Voluntary carbon market value down 61% as firms become wary of carbon offsets
This is the second consecutive year of contraction for the VCM, after a peak of nearly US$2 billion in 2021.
Increased media and public scrutiny is making companies wary of carbon offsets and impacting the total value of the voluntary carbon market, which went down 61% in 2023 to US$723 million.
This is the second consecutive year of contraction for the VCM, after a peak of nearly US$2 billion in 2021. The downward trend coincides with the increase in scrutiny over the environmental and social impacts of carbon offsetting projects, which several investigations have found to be much less positive than advertised.
