Carbon Credit Trading Platform Market Will Reach USD 479 Million by 2030, Says P&S Intelligence

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- The worth of the carbon credit trading platform market was USD 103 million in 2022, which is predicted to touch USD 479 million by 2030, powering at a CAGR of 21.20% in the years to come, as stated by a market research report by P&S Intelligence.

Cap-and-Trade System Is Extensively Accepted

• Cap-and-trade was the larger category in the past. It is a system establishing a limit on the maximum volume of permissible emissions, for reducing the collective emissions from a group of entities.
• Furthermore, it is a market-based approach for lowering the total emissions and promoting corporate investments in alternative sources of electricity and energy efficiency measures.
• Moreover, numerous UN members have accepted the cap-and-trade system under the Kyoto Protocol for the reduction of GHG emissions.
• For decreasing the concentration of the pollutants responsible for the depletion of the ozone layer, the Montreal Protocol has also formulated a cap-and-trade system, as has the EU.

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Utilities Sector Accounts for 30% of Carbon Credit Sales

The utilities category dominates the industry with a share of about 30%. This is because power corporations are concentrating on innovative methods for reducing carbon emissions, such as smart electrical grids.

Fossil fuels are burned for producing most of the heat and powering the majority of the steam turbines, thus resulting in CO₂ emissions. As a result, the power sector is responsible for about 40% of all the emissions worldwide.

Moreover, the voluntary type was the larger, with an over 60% share, in the past. This can be attributed to the increasing focus of corporations on their CSR, which is why many are taking steps to reduce their emissions.

Voluntary Carbon Credit Purchases Are Favored

A market supporting businesses' efforts of reducing their emissions is evolving, as big corporates make commitments for reducing emissions. This is the voluntary carbon credits market. The use of voluntary carbon credits has helped direct private funding toward climate change mitigation projects that would have failed to commence otherwise.

Browse detailed report on Carbon Credit Trading Platform Market Growth, Development and Demand Forecast Report 2030

Sold Carbon Credits Have Second-Highest Worth in APAC

Europe dominated the industry, with a 32% share, in the recent past. The EU Emissions Trading System is the mainstay of the EU's strategy for climate change mitigation and for decreasing the emissions of greenhouse gases in a cost-effective and efficient manner. Moreover, Europe was the first substantial carbon market globally and also the largest.

Moreover, APAC follows Europe because of the pledges made by the regional countries at the COP26 to achieve their net-zero targets. On its efforts of achieving this target by 2050, Singapore aims at increasing its carbon purchase rates in 2024.

Carbon Credit Trading Platform Market Report Coverage

Carbon Credit Trading Platform Market Analysis by Type

• Voluntary
• Regulated

Carbon Credit Trading Platform Market Analysis by System Type

• Cap and Trade
• Baseline and Credit

Carbon Credit Trading Platform Market Analysis by End Use

• Industrial
• Utilities
• Energy
• Petrochemical
• Aviation

Carbon Credit Trading Platform Market Regional Analysis

• North America
• U.S.
•  Canada
• Europe
• France
• Germany
•  Italy
•  Spain
•  U.K.
• Asia-Pacific
• China
•  India
• Japan
•  South Korea
•  Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
•  South Africa

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