In 2022, the carbon credit trading platform market was worth around USD 103 million, and it is projected to advance at a 21.20% CAGR from 2022 to 2030, hitting USD 479 million by 2030, according to P&S Intelligence.
In 2022, the voluntary category had a higher revenue share, of above 60%. The voluntary carbon industry is growing and Turing out to be more important in terms of governing global warming.
An industry that could back businesses' efforts to decrease their own carbon releases is developing, as market leaders make ever-more determined commitments to decrease global greenhouse gas releases. This is the industry for voluntary CO2 credits.
In 2022, the utility category had the largest carbon credit trading platform market share, of approximately 30%. Furthermore, power businesses are concentrating on finding approaches to decrease CO2 releases.
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Additionally, conventional fuels are burned to generate the heat needed to power steam turbines, which results in the creation of carbon, the key heat-trapping GHG that results in global warming, and held approximately 40% of all carbon releases globally. Therefore, businesses are accepting smart electric grid technologies that might be able to cut carbon emissions.
Implanting trees, manufacturing CO2-sucking equipment, and scattering CO2-absorbing minerals are examples of present natural and technological solutions. As they make and implement new ascendable CO2 capture technologies, including oxyfuel combustion capture, that will allow them to halt the flow and eliminate the historical carbon dioxide before released.
Hence, the increasing count of markets allowing the partial usage of carbon credits and funding in C02 capture systems and acceptance of renewable energy sources, are the major factors contributing to the growth of the carbon credit trading platform industry.