Shortage Looms For Carbon Credits Market Projected To Reach $2.4 Trillion In 5 Years
- Media Manager
- Oct 10, 2023
- 1 min read
Updated: Oct 18, 2023
MENAFN - USA News Group
Published: October 10th, 2023
With hundreds of major corporations fast approaching their self-implemented Net Zero goals in the years ahead, the Wall Street Journal is reporting that today's surplus in carbon credits could soon turn into an expensive shortage. The market is already seeing signs of movement in the carbon offsets market, as global carbon markets surged to a record $851 billion in 2021 , and is slated to grow at a CAGR of +30% to reach $2.4 trillion through 2027 . Outward ESG-based pressure from funds such as BlackRock, Inc. (NYSE:BLK) is shifting carbon credits from a side hustle to big business for companies such as Salesforce, Inc. (NYSE:CRM) (NEO:CRM), Tesla, Inc. (NASDAQ:TSLA) (NEO:TSLA), Brookfield Renewable Partners L.P. (NYSE:BEP, BEPC), and Scope Carbon Corp. (CSE:SCPE).
Despite record demand for carbon credits in 2021, that demand has been outpaced by new offsets supplies coming online, which has kept downward pressure on carbon credits prices . But for those in the business of generating more credits, the industry is gaining efficiencies both in spotting opportunities and in measurement accuracy.
This is where behind-the-scenes operators like Scope Carbon Corp. (CSE:SCPE) are helping landowners large and small to maximize their carbon credit contributions. Built upon a platform of state-of-the-art technology that includes long-range drones, servers, and AI data analysis, Scope Carbon is much like a picks and shovels play in the carbon credit space, aiding those who are producing the credits within their own operations. By utilizing Scope's tech, these ranchers, farmers, and landowners can maximize their carbon sequestration capabilities.
