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North America Carbon Credit Market Size

  • Report ID: GMI7243
  • Published Date: Oct 2023
  • Report Format: PDF

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North America Carbon Credit Market Size

North America Carbon Credit Market was valued at USD 16.3 billion in 2023 and is poised to witness 15.5% CAGR between 2024 and 2032, fueled by the increasing adoption of carbon pricing mechanisms and the rising demand for corporate sustainability efforts, both underpinned by supportive government policies.Government and regulatory bodies are increasingly embracing market-driven strategies to encourage emissions reduction and facilitate carbon credit trading. These strategies encompass a range of initiatives, including carbon pricing mechanisms, carbon taxes, and cap-and-trade systems, all of which are expanding the market's potential and opportunities.

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North America Carbon Credit Market

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The increasing focus on nature-based solutions, encompassing reforestation, afforestation, and sustainable land management projects, is steadily gaining prominence within the carbon credit market. In addition, notable technological advancements, particularly in the realms of data analytics and blockchain technology, are playing a pivotal role in elevating transparency and traceability throughout the carbon credit trading process. The utilization of blockchain, in particular, serves to create immutable records of carbon credits, mitigating the risk of double counting and fraudulent activities, ultimately reinforcing the positive outlook of the industry.
 

The growing significance of social and environmental considerations, coupled with the proliferation of government policies and regulations, is expected to drive the North America carbon credit market. This is predominantly due to the rising emphasis placed by investors and consumers on the societal and environmental impacts of carbon credit projects. Initiatives that yield broader environmental and social advantages are attracting heightened interest and investment. Moreover, the influence of government policies, incentives, and regulatory measures remains pivotal in shaping the carbon credit market. The introduction of new policies and regulatory frameworks has the potential to exert a profound effect on the supply and demand dynamics within the industry.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market valuation of North America carbon credit was surpassed USD 16.3 billion in 2023 and is set to exhibit over 15.5% CAGR from 2024 to 2032, owing to the increasing adoption of carbon pricing mechanisms and the rising need for corporate sustainability efforts.

North America compliance carbon credit market is set to expand at over 14.5% CAGR from 2023 to 2032, attributed to the rising regulatory changes, and the evolving sustainability goals.

The U.S. accounted for more than 52.2% share of the North America carbon credit market in 2022 and is expected to record robust growth through 2032, driven by the rising corporate demand coupled with expanding renewable energy credit (RECs).

Some of the top North America carbon credit firms are 3Degrees, VERRA, TerraPass, Anew Climate, LLC, The Nature Conservancy, Carbon Credit Capital, LLC., Silicon Valley Clean Energy, EcoAct, PwC, Sterling Planet Inc., Green Mountain Energy Company, and DUCKS UNLIMITED.

North America Carbon Credit Market Scope

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  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 126
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