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Voluntary Carbon Market: Analysis By Value, By Traded Volume, By Credit Retirements, By Credit Issuance, By Project Category, By Type of Project, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027

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    Report

  • 200 Pages
  • December 2022
  • Region: Global
  • Daedal Research
  • ID: 5697812
Description Jump to:

The global voluntary carbon market was valued at US$2,004.85 million in 2021 and is expected to reach 17.11 billion by 2027. On the other hand, the voluntary carbon market traded volume has reached 298.15 MtCO2e in 2021 and is projected to grow to 678.56 MtCO2e by 2027. The annual credit issuance has increased to 399.96 MtCO2e in 2021, whereas annual credit retirement has increased to 166.65 MtCO2e. The voluntary carbon market (VCM) enables carbon emitters to compensate for their unabated emissions by purchasing carbon credits produced by projects targeted at removing or reducing greenhouse gas (GHG) emissions from the atmosphere.

In recent years, there has been unprecedented momentum among global corporates to accelerate climate actions, driven by the growing pressure from governments, society, and financial market players. Despite a myriad of concerns around the existing practice of using carbon offsets as part of corporates’ environmental strategies, corporate pledges have resulted in explosive growth in demand for voluntary carbon credits. The global voluntary carbon market is determined to grow at a CAGR of 42.91% over the forecasted period of 2022-2027. At the same time, the voluntary carbon market traded volume is expected to grow at a CAGR of 14.69%.

Market Segmentation Analysis:

  • By Project Category: The report provides the bifurcation of market value, traded volume, credit issuance, and credit retirement based on the project category: Forestry and Land Use, Renewable Energy, Chemical Process/Industrial Manufacturing, Household/Community Devices, Waste Disposal, Energy Efficiency/ Fuel Switching, Agriculture, and Transportation. In terms of market value, forestry and land use held the major share of the market. From 2020 to 2021 REDD+ (type of forestry and land use projects) volumes rose dramatically, including an increase in the avoided unplanned deforestation project type and an increase in avoided planned deforestation. Afforestation and Reforestation (ARR) projects have also seen tremendous growth in Asia and Latin America & the Caribbean between 2019-2021. The sharp increase in ARR projects in large part is due to developments in the Republic of China.
  • By Type of Projects: The report provides the bifurcation of voluntary carbon market credit issuances based on the type of projects: Tech-Based Avoidance, Nature-Based Avoidance, Nature-Based Removal, and Tech-Based Removal. In 2021, Tech-based avoidance projects held the highest share of the market. Nature-based avoidance projects are the second largest credit supply category, which includes projects such as improved forestry management and avoided deforestation (REDD+) that protect the natural carbon sinks. The appeal of nature-based solutions includes co-benefits such as increasing biodiversity, economic opportunity for local communities, and promotion of resiliency and climate adaptation.
  • By Region: In the report, the global voluntary carbon market is divided into six regions: Asia, Latin America, Africa, North America, Europe, and Oceania. Asia accounted for the maximum share of the global market value in 2021. In July 2022, HKEX announced the Hong Kong International Carbon Market Council to develop Hong Kong as an international carbon market and a hub for Asia. Core Climate would provide effective and transparent trading of voluntary carbon credits and instruments, across Asia and beyond. Thus, the market is expected to grow in the coming years.
  • There has been an increase in participation in Latin American carbon markets due to the expansion of voluntary carbon markets, and ambitious climate goals established globally by governments and private actors, with the hydrocarbon industry leading the energy transition efforts in the region. In the coming years, governments would incentivize low-carbon technologies, such as carbon capture, utilization, and storage (CCUS), to increase the supply of high-quality credits in the region.

Market Dynamics:

  • Growth Drivers: The global voluntary carbon market has been growing over the past few years, due to factors such as the rising carbon emission, increasing corporate efforts in carbon offsetting, increase in adoption of net zero targets, increasing demand for natural climate solutions, establishment of CORSIA, etc. Under the 2015 Paris Agreement, nearly 200 countries have endorsed the global goal of limiting the rise in average temperatures to 2.0 degrees Celsius above preindustrial levels, and ideally 1.5 degrees. Reaching the 1.5-degree target would require that global greenhouse-gas emissions are cut by 50% of current levels by 2030 and reduced to net-zero by 2050. As more and more net-zero commitments and nearer-term targets are made, the demand for carbon credits to offset emissions would increase. By enabling this, VCMs could drive a huge increase in funding to climate- and nature-positive investments. This would positively influenced the market growth.
  • Challenges: However, some challenges are impeding the growth of the market such as as insufficient governance, no standard measurement of quality, etc. Since the lack of governance and unified standards make it difficult for market participants to verify the quality of a given carbon credit, it became a hurdle for market growth.
  • Trends: The market is projected to grow at a fast pace during the forecast period, due to various market trends like growth in direct air capture (DAC), Article 6 agreement redefining global carbon offset markets, emergence of carbon credit rating agencies, etc. DAC has seen a surge in interest and investment over the past few years and a growing number of companies are entering the space. This is due to the understanding that carbon removal would increasingly be needed to meet national and global climate goal. Technology-based removal technologies such as direct air capture are expected to play an increasingly large role in current and future voluntary market activity.

Impact Analysis of COVID-19 and Way Forward:

The global voluntary carbon market has experienced positive growth during the pandemic. In 2020, airlines rolled back their purchases to match lower emissions, whereas broader corporate demand for voluntary carbon offsets was increasing. Then, as the year progressed, so did the number of carbon-neutral pledges from individual companies like Amazon and Microsoft. In the post-COVID era, factors such as government support to reduce greenhouse gas emissions are anticipated to drive market growth.

Competitive Landscape:

The global voluntary carbon market is fragmented. The key players in the global voluntary carbon market are:

  • NRG Energy, Inc. (Green Mountain Energy)
  • Just Energy Group Inc. (TerraPass)
  • Ambipar Group (Biofílica Ambipar Environment S.A.)
  • South Pole
  • 3Degrees Group, Inc.
  • EcoAct
  • Aera Group
  • ClimeCo
  • ClimatePartner
  • First Climate AG
  • Vertis Environmental Finance
  • NativeEnergy Inc.

In 2021, Verra held the highest share of the credit issued, followed by California Air Resources Board. In 2022, South Pole announced that the company joined new Forest Stewardship Council (FSC) Climate Coalition Initiative. FSC aims to ensure that Indigenous Peoples, smallholders, and forest stewards benefit from participating in certification and the growing carbon market. Whereas, 3Degrees announced the launch of new climate tech advisory services, which complement the company’s existing suite of climate advisory and implementation services. 

Table of Contents


1. Executive Summary
2. Introduction
2.1 Voluntary Carbon Market: An Overview
2.1.1 Carbon Offset Lifecycle And Market Ecosystem
2.2 Voluntary Carbon Market Segmentation: An Overview
2.2.1 Voluntary Carbon Market Segmentation
3. Global Market Analysis
3.1 Global Voluntary Carbon Market: An Analysis
3.1.1 Global Voluntary Carbon Market: An Overview
3.1.2 Global Voluntary Carbon Market by Value
3.1.3 Global Voluntary Carbon Market by Project Category (Forestry and Land Use, Renewable Energy, Chemical Process/Industrial Manufacturing, Household/Community Devices, Waste Disposal, Energy Efficiency/Fuel Switching, Agriculture, and Transportation)
3.1.4 Global Voluntary Carbon Market by Region (Asia, Latin America, Africa, North America, Oceania, and Europe)
3.2 Global Voluntary Carbon Market: Traded Volume Analysis
3.2.1 Global Voluntary Carbon Market by Traded Volume: An Overview
3.2.2 Global Voluntary Carbon Market by Traded Volume
3.2.3 Global Voluntary Carbon Market Traded Volume by Project Category (Forestry and Land Use, Renewable Energy, Chemical Process/Industrial Manufacturing, Waste Disposal, Energy Efficiency/Fuel Switching, Household/Community Devices, Transportation, and Agriculture)
3.2.4 Global Voluntary Carbon Market Traded Volume by Region (Asia, Latin America, Africa, North America, Europe, and Oceania)
3.3 Global Voluntary Carbon Market: Credit Issuance Analysis
3.3.1 Global Voluntary Carbon Market by Annual Credit Issuance: An Overview
3.3.2 Global Voluntary Carbon Market by Annual Credit Issuance
3.3.3 Global Voluntary Carbon Market Credit Issuance by Type of Project (Tech-Based Avoidance, Nature-Based Avoidance, Nature-Based Removal, and Tech-Based Removal)
3.3.4 Global Voluntary Carbon Market Credit Issuance by Project Category (Forestry and Land Use, Renewable Energy, Chemical Process/Industrial Manufacturing, Energy Efficiency/Fuel Switching, Waste Disposal, Transportation, Agriculture, and Other)
3.3.5 Global Voluntary Carbon Market Credit Issuance by Region (Asia, Latin America, North America, Europe, and Africa)
3.4 Global Voluntary Carbon Market: Credit Retirement Analysis
3.4.1 Global Voluntary Carbon Market by Annual Credit Retirement: An Overview
3.4.2 Global Voluntary Carbon Market by Annual Credit Retirement
3.4.3 Global Voluntary Carbon Market Credit Retirement by Project Category (Forestry and Land Use, Renewable Energy, Energy Efficiency/Fuel Switching, Waste Disposal, Chemical Process/Industrial Manufacturing, Agriculture, Transportation, and Other)
3.4.4 Global Voluntary Carbon Market Credit Retirement by Region (Asia, Latin America, Africa North America, and Europe)
3.5 Global Voluntary Carbon Market: Project Category Analysis
3.5.1 Global Voluntary Carbon Market by Project Category: An Overview
3.5.2 Global Forestry and Land Use Voluntary Carbon Market by Value
3.5.3 Global Forestry and Land Use Voluntary Carbon Market by Traded Volume
3.5.4 Global Renewable Energy Voluntary Carbon Market by Value
3.5.5 Global Renewable Energy Voluntary Carbon Market by Traded Volume
3.5.6 Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Value
3.5.7 Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Traded Volume
3.5.8 Global Waste Disposal Voluntary Carbon Market by Value
3.5.9 Global Waste Disposal Voluntary Carbon Market by Traded Volume
3.5.10 Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Value
3.5.11 Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Traded Volume
3.5.12 Global Household/Community Devices Voluntary Carbon Market by Value
3.5.13 Global Household/Community Devices Voluntary Carbon Market by Traded Volume
3.5.14 Global Transportation Voluntary Carbon Market by Value
3.5.15 Global Transportation Voluntary Carbon Market by Traded Volume
3.5.16 Global Agriculture Voluntary Carbon Market by Value
3.5.17 Global Agriculture Voluntary Carbon Market by Traded Volume
3.6 Global Voluntary Carbon Market Credit Issuance: Type of Project Analysis
3.6.1 Global Voluntary Carbon Market Credit Issuance by Type of Project: An Overview
3.6.2 Global Tech-Based Avoidance Voluntary Carbon Market by Credit Issuance
3.6.3 Global Nature-Based Avoidance Voluntary Carbon Market by Credit Issuance
3.6.4 Global Nature-Based Removal Voluntary Carbon Market by Credit Issuance
3.6.5 Global Tech-Based Removal Voluntary Carbon Market by Credit Issuance
4. Regional Market Analysis
4.1 Asia Voluntary Carbon Market: An Analysis
4.1.1 Asia Voluntary Carbon Market: An Overview
4.1.2 Asia Voluntary Carbon Market by Value
4.1.3 Asia Voluntary Carbon Market by Region (India, China, Indonesia, and Rest of Asia)
4.1.4 India Voluntary Carbon Market by Value
4.1.5 China Voluntary Carbon Market by Value
4.1.6 Indonesia Voluntary Carbon Market by Value
4.1.7 Rest of Asia Voluntary Carbon Market by Value
4.1.8 Asia Voluntary Carbon Market by Traded Volume
4.1.9 Asia Voluntary Carbon Market Traded Volume by Project Category (Forestry & Land Use and Others)
4.1.10 Asia Voluntary Carbon Market Traded Volume by Region (India, China, Indonesia, and Rest of Asia)
4.1.11 India Voluntary Carbon Market by Traded Volume
4.1.12 China Voluntary Carbon Market by Traded Volume
4.1.13 Indonesia Voluntary Carbon Market by Traded Volume
4.1.14 Rest of Asia Voluntary Carbon Market by Traded Volume
4.1.15 Asia Voluntary Carbon Market by Annual Credit Issuance
4.1.16 Asia Voluntary Carbon Market by Annual Credit Retirement
4.2 Latin America Voluntary Carbon Market: An Analysis
4.2.1 Latin America Voluntary Carbon Market: An Overview
4.2.2 Latin America Voluntary Carbon Market by Value
4.2.3 Latin America Voluntary Carbon Market by Region (Brazil, Peru, and the Rest of Latin America)
4.2.4 Brazil Voluntary Carbon Market by Value
4.2.5 Peru Voluntary Carbon Market by Value
4.2.6 Rest of Latin America Voluntary Carbon Market by Value
4.2.7 Latin America Voluntary Carbon Market by Traded Volume
4.2.8 Latin America Voluntary Carbon Market Traded Volume by Project Category (Forestry & Land Use and Others)
4.2.9 Latin America Voluntary Carbon Market Traded Volume by Region (Brazil, Peru, and the Rest of Latin America)
4.2.10 Brazil Voluntary Carbon Market by Traded Volume
4.2.11 Peru Voluntary Carbon Market by Traded Volume
4.2.12 Rest of Latin America Voluntary Carbon Market by Traded Volume
4.2.13 Latin America Voluntary Carbon Market by Annual Credit Issuance
4.2.14 Latin America Voluntary Carbon Market by Annual Credit Retirement
4.3 Africa Voluntary Carbon Market: An Analysis
4.3.1 Africa Voluntary Carbon Market: An Overview
4.3.2 Africa Voluntary Carbon Market by Value
4.3.3 Africa Voluntary Carbon Market by Traded Volume
4.3.4 Africa Voluntary Carbon Market by Annual Credit Issuance
4.3.5 Africa Voluntary Carbon Market by Annual Credit Retirement
4.4 North America Voluntary Carbon Market: An Analysis
4.4.1 North America Voluntary Carbon Market: An Overview
4.4.2 North America Voluntary Carbon Market by Value
4.4.3 North America Voluntary Carbon Market by Region (The US, Canada, and Mexico)
4.4.4 The US Voluntary Carbon Market by Value
4.4.5 Canada Voluntary Carbon Market by Value
4.4.6 Mexico Voluntary Carbon Market by Value
4.4.7 North America Voluntary Carbon Market by Traded Volume
4.4.8 North America Voluntary Carbon Market Traded Volume by Project Category (Agriculture, Forestry and Land Use, Waste Disposal, and Others)
4.4.9 North America Voluntary Carbon Market Traded Volume by Region (The US, Canada, and Mexico)
4.4.10 The US Voluntary Carbon Market by Traded Volume
4.4.11 Canada Voluntary Carbon Market by Traded Volume
4.4.12 Mexico Voluntary Carbon Market by Traded Volume
4.4.13 North America Voluntary Carbon Market by Annual Credit Issuance
4.4.14 North America Voluntary Carbon Market by Annual Credit Retirement
4.5 Oceania Voluntary Carbon Market: An Analysis
4.5.1 Oceania Voluntary Carbon Market: An Overview
4.5.2 Oceania Voluntary Carbon Market by Value
4.5.3 Oceania Voluntary Carbon Market by Traded Volume
4.6 Europe Voluntary Carbon Market: An Analysis
4.6.1 Europe Voluntary Carbon Market: An Overview
4.6.2 Europe Voluntary Carbon Market by Value
4.6.3 Europe Voluntary Carbon Market by Traded Volume
4.6.4 Europe Voluntary Carbon Market by Annual Credit Issuance
4.6.5 Europe Voluntary Carbon Market by Annual Credit Retirement
5. Impact of COVID-19
5.1 Impact of COVID-19 on Voluntary Carbon Market
6. Market Dynamics
6.1 Growth Driver
6.1.1 Rising Carbon Emission
6.1.2 Increasing Corporate Efforts in Carbon Offsetting
6.1.3 Increase in Adoption of Net Zero Targets
6.1.4 Increasing Demand for Natural Climate Solutions
6.1.5 Establishment of CORSIA
6.2 Challenges
6.2.1 Insufficient Governance
6.2.2 No Standard Measurement of Quality
6.2.3 Issues Related to Carbon Credit Integrity, Use, and Market Scaling
6.3 Market Trends
6.3.1 Key Initiatives Framing the Future
6.3.2 Recent Market Developments
6.3.3 Growth in Direct Air Capture (DAC)
6.3.4 Article 6 Agreement Redefining Global Carbon Offset Markets
6.3.5 Emergence of Carbon Credit Rating Agencies
7. Competitive Landscape
7.1 Global Voluntary Carbon Market by Carbon Offset Standard Bodies Comparison
7.2 Global Voluntary Carbon Market Registry by Credits Issued
8. Company Profiles
8.1 NRG Energy, Inc. (Green Mountain Energy)
8.1.1 Business Overview
8.1.2 Operating Segments
8.1.3 Business Strategy
8.2 Just Energy Group Inc. (TerraPass)
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy
8.3 Ambipar Group (Biofílica Ambipar Environment S.A.)
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy
8.4 South Pole
8.4.1 Business Overview
8.4.2 Business Strategy
8.5 3Degrees Group, Inc.
8.5.1 Business Overview
8.5.2 Business Strategy
8.6 EcoAct
8.6.1 Business Overview
8.6.2 Business Strategy
8.7 Aera Group
8.7.1 Business Overview
8.7.2 Business Strategy
8.8 ClimeCo
8.8.1 Business Overview
8.8.2 Business Strategy
8.9 ClimatePartner
8.9.1 Business Overview
8.9.2 Business Strategy
8.10 First Climate AG
8.10.1 Business Overview
8.10.2 Business Strategy
8.11 Vertis Environmental Finance
8.11.1 Business Overview
8.12 NativeEnergy Inc.
8.12.1 Business Overview
List of Figures
Figure 1: Carbon Offset Lifecycle And Market Ecosystem
Figure 2: Voluntary Carbon Market Segmentation
Figure 3: Global Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 4: Global Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 5: Global Voluntary Carbon Market by Project Category; 2021 (Percentage, %)
Figure 6: Global Voluntary Carbon Market by Region; 2021 (Percentage, %)
Figure 7: Global Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 8: Global Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 9: Global Voluntary Carbon Market Traded Volume by Project Category; 2021 (Percentage, %)
Figure 10: Global Voluntary Carbon Market Traded Volume by Region; 2021 (Percentage, %)
Figure 11: Global Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 12: Global Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 13: Global Voluntary Carbon Market Credit Issuance by Type of Project; 2021 (Percentage, %)
Figure 14: Global Voluntary Carbon Market Credit Issuance by Project Category; 2021 (Percentage, %)
Figure 15: Global Voluntary Carbon Market Credit Issuance by Region; 2021 (Percentage, %)
Figure 16: Global Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 17: Global Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 18: Global Voluntary Carbon Market Credit Retirement by Project Category; 2021 (Percentage, %)
Figure 19: Global Voluntary Carbon Market Credit Retirement by Region; 2021 (Percentage, %)
Figure 20: Global Forestry and Land Use Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 21: Global Forestry and Land Use Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 22: Global Forestry and Land Use Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 23: Global Forestry and Land Use Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 24: Global Renewable Energy Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 25: Global Renewable Energy Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 26: Global Renewable Energy Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 27: Global Renewable Energy Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 28: Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 29: Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 30: Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 31: Global Chemical Process/Industrial Manufacturing Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 32: Global Waste Disposal Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 33: Global Waste Disposal Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 34: Global Waste Disposal Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 35: Global Waste Disposal Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 36: Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 37: Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 38: Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 39: Global Energy Efficiency/Fuel Switching Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 40: Global Household/Community Devices Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 41: Global Household/Community Devices Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 42: Global Household/Community Devices Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 43: Global Household/Community Devices Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 44: Global Transportation Voluntary Carbon Market by Value; 2017-2021 (US$ Thousand)
Figure 45: Global Transportation Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 46: Global Transportation Voluntary Carbon Market by Traded Volume; 2017-2021 (KtCO2e)
Figure 47: Global Transportation Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 48: Global Agriculture Voluntary Carbon Market by Value; 2020-2021 (US$ Million)
Figure 49: Global Agriculture Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 50: Global Agriculture Voluntary Carbon Market by Traded Volume; 2020-2021 (KtCO2e)
Figure 51: Global Agriculture Voluntary Carbon Market by Traded Volume; 2022-2027 (KtCO2e)
Figure 52: Global Tech-Based Avoidance Voluntary Carbon Market by Credit Issuance; 2020-2021 (MtCO2e)
Figure 53: Global Tech-Based Avoidance Voluntary Carbon Market by Credit Issuance; 2022-2027 (MtCO2e)
Figure 54: Global Nature-Based Avoidance Voluntary Carbon Market by Credit Issuance; 2020-2021 (MtCO2e)
Figure 55: Global Nature-Based Avoidance Voluntary Carbon Market by Credit Issuance; 2022-2027 (MtCO2e)
Figure 56: Global Nature-Based Removal Voluntary Carbon Market by Credit Issuance; 2020-2021 (MtCO2e)
Figure 57: Global Nature-Based Removal Voluntary Carbon Market by Credit Issuance; 2022-2027 (MtCO2e)
Figure 58: Global Tech-Based Removal Voluntary Carbon Market by Credit Issuance; 2020-2021 (MtCO2e)
Figure 59: Global Tech-Based Removal Voluntary Carbon Market by Credit Issuance; 2022-2027 (MtCO2e)
Figure 60: Asia Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 61: Asia Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 62: Asia Voluntary Carbon Market by Region; 2021 (Percentage, %)
Figure 63: India Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 64: India Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 65: China Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 66: China Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 67: Indonesia Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 68: Indonesia Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 69: Rest of Asia Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 70: Rest of Asia Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 71: Asia Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 72: Asia Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 73: Asia Voluntary Carbon Market Traded Volume by Project Category; 2021 (Percentage, %)
Figure 74: Asia Voluntary Carbon Market Traded Volume by Region; 2021 (Percentage, %)
Figure 75: India Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 76: India Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 77: China Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 78: China Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 79: Indonesia Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 80: Indonesia Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 81: Rest of Asia Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 82: Rest of Asia Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 83: Asia Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 84: Asia Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 85: Asia Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 86: Asia Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 87: Latin America Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 88: Latin America Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 89: Latin America Voluntary Carbon Market by Region; 2021 (Percentage, %)
Figure 90: Brazil Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 91: Brazil Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 92: Peru Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 93: Peru Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 94: Rest of Latin America Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 95: Rest of Latin America Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 96: Latin America Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 97: Latin America Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 98: Latin America Voluntary Carbon Market Traded Volume by Project Category; 2021 (Percentage, %)
Figure 99: Latin America Voluntary Carbon Market Traded Volume by Region; 2021 (Percentage, %)
Figure 100: Brazil Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 101: Brazil Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 102: Peru Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 103: Peru Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 104: Rest of Latin America Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 105: Rest of Latin America Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 106: Latin America Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 107: Latin America Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 108: Latin America Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 109: Latin America Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 110: Africa Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 111: Africa Voluntary Carbon Market by Value; 2022-2027 (US$ Billion)
Figure 112: Africa Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 113: Africa Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 114: Africa Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 115: Africa Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 116: Africa Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 117: Africa Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 118: North America Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 119: North America Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 120: North America Voluntary Carbon Market by Region; 2021 (Percentage, %)
Figure 121: The US Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 122: The US Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 123: Canada Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 124: Canada Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 125: Mexico Voluntary Carbon Market by Value; 2019-2021 (US$ Million)
Figure 126: Mexico Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 127: North America Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 128: North America Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 129: North America Voluntary Carbon Market Traded Volume by Project Category; 2021 (Percentage, %)
Figure 130: North America Voluntary Carbon Market Traded Volume by Region; 2021 (Percentage, %)
Figure 131: The US Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 132: The US Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 133: Canada Voluntary Carbon Market by Traded Volume; 2019-2021 (MtCO2e)
Figure 134: Canada Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 135: Mexico Voluntary Carbon Market by Traded Volume; 2019-2021 (KtCO2e)
Figure 136: Mexico Voluntary Carbon Market by Traded Volume; 2022-2027 (KtCO2e)
Figure 137: North America Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 138: North America Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 139: North America Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 140: North America Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 141: Oceania Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 142: Oceania Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 143: Oceania Voluntary Carbon Market by Traded Volume; 2017-2021 (KtCO2e)
Figure 144: Oceania Voluntary Carbon Market by Traded Volume; 2022-2027 (KtCO2e)
Figure 145: Europe Voluntary Carbon Market by Value; 2017-2021 (US$ Million)
Figure 146: Europe Voluntary Carbon Market by Value; 2022-2027 (US$ Million)
Figure 147: Europe Voluntary Carbon Market by Traded Volume; 2017-2021 (MtCO2e)
Figure 148: Europe Voluntary Carbon Market by Traded Volume; 2022-2027 (MtCO2e)
Figure 149: Europe Voluntary Carbon Market by Annual Credit Issuance; 2017-2021 (MtCO2e)
Figure 150: Europe Voluntary Carbon Market by Annual Credit Issuance; 2022-2027 (MtCO2e)
Figure 151: Europe Voluntary Carbon Market by Annual Credit Retirement; 2017-2021 (MtCO2e)
Figure 152: Europe Voluntary Carbon Market by Annual Credit Retirement; 2022-2027 (MtCO2e)
Figure 153: Global CO2 Emissions from Energy Combustion and Industrial Processes; 1900-2021 (Gt CO2)
Figure 154: Net Zero Emission Target Announcements; 2022 (Percentage, %)
Figure 155: Issues Related to Carbon Credit Integrity, Use, and Market Scaling
Figure 156: Key Initiatives Framing the Future
Figure 157: Global Annual Direct Air Capture Capacity; 2020-2027 (Thousand Tons Per Year)
Figure 158: Total Credits Issued By Registry; 2021 (Percentage, %)
Figure 159: NRG Energy, Inc. Operating Revenues by Segment; 2021 (Percentage, %)
Figure 160: Just Energy Group Inc. Revenues by Segment; 2022 (Percentage, %)
Figure 161: Ambipar Group Net Revenues by Segment; 2021 (Percentage, %)
Table 1: Corporate Climate Claims/Goals For The Top Global Purchasers Of Voluntary Carbon Offsets (>1 MtCO2e)
Table 2: Summary Of Carbon Offset Related Standardized Products
Table 3: Global Voluntary Carbon Market by Carbon Offset Standard Bodies Comparison

Companies Mentioned

  • NRG Energy, Inc. (Green Mountain Energy)
  • Just Energy Group Inc. (TerraPass)
  • Ambipar Group (Biofílica Ambipar Environment S.A.)
  • South Pole
  • 3Degrees Group, Inc.
  • EcoAct
  • Aera Group
  • ClimeCo
  • ClimatePartner
  • First Climate AG
  • Vertis Environmental Finance
  • NativeEnergy Inc.

Methodology

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