Global Carbon Credits Market On Upward Trend, To Reach $250 Billion By 2030, Says Expert
- Media Manager
- Aug 22, 2023
- 1 min read
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Written By: PTI
Published: August 23rd, 2023
The market for carbon credits took a hit due to multiple reasons, including Russia-Ukraine war, interest rate hikes, and reduced demand leading to falling prices up to 80 per cent.
The global market for carbon credits is expected to witness an upward trend and touch the level of USD 250 billion by 2030, an industry executive said.
The market for carbon credits took a hit due to multiple reasons, including Russia-Ukraine war, interest rate hikes, and reduced demand leading to falling prices up to 80 per cent, Manish Dabkara, Chairman and Managing Director (CMD) of EKI Energy Services, said in an interview.
"The market for voluntary carbon offsets which valued at around USD 2 billion in 2021 witnessed a downturn, and now valuing at USD 500 million. However, various ratings and research firms are bullish on the improvement in the carbon market," Dabkara said.
Citing a Barclays report, the industry executive said, factors like stringent climate policies by various countries, their commitments under Paris agreement to reduce carbon emissions, and corporate sustainability goals are likely to contribute to the growth of the carbon credits market which is expected to reach the level of USD 250 billion by 2030.
