Carbon verification involves independent third-party validation and verification of greenhouse gas emissions data reported by companies and other organizations. It ensures the accuracy and reliability of reported data. Businesses are increasingly adopting carbon verification services to comply with emission norms, quantify emission reductions, and meet sustainability goals.
The global carbon verification market is estimated to be valued at US$ 12.73 billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of carbon verification services can primarily be attributed to the growing emphasis on emission reduction targets and regulations worldwide. Many countries and regions have outlined ambitious commitments to curb GHG emissions and achieve carbon neutrality in the coming decades. This is strengthening compliance requirements for companies and incentivizing voluntary carbon offset programs. Carbon verification assists organizations in validating emission reduction projects, certifying carbon credits and offsets, and demonstrating compliance with regulatory reporting norms. It provides an independent evaluation of emission data quality and assurance of following established carbon accounting protocols. The rise in voluntary carbon markets and global carbon pricing initiatives is thus propelling the demand for professional carbon verification services.
SWOT Analysis
Strength: Carbon verification has become mandatory for many organizations globally to meet environmental compliance. This has increased demand for carbon verification services.
Weakness: Carbon verification is a technical process and requires expertise to accurately quantify emission reductions. This increases costs of the verification process.
Opportunity: More industries and sectors are expected to mandate carbon reporting and commitments. This will expand the market coverage of carbon verification services to new domains.
Threats: Alternative low-cost verification methods may emerge with advancement of technologies like remote sensing. This can disrupt the market for traditional carbon verification services.
Key Takeaways
The Global Carbon Verification Market Size is expected to witness high growth over the forecast period due to stringent climate commitments by governments and organizations globally. The market size is projected to reach US$ 34.95 Bn by 2030, expanding at a CAGR of 26%.
Regional analysis – Europe currently dominates the carbon verification market owing to stringent policies around carbon reporting and commitments in countries like Germany, UK, and France. The Asia Pacific region is expected to be the fastest growing market led by China, India, and other developing countries ramping up climate actions.
Key players – Key players operating in the carbon verification market are DNV GL, SGS SA, Bureau Veritas, Intertek Group plc, First Environment, Inc., ERM Certification and Verification Services, NSF International, UL LLC, Cotecna, and SCS Global Services. They provide verification and certification of carbon credits as well as validation and verification of climate projects, greenhouse gas emissions reporting, and climate strategies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
