Voluntary Carbon Offset Market Expand Rapidly in Coming Years; The Growing Concern Over Climate Change and the Need to Reduce Greenhouse Gas Emissions Driving the Growth of Market: Fortune Business Insights
Pune, India, March 06, 2023 (GLOBE NEWSWIRE) —
According to a report by Fortune Business Insights titled “Voluntary Carbon Offset Market, 2023-2030″, the global market for voluntary carbon offset is expected to experience growth due to the rising incidence of respiratory illnesses. Voluntary carbon offsets have long been recognized as a method for decreasing atmospheric CO2 levels.
Voluntary carbon offsets market is a system that allows individuals, organizations, and businesses to purchase carbon credits to offset their carbon emissions. Carbon offsets represent a reduction in carbon dioxide (CO2) or other greenhouse gas emissions that have been made elsewhere, such as through renewable energy projects, reforestation, or energy efficiency initiatives.
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The idea behind voluntary carbon offsets is to provide a way for individuals and organizations to take responsibility for their carbon footprint by supporting projects that reduce emissions. By purchasing carbon offsets, individuals and organizations can offset their own emissions by investing in projects that reduce emissions elsewhere, essentially balancing out their own carbon footprint.
The industry has seen significant growth in recent years due to the increasing awareness of climate change and the need to reduce carbon emissions. The industry is expected to continue growing as more individuals and companies seek to reduce their carbon footprint and take action to combat climate change. However, the industry also faces challenges such as the lack of standardization and verification of carbon credits, which can lead to concerns about the effectiveness of carbon offset projects.
Market Drivers & Restraints:
Increasing CO2 emissions to boost the market
The demand for voluntary carbon offsets has risen due to the rapid increase in CO2 emissions, which have caused harm to both human health and the environment. The resultant climate change and pollution of air, water, and soil have led to a surge in respiratory illnesses, making voluntary carbon offsets a preferred solution to counter greenhouse gas emissions.
Moreover, supportive government initiatives aimed at reducing greenhouse gas emissions are expected to boost the demand for voluntary carbon offsets, driving market growth during the forecast period. However, the adoption of compliance emission reductions (CERs) and verified emission reductions (VERs) as alternative projects to decrease CO2 emissions may reduce the adoption of voluntary carbon offsets and limit the market’s growth.
COVID-19 had a Potential Impact On Market
The COVID-19 pandemic’s economic impact could have had a significant effect on global carbon markets. However, despite initial price reductions due to lower demand, the markets demonstrated impressive resilience and returned to nearly normal functioning. While the rise in carbon emissions is alarming, several major carbon-emitting countries have unveiled long-term environmental policies to support economic recovery from the pandemic and eventually achieve carbon neutrality.
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The global voluntary carbon offsets market can be analyzed based on different factors such as type, application, and end-use.
In terms of type, the market can be segmented into forestry, renewable energy, landfill methane projects, and others. Forestry-based carbon offsets involve planting trees or preventing deforestation, while renewable energy-based carbon offsets involve supporting renewable energy projects. Landfill methane projects involve capturing methane gas from landfills and converting it to energy. Other types of carbon offsets can include investment in carbon capture technology, soil carbon sequestration, and other innovative solutions.
Based on application, the market can be categorized into industrial, household devices, energy industry, agriculture, and others. Industrial applications refer to the use of carbon offsets in manufacturing and production processes, while household devices include carbon offsets for home appliances and electronics. The energy industry encompasses carbon offsets used in the production and distribution of energy, while agriculture-based carbon offsets involve practices such as soil carbon sequestration and regenerative agriculture.
Finally, the voluntary carbon offsets market can be analyzed based on end-use, with major sectors including government, non-governmental organizations (NGOs), the private sector, and others. Governments may use carbon offsets to offset their carbon emissions or to achieve their climate targets, while NGOs may purchase carbon offsets to promote sustainability and reduce carbon footprints. The private sector may use carbon offsets to meet sustainability goals or to improve brand image.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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 details 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
North America is expected to maintain its position as the dominant region in the voluntary carbon offsets market during the forecast period, mainly due to supportive government regulations aimed at reducing CO2 emissions. The market is anticipated to expand further, driven by the increasing demand for carbon offsets in industrial applications. In Europe, the United Kingdom and Germany are the leading countries in the voluntary carbon offsets market.
The Asia Pacific region is expected to experience significant growth due to the rising demand for carbon offsets in household devices and agricultural applications. In addition, the Middle East and Africa are expected to see substantial growth due to the increasing adoption of carbon offsets in the energy industry.
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.
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.
List of Key Players in the Global Market –
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