CARBON VERIFICATION MARKET ANALYSIS

Carbon Verification MarketSize and Trends

The carbon verification market size is estimated to be valued at US$ 12.73 Bn in 2023 and is expected to reach US$ 64.16 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 26% from 2023 to 2030. The growth of the carbon verification market is being driven by the increasing demand for carbon offsets, the growing importance of corporate social responsibility (CSR), and the need to reduce greenhouse gas emissions.

Carbon Verification Market Trends:

• Increasing emphasis on science-based targets: Many organizations are setting science-based targets (SBTs) to align their carbon reduction goals with the latest climate science. SBTs require rigorous measurement, reporting, and verification of emissions. As a result, there is a growing demand for carbon verification services to ensure the accuracy and credibility of SBTs.
• Integration of technology: The carbon verification market is leveraging technological advancements to improve data collection, analysis, and verification processes. Remote sensing, satellite imaging, internet of things (IoT), and blockchain are being used to enhance the accuracy, efficiency, and transparency of carbon verification. These technologies enable real-time monitoring, automated data collection, and secure data management. For instance, in April 2023, South Pole, another leading carbon credit certification organization, launched a new product called South Pole Carbon Intelligence. South Pole Carbon Intelligence is a software platform that helps companies track their carbon emissions and offset their emissions with high-quality carbon credits.
• Growing importance of scope 3 emissions: Scope 3 emissions refer to indirect emissions that occur in the value chain of an organization. There is increasing recognition of the significance of Scope 3 emissions in achieving comprehensive carbon reduction goals. Carbon verification is becoming essential to accurately measure and verifies Scope 3 emissions, thus enabling organizations to address their entire carbon footprint.
• Quality assurance and accreditation: With the growing demand for carbon verification services, there is a focus on quality assurance and accreditation to ensure the credibility and reliability of verification processes. Accreditation bodies are establishing criteria and standards for verification bodies to ensure consistent and accurate verification outcomes. This trend enhances the trust and confidence in the carbon verification market.