Singapore Carbon Credit Market to Reach US$ 55.14 Million by 2030, Rising at a CAGR of 21% | Report by CoherentMI

BURLINGAME, Calif., Feb. 16, 2024 /PRNewswire/ — CoherentMI published a report, titled, Singapore Carbon Credit Market was valued at US$ 14.5 Million in the year 2023 and is anticipated to reach US$ 55.14 Million by 2030, at a CAGR of 21% during forecast period 2023-2030.

Market Dynamics:

The Singapore government has taken significant initiatives to reduce carbon emissions in the country, which is expected to drive the growth of the carbon credit market in the region. The government has implemented the Carbon Pricing Act, which imposes a price on carbon emissions from industries. This act encourages companies to reduce their carbon footprint and adopt cleaner technologies. Additionally, the government has also launched the National Climate Change Strategy, which aims to reduce Singapore’s greenhouse gas emissions by 36% by 2030. These initiatives create a favorable environment for companies to invest in carbon credits, thereby driving the growth of the market.

Furthermore, the increasing awareness among businesses about the environmental impacts of their operations and the growing need to align with sustainable practices are also fueling the demand for carbon credits. By purchasing carbon credits, companies can offset their carbon emissions and contribute to environmental sustainability.

Singapore Carbon Credit Market Report Snapshot:

Key Market Takeaways:

The Singapore Carbon Credit Market Size is anticipated to witness a CAGR of 21% during the forecast period 2023-2030, owing to the growing demand for renewable energy projects.On the basis of project type, the renewable energy segment is expected to hold a dominant position, owing to the increasing focus on clean energy generation and reducing carbon emissions. Additionally, over the counter trading is expected to dominate the market in terms of trading type, due to its flexibility and ease of use.On the basis of region, Singapore is expected to hold a dominant position over the forecast period. Singapore’s commitment to environmental sustainability and its efforts to promote carbon neutrality make it an ideal market for carbon credit trading.Key players operating in the Singapore Carbon Credit Market include Climate Impact X, Carbon Credit Capital, Carbonbay, Southpole, and Triple Oxygen. These players contribute to the market’s growth through their expertise and services in carbon credit trading. Their presence in the market strengthens the overall trading ecosystem and provides market participants with a variety of options for carbon credit trading.

Market Trends:

One of the key trends in the Singapore Carbon Credit Market is the growing adoption of carbon offset projects by businesses. Companies are investing in projects that aim to reduce carbon emissions or remove carbon dioxide from the atmosphere, such as renewable energy projects, afforestation programs, and energy efficiency initiatives. This trend is driven by the desire of businesses to demonstrate their commitment to sustainability and meet their corporate social responsibility goals.

Another trend in the market is the emergence of blockchain technology in the carbon credit market. Blockchain can provide a transparent and secure system for tracking and trading carbon credits. It enables verification of carbon emissions reductions and ensures the integrity and authenticity of carbon credits. This technology has the potential to streamline the carbon credit market and increase trust among participants.

Recent Developments 

In September 2022, Carbonbay announced the launch of its carbon trading and offsetting platform tailored for Asia Pacific markets. The platform enables organizations to buy carbon credits and helps develop regional offset projects.In November 2020, Carbon Credit Capital launched the world’s first regulated tokenized carbon credits called Carbon Tokens. Each token represents one carbon credit and can be traded on digital exchanges.

Read complete market research report, “Singapore Carbon Credit Market Size And Share Analysis – Growth Trends And Forecasts (2023 – 2030)“, Published by CoherentMI.

Market Opportunities:

Growing Demand for Renewable Energy Projects

The Singapore Carbon Credit Market is anticipated to witness a CAGR of 21% during the forecast period 2023-2030, owing to the growing demand for renewable energy projects. Renewable energy is expected to be the dominating segment in terms of project type, holding a dominant position. This can be attributed to the increasing awareness about climate change and the need to transition to cleaner energy sources. As Singapore aims to reduce its carbon footprint and promote renewable energy generation, there is a significant opportunity for carbon credit trading in this sector.

Rapid Development of Over the Counter Trading

Another market opportunity in the Singapore Carbon Credit Market is the rapid development of over the counter trading. Over the counter trading is expected to be the dominating trading type in the market. This can be attributed to its flexibility and ease of use, allowing participants to directly negotiate and trade carbon credits without the need for a centralized exchange. As a result, over the counter trading provides a more efficient and customized approach to carbon credit trading, leading to its growing popularity in the market.

In conclusion, the Singapore Carbon Credit Market presents significant market opportunities in the form of growing demand for renewable energy projects and the rapid development of over the counter trading. With Singapore’s commitment to environmental sustainability, the market is poised for growth in the coming years. Key players in the market play a crucial role in facilitating carbon credit trading and contributing to the market’s overall growth.

Singapore Carbon Credit Market Segmentation:

By Project TypeRenewable energyEnergy efficiencyWaste managementForestry and land useHousehold devicesFuel switchingOthersBy Trading TypeOver the counterExchange TradedMerchandiseProject BasedOthers (futures, options etc)By End UserCorporationsGovernmentsBroker & ExchangeProject DevelopersIndividualsOthers (NGOs, public sector agencies etc.)

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Top Questions Answered in this Report:

1.  What factors are impeding the growth of the Singapore Carbon Credit Market?

2.  What are the primary drivers fueling the growth of the Singapore Carbon Credit Market?

3.  Which segment dominates as the leading component in the Singapore Carbon Credit Market?

4.  Who are the key players actively participating in the Singapore Carbon Credit Market?

5.  Which region is expected to take the lead in the Singapore Carbon Credit Market?

6.  What is the projected CAGR of the Singapore Carbon Credit Market?

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