.6 Impact of COVID-19
Continued…
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