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Voluntary Carbon Market Developer Overview | 2023

Published: 28 Feb 2024

Last Updated: 15 May 2024

The voluntary carbon market finds itself at a pivotal juncture. 2023 can aptly be described as a period of transition, marked by the significant uncertainty surrounding the shift towards the Paris Agreement’s Article 6 market from the Kyoto Protocol’s Clean Development Mechanism (CDM), combined with a growing awareness of carbon markets’ challenges and opportunities.

This transition is paving the way towards a new era. However, 2023 presented its fair share of hurdles. The market experienced a wave of media backlash, casting shadows on the credibility of carbon claims.

Amidst this turbulence, bright spots have illuminated the path forward. Most prominently, investments in the primary market not only persisted but flourished.

About this report

Abatable’s Voluntary Carbon Market Developer Overview | 2023-2024 lists the developers that have benefited the most from 2024’s capital influx and expanded their portfolios on the back of it.

The report analyses aggregate data from over 3,000 project developers reporting into the four major carbon credit registries – Verra’s Verified Carbon Standard (VCS), Gold Standard (GS), Climate Action Reserve (CAR) and American Carbon Registry (ACR). It outlines the key market themes to watch in 2024, paints a picture of supply- and demand-side trends and lists the main developer activity in 2023 by issuance across different project types.

For the first time this year the report also includes an indication of the percentage of issuances by developer that fall under methodologies currently submitted to the IC-VCM for CCP approval.

Key observations

This year’s report states that a split between developers on quality, a convergence of carbon and biodiversity initiatives and increased cooperation on corresponding adjustments will all have a significant influence on the market this year.

Agile project developers and implementers will respond to the latest market developments including CORSIA, Article 6.2 and the Integrity Council for the Voluntary Carbon Market’s Core Carbon Principles.

There is a significant opportunity for developers to shift towards those methodologies which have been submitted for approval under the CCPs, with today’s market carrying a significant amount of non-CCP eligible credits.

About Abatable

Abatable is a market intelligence and procurement platform for the voluntary carbon market. Our technology-enabled solutions connect companies and climate investors to the largest network of climate projects across the globe. Through this and our market intelligence suite we aim to help every organisation build a thriving future for climate, nature and people.

Download the report