Voluntary Carbon Market Update 2023 – H1: A Period of market consolidation

This report provides a high-level summary of the main developments observed during the first half of 2023. Highlights of this Voluntary Carbon Market Update include:

• Carbon credit issuances in the first half of 2023 matched issuance levels of the same period last year at 143Mt, pointing to market consolidation.
• Nature-based solutions and renewable energy were at the forefront, jointly representing nearly two-thirds of all issuances in H1 2023.
• Issuance levels from renewable energy projects did drop significantly compared to last year, declining by one-quarter in absolute terms.
• There has also been a shift in the composition of nature-based solutions activities, with issuances from avoided emissions activities decreasing in H1 2023 compared to last year.
• Non-retired carbon credit volumes increased steadily throughout this first half of this year, rising from 628Mt in July 2022 to 748Mt today.

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