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Voluntary Carbon Market Credit Retirements up 15.8% in 2024

Read more in the May 10 edition of Invert Insights.

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Voluntary carbon market credit retirements on the 4 major registries – Verra, Gold Standard, ACR and Climate Action Reserve – are up 15.8% with 66.1 million credits being retired since the beginning of 2024. 

Based on Carbon Pulse reporting, April saw 14 million credits retired which is up compared to March which saw 13 million credits retired with an average weekly credit retirement of 3.7 million; 23% higher than the same time last year.

Here’s a look at the numbers:

If voluntary carbon market credit retirements keep with the current pace, 2024 will be a record year for the Voluntary Carbon Market. The VCM is on track to see 190 million retirements by the end of the year, a 22% increase from 2023 retirements.

Looking at credit issuances, 2024 has seen 86.2 million credits collectively issued by the 4 main registries, down 12.2% from the same months last year. 

Here’s a look at the numbers:

Graph showing voluntary carbon market credit retirements weekly averages
Data from Verra, Gold Standard, American Carbon Registry (ACR), Climate Action Reserve (CAR) and complied by Carbon Pulse.
Graph showing voluntary carbon market credit retirements for 2019 - 2023
Data from Verra, Gold Standard, American Carbon Registry (ACR), Climate Action Reserve (CAR) and complied by Carbon Pulse.
Graph showing voluntary carbon market credit retirements for 2023 & 2024
Data from Verra, Gold Standard, American Carbon Registry (ACR), Climate Action Reserve (CAR) and complied by Carbon Pulse.

Invert Insights.

💡 Slightly lower credit issuances for 2024 compared to 2023 could be a signal of the shift to less total volume, but higher quality carbon credits being issued.

💡 2024 has also seen the release of several standards and guidelines that have brought further stability and credibility to the voluntary carbon market. Its effect is evident with this consistent, month over month growth.

💡 Consistent growth month over month suggests positive sentiment overall for the voluntary carbon market and demonstrates that organizations are taking meaningful steps towards their decarbonization goals which includes the credible use of carbon credits.