The Global Carbon Verification Market Growth Accelerated by Increased Demand for Carbon Neutrality Certification

 

Carbon Verification Market

Carbon verification refers to the process of validating claims related to carbon footprint, carbon offsets and emission reductions. It helps organizations accurately measure, monitor, report and verify their carbon emissions and offset projects. Carbon verfication ensures emissions reductions from activities such as renewable energy projects, changes in agricultural practices and forestry management are genuine, additional and adhere to recognized carbon accounting standards.

The Global Carbon Verification Market Size is estimated to be valued at US$ 12.73 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

Increasing carbon reduction targets across industries is one of the key drivers fueling the growth of the carbon verification market. Many countries and organizations have committed to achieving net-zero emissions by 2050 and are investing heavily in reducing their carbon footprint through activities like afforestation projects and deployment of renewable energy. However, accurately accounting for emission reductions from such activities requires verification from third-party providers against international standards. This is driving greater demand for carbon verification services globally.

 

Another driver is stringent policies and regulations around carbon reporting and disclosure. Regulatory bodies in different regions now mandate organizations exceeding certain emission thresholds to report their carbon footprint annually and get emission claims verified by accredited verifiers. Non-compliance can result in heavy fines, affecting companies financially. This has led many to outsource carbon verification activities to specialized third-party providers to avoid regulatory issues.

 

SWOT Analysis

Strength: Carbon verification provides organizations a credible way to make claims about emission reduction activities. By getting verified, organizations can demonstrate transparency and accountability in their climate actions. The process of third-party verification helps identify areas for improvement and strengthen mitigation strategies.

Weakness: The verification process involves extensive documentation and record-keeping requirements which can be difficult for some organizations to comply with due to lack of resources. Small errors or inconsistencies in reported data may result in verification failure and need for re-verification.

Opportunity: With climate change at the forefront globally, the demand for carbon credits and validated emission reduction claims is growing steadily. New carbon markets are emerging in various geographies presenting new revenue opportunities for verification bodies. The market is still at a nascent stage presenting scope for new technologies to streamline verification processes.

Threats: Differing verification methodologies and lack of harmonization across standards may create confusion. Presence of non-accredited verifiers can undermine the credibility of the overall market. Participation remains voluntary and regulatory developments around carbon markets can impact demand.

 

Key Takeaways

The global carbon verification market is expected to witness high growth over the forecast period supported by stringent climate policies and commitments made by nations worldwide towards achieving carbon neutrality goals. The global carbon verification market is estimated to be valued at US$ 12.73 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030.

The Asia Pacific region currently dominates the market owing to presence of large emitters such as China, India and Japan. Countries in the region are facilitating development of carbon trading platforms and compliance-based emission trading schemes favoring growth of verification services. China holds the largest share of the regional market supported by the country’s national emissions trading scheme (ETS) and piloting of carbon markets in various provinces. India is also emerging as a lucrative market driven by initiatives such as the Perform, Achieve and Trade (PAT) scheme.

 

Key players:

Key players operating in the carbon verification market are Intertek Group plc, DNV Group, Bureau Veritas, SCS Global Services and GHG Clean Air & Water Inc. Intertek and DNV together account for over 35% of the global market share due to their diversified service portfolio and global presence.


Get More Insights Here

https://www.newsstatix.com/carbon-verification-market-size-share-growth-outlook-2023/

https://wotpost.com/in-sync-with-life-exploring-the-promise-of-modern-cardiac-assist-advancements/


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