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Carbon Direct: The state of the voluntary carbon market 2023

  • Writer: ryanlorenzwiener
    ryanlorenzwiener
  • May 14, 2024
  • 1 min read

Man looking at financial data

Carbon Direct's report on the State of the voluntary carbon market 2023 provides a clear overview of trends. Clearly a tale of two markets split between reduction and avoidance, and quality-oriented and removals-focused.


Key takeaways:

  • Our climate goals require significant carbon reductions and 6 to 10 gigatonnes of carbon dioxide removal per year by 2050.


  • Just 3% of credits in the VCM are from pure carbon removal projects. However, quality-oriented and removals-focused purchasing is estimated to have grown by 5X from 2021- Q3 2023.


  • Overall issuances and retirements have declined over the last 18 months as an indication of a fundamental downshift in the demand for riskier credits that make up the majority of the market.

 
 
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