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1 Market Summary
1.1 Introduction
The concept of carbon credits has emerged as a key tool in the fight against climate change, allowing companies and governments to offset their greenhouse gas emissions. Carbon credits represent a measured amount of reduction in greenhouse gas emissions. One credit is generally equivalent to one ton of CO2 emitted or reduced. These credits can be bought and sold, providing an economic incentive to reduce emissions.
The carbon credit market is mainly divided into two categories: regulated markets, such as the EU ETS, and voluntary markets. In the EU ETS, the purchase of credits is a means of complying with regulations and managing emission limits, without a direct link to specific offset projects; in the voluntary market, the purchase of credits is an ethical or strategic choice that directly supports offset projects, actively contributing to the reduction or avoidance of greenhouse gas emissions:
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EU ETS (European Union Emissions Trading Scheme)
- Generation and purchasing mechanism: In the EU ETS, carbon credits are generated through a "cap and trade" system. The "cap" sets an upper limit on total emissions allowed for participating sectors. Companies receive or purchase emission permits, often through auctions or government allocations. These permits represent the right to emit a certain amount of greenhouse gases. If a company emits less than its limit, it can sell excess permits in the market.
- Offsetting: credits purchased under the EU ETS are not directly linked to specific offset projects. Instead, the system aims to reduce overall emissions through the limit ("cap") set on total emissions. Purchasing permits in this context allows companies to comply with regulation without necessarily financing specific emission reduction projects.
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Voluntary Carbon Credit Market
- Generation and purchasing mechanism: in the voluntary market, carbon credits are generated by projects that reduce, avoid or capture greenhouse gas emissions. These projects can range from reforestation to methane capture in landfills. The credits generated are then verified by third parties Buyers can purchase credits directly from projects or through brokers or trading platforms.
- Offsetting: in this case, the purchase of credits is directly linked to offsetting emissions. Each credit represents a specific amount of GHG emissions that have been reduced or avoided as a result of the project. Buyers use these credits to neutralize their own emissions, thereby helping to finance activities that have a positive impact on the climate.
In 2023 the global market for carbon credits is estimated at 103.$80 billion. Sustained growth is expected in the near future, estimated at a compound annual growth rate (CAGR) of 14.8 percent for the period 2024-2032. By 2032, the global carbon credit market could reach a total value of 359.$48 billion.As for the segment related to the voluntary carbon credit market (VCM), the estimated economic value in 2022 is equal to 1.49 billion dollars. Again, sustained market growth is expected. A compound annual growth rate (CAGR) of 20.0%, under which the voluntary carbon credit market could eventually reach a total value of 5.34 billion dollars.
1.2 The global market
In ****, the global carbon credit market is estimated at $***.** billion. In the near future, sustained growth is expected estimated at a compound annual growth rate (***) of **.* percent for the period ****-****. By ****, the global carbon credit market could reach a total value of $***.** billion.
Carbon credit market World, ****-****, in billions ...
1.3 The Italian market
as for the proceeds from the auction placement of EUAs in Italy, there is a sustained growth between **** and ****. During the period analyzed, total proceeds increased from €*.** billion to €*.** billion, representing an increase of ***.* percent. Data for the first * months of **** show a total value of *.** billion euros, suggesting further growth ...
2 Demand analysis
2.1 Demand in Italy
Between **** and June ****, the total number of EUAs placed at auction in Italy decreased by **.* percent, from **.** million to **.** million. With the sole exception of **** (***) and to the gradual decline in the number of ETS Stationary Installations in Italy.
Amount of EUAs auctioned Italy, ****-****, in millions of units *Data available ...
2.2 Demand drivers
with regard to the volume of atmospheric CO* emissions attributable to Italian economic activities, there is a clear decline between **** and ****. In particular, analyzing the emissions attributable to enterprises active in the following economic sectors:
mining and quarrying manufacturing activities supply of electricity, gas, steam and air conditioning water supply sewerage waste ...
2.3 Geographical distribution of demand
In order to visualize the geographic distribution of demand, two maps were created with the geographic distribution of ETS Stationary Plants and plants of small and very small emitters.
Regarding the first point, stationary plants subject to the ETS are listed in Annex I of Legislative Decree **/**** and include all plants ...
3 Market structure
3.1 The market structure
regarding the structure of the carbon credit market, globally between **** and ****, mechanisms for generating and selling carbon credits increased. During the period analyzed, the total number of mechanisms implemented increased from ** to **, marking a **.* percent increase in just eight years. Most existing mechanisms are located in the Asia Pacific and North ...
3.2 The actors
Credit Carbon Developers
Anew: is a leading climate services company specializing in the reduction and removal of industrial emissions through environmental commodities and carbon markets. Their industry expertise, combined with a diversified portfolio, enables them to maximize the value and climate impact of their clients' environmental initiatives. Anew manages projects in ...
3.3 The Exchanges
A list of leading voluntary carbon credit exchanges is offered below:
Air Carbon Exchange (***): positions itself as a global leader in environmental market innovation, transforming the approach to carbon credits with advanced technologies, such as blockchain, to ensure efficient and secure exchanges. Since its founding in **** by Enterprise Singapore, ACX has ...
3.4 The value chain
Regulated Market
Voluntary Market
4 Supply analysis
4.1 Type of the offer
The EU ETS (***) and the voluntary carbon credit market are two key mechanisms to address greenhouse gas emissions and stimulate climate action:
THE EU ETS is an emissions trading system established by the European Union in ****. It works on a "cap and trade" principle, where a cap is placed on the ...
4.2 The prices
between **** and **** the average auction price for EUAs increased from $*.** per share to $**.** per share, marking an increase of ****.*%. While between **** and **** the average price falls by **.*%, between **** and **** this grows by ****.*%. The growth is mainly concentrated in the period after ****, when with the resumption of economic activities following the pandemic ...
5 Regulation
5.1 The legislation
The main legislative aspects with reference to the carbon credit market in Italy are proposed below:
International Treaties
The Framework Convention on Climate Change (***) are: protection of the climate system, and thus combating climate change and its adverse effects; awareness of the special needs and conditions of developing countries, which are ...
List of charts presented in this market study
- Carbon credit market
- Voluntary carbon credit market (VCM)
- Voluntary carbon credit market volume
- Value of carbon credits in the voluntary market, breakdown by category
- Proceeds from the auction placement of EUAs
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