Since 2020, the carbon credit market has seen significant growth and development. The global carbon credit market was valued at $103.80 billion in 2023, with projections suggesting it could increase to $359.48 billion by 2032 at a CAGR of 14.8%. The voluntary carbon credit market alone is expected to expand from $1.49 billion in 2022 to potentially $5.34 billion by 2029 due to a projected CAGR of 20.0%. The demand for carbon credits has grown noticeably, driven by various factors, including corporate sustainability goals and regulatory compliance. In Italy, proceeds from the auction of EU Emission Allowance Units (EUAs) reached €3.17 billion in 2022, climbing 120.1% compared to 2018, despite a 57% reduction in the number of EUAs placed at auction since 2018. CO2 emissions from key economic activities in Italy showed a 30.2% decline from 2010 to 2022. The average auction price for EUAs across the EU surged by 1443.3% between 2017 and 2023, reaching $96.30 per share, while in the voluntary market, prices of carbon credits increased by 174.4% between 2020 and 2023, despite a 6.8% drop between 2022 and 2023. Forestation-related projects commanded the highest prices at $11.21 per credit unit in 2023. The market structure continued to diversify, with the number of mechanisms for generating and selling credits increasing by 58.8% from 2015 to 2023, and the number of certified projects rising by 667.5% from 2010 to 2023. Key actors in the market include Anew, South Pole, Everland, Finite Carbon, 3Degrees, and Forest Carbon, among others, driving the development and marketing of diverse carbon reduction projects globally. Certification standards such as Verified Carbon Standard (VCS), Gold Standard (GS), Climate Action Reserve (CAR), American Carbon Registry (ACR), and Clean Development Mechanism (CDM) ensure the quality and credibility of carbon credits and projects..**Trends in Italy's Carbon Credit Market Dynamics** In recent years, Italy has witnessed notable trends in its carbon credit market, which are reflective of both the regulatory environment and the overarching global ambition to mitigate climate change. A clear trajectory towards a reduction in greenhouse gas (GHG) emissions is evident across various sectors. Companies engaged in mining, manufacturing, and energy industries have collectively lowered their CO2 emissions by approximately 30 percent from 2010 to 2022, indicating a significant pivot towards environmentally friendly practices. The demand for European Union Allowances (EUAs) in Italy has seen fluctuation, with a marked decrease of around 55 to 60 percent in the total number of EUAs auctioned from 2018 to 2023. This is largely attributed to the European Union's Emissions Trading System (EU ETS) directive, which mandates a year-over-year reduction in emission allowances in a bid to stimulate sustainable business practices. Concurrently, there's been a drop of about 15 to 20 percent in the number of ETS Stationary Plants in Italy from 2005 to 2023. Market prices for carbon credits reveal a striking increase, especially in the post-2020 period. The average auction price for EUAs has seen an exponential rise of over 1100 percent between 2015 and 2023, reflecting heightened demand and more stringent cap-and-trade policies. Similarly, voluntary carbon credits have more than doubled in price, suggesting an increasing corporate commitment to offset emissions through ethical and strategic investments in environmental projects. The Italian market's geographic demand is concentrated, with about 30 to 35 percent of total installations located in the Northeast and Northwest regions of the peninsula. This distribution is indicative of the industrial and economic activity in these areas. Additionally, small and very small emitters have been growing in number, although there has been a slight decrease of 5 to 10 percent between 2021 and 2023. Projected growth for the global carbon credit market and its voluntary segment promises an expansion in value by multiple billions of dollars over the next decade. This underscores the significance of carbon credit markets as instrumental avenues for transitioning to low-carbon economies and fostering sustainable development practices both in Italy and globally..### Pioneers and Innovators in the Expanding Carbon Credit Landscape The carbon credit market is rich with dynamic players offering diverse approaches to addressing climate change and reducing emissions. These organizations operate at the juncture of environmental sustainability and economic incentive, each carving out a niche that synergizes conservation efforts with market mechanisms. Below, we explore several key actors making significant strides in the carbon market. **Anew Climate:** With a robust portfolio spanning carbon capture, renewable energy, and waste decarbonization, Anew Climate emerges as a formidable force in the carbon credits sphere. Their expertise extends beyond mere carbon offsetting, encompassing a range of environmental commodities that demonstrate their deep commitment to pioneering climate solutions that resonate across various industries. Their influence is particularly notable in the facilitation of landmark projects and their ability to catalyze value for stakeholders while achieving broad climate impact. **South Pole:** Hailing from Zurich, Switzerland, South Pole exemplifies a company that doesn't just navigate the sustainability sector but leads it. South Pole tackles climate challenges head-on with comprehensive solutions, from carbon credit project development to climate risk consulting. Their global footprint and dedication to environmental progress position them as a beacon for organizations worldwide looking to bolster their commitment to sustainability. **Everland:** As the exclusive marketer of a suite of REDD+ forest conservation projects, Everland represents the synergy between environmental conservation and community development. Their focus on protecting forests and biodiversity through market-driven solutions not only underscores the critical role of forests in climate mitigation but also highlights the humanitarian aspects of carbon offsetting, shaping Everland's reputation as a key player in the market. **Finite Carbon:** By creating avenues for landowners to engage with the carbon market, Finite Carbon stands out as a primary developer of forest carbon credits in North America. They provide a template for sustainable forestry and land stewardship, assisting in the transition to a carbon-conscious future while ensuring their clients can navigate the complexities of carbon markets. **3Degrees:** With a comprehensive portfolio of services, 3Degrees positions itself as both a consultant and an implementer, bridging the gap between renewable energy generation and carbon credits. San Francisco-based and privately owned, 3Degrees takes on the challenge of integrating clean energy into various sectors, facilitating the transition to a low-carbon economy through innovative strategies and market-based solutions. **Forest Carbon:** With its roots in Southeast Asia, Forest Carbon prioritizes the restoration of degraded ecosystems, crafting a business model that harmonizes environmental restoration with economic returns. The company's pragmatic approach leverages expertise and investment to
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Summary and extracts

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:

  • 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.
  • 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

  • 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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Companies quoted in this study

This study contains a complete overview of the companies in the market, with the latest figures and news for each company. :

South Pole
Gold Standard
American Carbon Registry
Air Carbon Exchange (ACX)
Carbon Trade Exchange (CTX)
Global Carbon Credit Exchange gCCEx

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