The global voluntary carbon credit market size is anticipated to reach USD 24.00 billion by 2030 and is anticipated to expand at a CAGR of 34.6% during the forecast period, according to a new report by Grand View Research, Inc. The voluntary carbon credit market (VCM) refers to the trading of carbon credits on a voluntary basis outside of any legal or regulatory requirements. In this market, companies, individuals, and other entities purchase carbon credits to offset their greenhouse gas emissions and meet self-imposed sustainability goals.
The VCM is facilitated by a variety of independent certification programs, such as the Verified Carbon Standard, Gold Standard, and Climate Action Reserve, which establish accounting rules, project eligibility criteria, and verification procedures for carbon credit projects. These projects span a range of activities, including renewable energy, forestry, and carbon capture and storage. However, the VCM has faced criticism over the quality and integrity of some carbon credits, leading to calls for greater standardization and transparency.
Governments are increasingly engaging with the VCM, using it to help meet their national climate goals under the Paris Agreement. For instance, Japan's GX League requires companies to offset any emissions they fail to reduce directly, using the VCM as a complementary mechanism. Policymakers see the VCM as a way to mobilize private capital for climate action, particularly in developing countries where the potential for cost-effective emissions reductions is high. At the same time, there are concerns that the VCM could undermine efforts to achieve deep, economy-wide decarbonization if not properly regulated and integrated with broader climate policy. The voluntary carbon credit market represents a growing and evolving landscape, with the potential to play a significant role in the global transition to a low-carbon economy
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Based on project, renewable energy dominated the market and accounted for a revenue share of 39.08% in 2023. Wind and solar farms generate credits by reducing emissions compared to traditional sources. This creates financial incentives for clean energy development, as companies can earn revenue while tackling climate change
Industrial dominated the component segment with more than 32.5% share in 2023. Industries like manufacturing and heavy production are driving growth in the market. These high-emitting sectors purchase credits from renewable projects to offset their footprint, fueling clean energy development while meeting sustainability goals
Private Companies dominated the end use segment. Private companies are a growing force in the voluntary carbon credit market. They purchase credits generated by emissions-reducing projects, like renewable energy, to offset their own footprint. This trend benefits both sides: companies achieve sustainability goals, and green projects gain vital funding
Asia Pacific is expected to witness significant growth in the market owing to factors such as supportive policies and growing environmental concerns
Grand View Research has segmented the global voluntary carbon credit market report based on project, application, end use, and region:
Voluntary Carbon Credit Project Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
Renewable Energy
Energy Efficiency
Afforestation and Reforestation
Methane Capture and Destruction
Others (soil carbon sequestration, energy efficiency)
Voluntary Carbon Credit Application Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
Industrial
Household Devices
Energy
Agriculture
Others
Voluntary Carbon Credit End Use Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
Government Agencies
Non-Governmental Organizations (NGOs)
Private Companies
Individuals
Voluntary Carbon Credit Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
Italy
Spain
France
Netherlands
Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Malaysia
Central & South America
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
South Africa
List of Key Players in the Voluntry Carbon Credit Market
Ecosecurities
BioCarbon Partners
Combio Energia
BURN Manufacturing
Biofílica Ambipar
Indus Delta Capital Limited
Terrasos
EKI Energy Services Ltd. (formerly EnKing International)
3Degrees
Climate Impact Partners
EcoAct
Verra
Puro.earth
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