New Report From Viridios AI Shows True Size Of The Voluntary Carbon Market

New Report From Viridios AI Shows True Size Of The Voluntary Carbon Market - Carbon Herald

A new report by carbon credit pricing and data provider Viridios AI reveals unique insights about the current state of the voluntary carbon market.

For one, the exact size of the market is a notable highlight in the report, as, according to the authors, it is not something that has so far been accurately reported on. 

Namely, the report estimated the market cap to be at least $ 4.7 billion (as of late February 2024). 

Technology-based projects correspond to more than half of the total market value (56%), whereas the remaining 32.3% and 11.5% are distributed among nature-based and household devices projects, respectively.

Furthermore, the report taps into Viridios AI’s vast price database, which includes data reaching all the way back to June 2021, to provide a detailed glimpse into the market’s evolution since then.

Another curious finding in the report reveals that the most valuable vintage carbon credits are those issued in v2020 and v2021, with the sky-high values of $670 million and $662 million, respectively. 

The capital retired for the years 2023 and 2022 was estimated to be $926 million and $1.22 billion, respectively. 

These findings prompted Viridios AI to use similar methods to those applied by Ecosystem Marketplace in its State of the Voluntary Carbon Markets report, which relied strongly on market surveys and contributions of carbon credit transactions from market participants.

Relevant: New Carbonplace Partnerships Provide Transparency And Access In The Global Carbon Market

“We are curious to uncover the share of this market cap that will be eligible for the Core Carbon Principles and CORSIA Phase 1. We are planning to refresh this report as we gain more clarity on these critical market enablers,” the company said in a post on LinkedIn. 

The report can be accessed here.

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