The carbon credit market, which consists of the voluntary and regulatory markets, has the potential to boom as the world approaches its 2050 goal of net zero carbon emissions. “The demand for voluntary carbon credits is estimated to grow 15 times by 2030, and to increase 100 times by 2050,” predicted Sunny Trinh, CEO of DevvESG, “We're getting close to a US$1 trillion market.”
The value of traded carbon credits in the regulatory market grew by 164% to a record US$850 billion last year, according to a report released by Refinitiv in January. Most of the growth came from the European Union’s Emissions Trading System, which accounted for 90% of the global value at US$755 billion.
