Technology

Global Carbon Credits Market on Track to Achieve $1.2 Trillion Valuation by 2029

Published

2 months ago

July 29, 2024

BCC Research Study Projects 28.4% CAGR, Driving Market Growth from $267.8 Billion in 2023; Volume Expected to Reach 28 Gigatons with a 23.1% CAGR

BOSTON, July 29, 2024 /PRNewswire/ — Discover the dynamic world of carbon credits, where businesses and individuals purchase offsets to neutralize their carbon emissions, fostering sustainability and aiding the fight against climate change.

According to the latest BCC research study, the demand for Carbon Credits Market: Global Outlook expected to grow from $267.8 billion in 2023 and will reach $1.2 trillion by the end of 2029 at a compound annual growth rate (CAGR) of 28.4% during the forecast period. By volume, the market is expected to reach 28 gigatons by growing at a CAGR of 23.1%.

The global carbon credit market is analyzed based on different types, end users, and regions. The report measures the market in terms of value (billions of dollars) and volume (gigatons). It includes competitive intelligence, ranking top companies by their carbon credit offerings. Market estimates are based on the revenue from carbon credit project developers. The report also offers an ESG (environmental, social, and governance) analysis of the industry, highlighting recent company activities in this area. Additionally, it details market dynamics, emerging technologies, and global developments in the industry.

Some Interesting Facts about Carbon Credits Market: Global Outlook

Europe leads the carbon credit market, thanks to the EU ETS system launched in 2017, which many countries have adopted to combat greenhouse gas emissions. European industries prefer high-quality carbon credits, boosting revenue in the compliance market.Despite a decline in the voluntary carbon credits market, it remains a key driver of growth in the global carbon credits industry.UNCTAD reports that China, the U.S., and India are the top three CO₂ emitters, contributing over 50% of global emissions, with the top 20 countries accounting for 80%. Initiatives like the Kyoto Protocol, carbon pricing, emissions trading schemes (ETS), and carbon dioxide removals (CDR) are gaining momentum worldwide.In 2023, ETS and carbon taxes generated $104 billion in revenue, with ETS accounting for 70% and carbon taxes the remaining 30%.

To discover more insights and information about Carbon Credits Market: Global Outlook, click here for further exploration.

Factors contributing to this growth include:

Regulatory pressure to reduce carbon emissions.: means that governments are making rules and laws to force companies and individuals to emit less carbon dioxide (CO₂) and other greenhouse gases. This includes things like setting emission limits, taxing carbon emissions, and offering incentives for using cleaner technologies. The goal is to fight climate change by reducing the amount of harmful gases released into the air.Increasing investments in eco-friendly technologies.: means more money is being spent on developing and using technologies that are good for the environment. This includes things like renewable energy (like solar and wind power), electric vehicles, and energy-efficient products. The goal is to reduce pollution and protect the planet.

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Report Synopsis

Report Metrics

Details

Base year considered

2023

Forecast Period considered

2024-2029

Base year market size

$267.8 Billion

Market Size Forecast

$1.2 Trillion

Growth Rate

CAGR of 28.4% from 2024-2029

Segment Covered

By Type, End User, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of World (South America and the Middle East and Africa)

Key Market Drivers

• Regulatory pressure to reduce carbon emissions

• Increasing investments in eco-friendly technologies

Market Segmentation

The Global Market for Carbon Credits Market: Global Outlook can be categorized into various segments:

End-User

These categories represent different sectors that use carbon credits and engage in efforts to reduce carbon emissions. “Energy” covers traditional and renewable energy producers, while “Power” refers to utilities generating electricity. “Transportation” includes vehicles and logistics, and “Building and Construction” encompasses real estate and infrastructure. “Other Industries” encompasses diverse sectors like manufacturing and agriculture. Each sector aims to mitigate its environmental impact by investing in carbon credit programs and adopting sustainable practices to combat climate change.

Type

These types categorize how carbon credits are traded and used globally. The “Compliance Market” involves businesses meeting mandatory emissions regulations by buying carbon credits, ensuring they adhere to legal limits. In contrast, the “Voluntary Market” allows organizations and individuals to purchase credits voluntarily to offset their emissions, demonstrating their commitment to sustainability beyond regulatory requirements. Both markets play crucial roles in incentivizing carbon reduction efforts across industries and promoting environmental stewardship on a broader scale.

Region

These regions represent geographical areas where carbon credit activities and regulations are implemented. “Asia-Pacific” covers countries like China and India, experiencing rapid industrial growth and emissions control efforts. “North America” includes the United States and Canada, with varied state and provincial carbon policies. “Europe” leads in carbon market innovation through initiatives like the EU ETS. “Rest of the World” encompasses regions like Africa and South America, each navigating unique environmental challenges and adopting diverse strategies to manage carbon emissions. Each region plays a crucial role in the global effort to mitigate climate change through carbon credit initiatives.

this report on global market for carbon credits market: global outlook provides comprehensive insights and analysis, addressing the following key questions:

What is the projected market size and growth rate of the market?

The market is projected to grow from $267.8 billion in 2023 to $1.2 trillion in 2029 at a compound annual growth rate (CAGR) of 28.4% during the forecast period. By volume, the market is expected to reach 28 gigatons by growing at a CAGR of 23.1%.

What are the key factors driving the growth of the market?

Increasing demand for sustainable and low-emission fuels, increasing need to curb fast growing GHG emissions globally, and government support are key factors driving the market.

What segments are covered in the market?

The segments covered in the market are end-user and type. The end-user segment includes power, energy, transportation, building and construction, and others. By type segmentation includes compliance markets and voluntary markets.

Which end-use segment will dominate the market by the end of 2028?

The power industry segment will dominate the market by the end of 2028.

Which region will dominate the market by the end of 2028?

The market has been classified into four regions, namely Asia-Pacific, North America, Europe, and Rest of the World. Rest of the World includes MEA, and South America. Europe holds the highest market share in the market followed by Asia-Pacific.

Some of the Key Market Players Are:

3DEGREESCLIMATEPARTNER GMBHCLIMATETRADECOOL EFFECT INC.EKI ENERGY SERVICES LTD.FINITE CARBON CORP.GREEN MOUNTAIN ENERGY CO.NATIVETERRAPASSWGL HOLDINGS INC.

Browse for more related reports:

Carbon Dioxide Removals (CDR) Market: The Carbon Dioxide Removals (CDR) market refers to the various economic activities and systems designed to remove carbon dioxide (CO₂) from the atmosphere. This market includes a range of technologies and methods aimed at capturing, storing, or utilizing CO₂ to help combat climate change.

Carbon Management Software: Global Market Outlook: Carbon Management Software: Global Market Outlook refers to a comprehensive analysis and forecast of the worldwide market for software that helps organizations track, manage, and reduce their carbon emissions.

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About BCC Research

BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

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SOURCE BCC Research LLC

Technology

USI Releases its Climate and Nature Risk Management Report

Published

46 seconds ago

September 29, 2024

SHANGHAI, Sept. 30, 2024 /PRNewswire/ — In a decisive move to combat climate change and uphold the principles of the Paris Agreement and the Kunming-Montreal Global Biodiversity Framework, USI (SSE: 601231) released its 2023 Climate and Nature Risk Management Report. This follows the company’s inaugural TCFD Report in 2021. The latest report, structured around the TCFD and TNFD frameworks, provides a comprehensive overview of USI’s governance, strategy, risk management, and metrics and targets related to climate adaptation and biodiversity conservation.

The conclusion of the United Nations Climate Change Conference (COP28) in December 2023 marked a significant agreement to drastically reduce emissions. USI reaffirms its commitment to the Paris Agreement’s goals, embedding environmental sustainability into its core operations through its Environment, Health, Safety & Energy Policy. The company actively participates in the CDP and SBT initiatives, setting and promoting ambitious carbon reduction targets. Notably, USI’s facilities in Mainland China, Mexico, and Vietnam are now powered entirely by renewable energy, and all major facilities worldwide have achieved third-party ISO 14064-1 verification for their greenhouse gas emissions. USI is also accelerating its R&D efforts to develop low-carbon products, increasing the share of clean tech and eco-design products, with long-term goals of using 100% renewable energy in all manufacturing facilities by 2035 and achieving net-zero carbon emissions by 2040.

In 2023, USI demonstrated its commitment to biodiversity conservation by announcing its Biodiversity and No Deforestation Commitment and implementing a biodiversity risk assessment system, aiming for a Net Positive Impact by 2050. Since 2013, USI has invested in afforestation projects to combat desertification in Inner Mongolia and Ningxia, gradually restoring local biodiversity. The latest ecological surveys report 47 species in Inner Mongolia and 14 species in Ningxia, indicating stabilizing sand, a balancing ecosystem, and early signs of recovery. By the end of 2023, USI had planted 151,482 trees covering 97.91 hectares, capturing 729.44 metric tonnes of CO2e and conserving approximately 134,332.52 metric tonnes of water annually.

USI remains steadfast in its mission to build a sustainable environment, uphold social responsibility, and pursue sustainable governance, contributing to the planet’s sustainable development.

About USI (SSE: 601231)

USI, Universal Scientific Industrial (Shanghai) Co., Ltd., is a global leader in electronic design and manufacturing as well as a leader in the field of SiP (System-in-Package) technology. With Asteelflash and Hirschmann Car Communication, USI has 30 production and service locations across four continents of Asia, Europe, the Americas, and Africa, and offers customer diversified electronic products with D(MS)2 services: Design, Manufacturing, Miniaturization, Industrial software, and hardware Solutions, and material procurement, logistics and maintenance Services. USI is a subsidiary of ASE Technology Holding Co., Ltd. (TWSE: 3711, NYSE: ASX). To learn more, please visit www.usiglobal.com and engage with us on LinkedIn and YouTube.

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SOURCE UNIVERSAL SCIENTIFIC INDUSTRIAL (SHANGHAI) CO., LTD

Technology

STEM Exploration Day Ignite Girls Passion for Careers in STEM

Published

2 hours ago

September 29, 2024

Professional women with careers in science, technology, engineering and math make a world of difference in inspiring young girls to show them they can achieve anyything they want to with hard work and believing n themselves.

INDIANAPOLIS, Sept. 29, 2024 /PRNewswire-PRWeb/ — The Children’s Museum of Indianapolis is proud to help ignite a passion in science, technology, engineering and mathematics (STEM) for girls of all ages. The STEM Exploration Day took place on Saturday, September 28, 2024 with professional women sharing their experience and advice.

There’s something about a robot that can feed into that interest in science, technology, engineering and math. Touch sensors, buttons and sonar show them how to control different actions and that’s fascinating.

Young girls met with women in various STEM professions including coding, physics, astronomy, robotics and engineering just to name a few. Hands-on activities and demonstrations served as great learning opportunities as visitors received special giveaways.

Programs & Activities – Thank you to all participating groups that provided hands-on activities and helped guide STEM career explorations. They included:

Eli Lilly and Company Visiting Scientist Dr. Carlotta Berry
Dr. Berry is an accomplished electrical engineer specializing in controls and robotics. She advocates for the demystification of STEM through innovative strategies, including robot hip-hop slam poetry. She is a professor and endowed department chair at Rose-Hulman Institute of Technology. She’s also an author, researcher, mentor, role model, prolific speaker, and a STEM trailblazer. Dr. Berry engaged visitors in hands-on exploration with robots. You can hear more from her here: https://youtu.be/16smIuetR_w

Indiana Visiting Artist Emily Bennett
If your first thought of “sculpture” is a gleaming marble bust from ancient Greece, just wait until you see the work of Terre Haute artist Emily Bennett! She redefines what sculpture can be, weaving colorful fibers onto metal structures to create bold, vibrant pieces. The results are what she calls “imaginary dreamscapes” that you can hang on the wall or set on a shelf. As programming coordinator for the Community School of the Arts at Indiana State University, Bennett relishes helping people uncover their artistic abilities.

Women in Lilly Discovery and Development (WiLDD) with Eli Lilly and Company (families created their own binary bracelets and lava lamps).

80 Acres Farms

Franklin Pest Solutions

Indiana State Police Crime Laboratory (visitors examined various pieces of evidence with forensic experts to learn how they solve crimes).

Society of Women Engineers (girls explored mechanical engineering and learned how to make their own catapults). UIndy Human Identification Center (families received an interesting introduction to forensic anthropology, learned about radiographs and studied casts of bones from various animals to learn about the different ages and stages of life).

City of Indianapolis—Department of Public Works, Engineering (shared a storm drain model to demonstrate how families can protect stormwater).

IU Astronomy Department (families learned how the same elements that make up our bodies are also present in galaxies billions of light years away and examined the patterns of Hydrogen, Helium, Oxygen and Neon and made bracelets with the same patterns as these elements).

IU Intelligent Systems Engineering (featured robotics and electronics).

IEEE Women in Engineering (helped visitors explore various sensors).

Sycamore School (more than two dozen activities revolving around mechanics, electricity, sound, optics and air pressure made up the activities).

American Council of Engineering Companies (ACEC) (provided a bridge building simulation).

The Gurl Code (provided binary bracelets, 3D Pens, Ozobots and MakeyMakey).

DNA Discovery in Corteva Agriscience STEMLab (families were able to extract real DNA from plant cells, discovered where DNA can be found in nature and learned about how scientists discovered the structure of DNA).

STEM Exploration Day is presented Lilly Girls & Young Women In STEM and supported by Indiana Soybean Alliance.

About The Children’s Museum of Indianapolis
We ignite joy, wonder and curiosity by creating powerful learning experiences for children and adults. For more information about The Children’s Museum, visit http://www.childrensmuseum.org and follow us on social media @childrensmuseum.

Media Contact

Kimberly Harms, The Children’s Museum of Indianapolis, 317-334-4003, kimh@childrensmuseum.org, www.childrensmuseum.org

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SOURCE The Children’s Museum of Indianapolis

Technology

NECA to Unveil EV Charging Resource Network at NECA 2024 San Diego

Published

5 hours ago

September 29, 2024

SAN DIEGO, Sept. 29, 2024 /PRNewswire/ — The National Electrical Contractors Association (NECA) today announced the unveiling of its EV Charging Resource Network at NECA 2024 San Diego. Developed in collaboration with Fuser LLC, this platform aims to empower NECA members to capitalize on the rapidly growing EV charging market.

NECA’s new online hub will provide charging news, information and industry networking opportunities.

“We see a critical need to unify the professional community around Electric Vehicle Service Equipment (EVSE),” said Marco Giamberardino, NECA’s Senior Vice President of Government and Public Affairs. “As EV adoption accelerates, we have to ensure our infrastructure keeps pace. This Resource Network will play a crucial role in connecting skilled electrical professionals with the growing demands of the industry.”

Pete Mastrorocco, NECA’s Senior Vice President of Education, Events and Partnerships, expects the Resource Network to represent NECA’s ongoing commitment to boosting member engagement in lucrative new markets. “EVSE represents a significant opportunity for our members,” said Mastrorocco. “NECA’s Resource Network will be an invaluable tool, helping contractors connect with experienced peers, share knowledge and capitalize on the industry’s rapid growth.”

Key features of NECA’s EV Charging Resource Network will include:

Training resourcesComprehensive EVSE news and informationRegular updates on National Electric Vehicle Infrastructure (NEVI) and Charging and Fueling Infrastructure (CFI) funding opportunitiesCurated links to state and utility grants and rebatesSpecial opportunities for NECA members

The Resource Network also provides access to Fuser, the open marketplace and networking platform devoted to EVSE.

Fuser LLC executive Pat McGinnis has expressed hope to build a stronger, more responsive industry by working with NECA to bring together all EVSE stakeholders. “These initiatives will streamline the service and installation process, create new business opportunities, and support widespread adoption of electric vehicles,” commented McGinnis. “Fuser is working with NECA to integrate their platform and is currently offering an exclusive 4-month free trial of their open marketplace to all NECA members.”

For convention details, visit necaconvention.org.

To explore NECA’s EV Charging Resource Network, visit www.necaev.org.

About NECA

NECA is the voice of the $240 billion electrical construction industry that brings power, light, and communication technology to buildings and communities across North America. NECA’s national office and 118 local chapters advance the industry through advocacy, education, research, and standards development. Go to www.necanet.org for more information.

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SOURCE National Electrical Contractors Assoc Inc.