Report highlights impact of $100 billion carbon market over the next decade
BeZero Carbon, a global carbon credit ratings agency, published a report outlining the transformative potential of a $100 billion carbon market expected to emerge over the next decade.
According to BeZero Carbon’s CEO, Tommy Ricketts, a project-based carbon market valued at $100 billion is poised to benefit the environment and humanity.
Some estimates project that the carbon markets will surpass $100 billion in the mid-2030s. There are other variations to the estimates.
According to the research, a $100 billion carbon market could have profound environmental and economic impacts.
Also read: Global carbon credit market to hit $84.4 billion by 2050
One of the key findings is that such a market could protect approximately 150 million hectares of land, equivalent to the land area of Peru.
In addition, the carbon market will generate or sustain 17 million jobs, particularly in sectors like forestry and carbon removal. It is expected to create more jobs globally than the oil and gas sector while decreasing the overall carbon footprint.
Also read: Carbon credit demand will exceed supply by 2030
In terms of climate impact, the report estimates that a $100 billion carbon market could prevent or remove approximately 1.2 billion tons of CO2 equivalent (CO2e) emissions annually.
This reduction represents a substantial contribution towards meeting the 1.5°C climate target set by the Paris Agreement, accounting for approximately 20% of the necessary carbon removal.
The report also mentions that the market could reach $100 billion sooner than expected due to increased demand and “favourable regulatory changes.”
To propel growth even further, BeZero suggests integrating voluntary carbon credits into compliance schemes, setting internal carbon prices by end-buyers, and ensuring projects seek independent ratings for credibility.
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