Carbon Credit Insurance Market: Poised for Substantial Growth, Predicts Report
- Media Manager
- Feb 7, 2024
- 1 min read
Updated: Feb 28, 2024
BNN
Written By: Aqsa Younas Rana
Published: February 7th, 2024
Photo Credit: Unsplash/CC0 Public Domain
The carbon credit insurance market is expected to reach $1 billion by 2030, potentially expanding to $10-30 billion by 2050, according to a report by Oxbow Partners and Kita. Industry leaders express optimism about the market's future, viewing its expansion as an integral part of the global transition towards a low-carbon economy.
As the world grapples with the pressing need to decarbonize and combat climate change, the carbon credit insurance market is set to witness a significant expansion. A comprehensive report by Oxbow Partners and Kita projects this emerging market to reach $1 billion in annual gross written premiums (GWP) by 2030, potentially expanding to a staggering $10-30 billion by 2050. The report, aptly titled "Are carbon credits the next billion-dollar insurance market?" underscores the vital role insurance plays in bolstering the carbon market.
