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Voluntary Carbon Market: 2021 in Review and 2022 Outlook

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Voluntary Carbon Market: 2021 in Review and 2022 Outlook

Jan 31, 2022

This report originally appeared on trove-research.com. MSCI acquired Trove Research — now known as MSCI Carbon Markets — in November 2023.

This report presents Trove Research’s quarterly update on the voluntary carbon market (VCM). This issue contains summary charts for 2021 and our forecasts for 2022.

We show that the value of the primary VCM (that is, carbon credit retirements) grew by 190% in 2021 to just under USD 1 billion. We forecast that this primary market could grow a further 50% to 80% in 2022, reaching a total value of USD 1.5 billion to USD 1.7 billion.


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Research authors

  • MSCI Carbon Markets (formerly Trove Research)

Related content

2023 VCM in Review: Carbon Markets at an Inflection Point

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Future size of the voluntary carbon market

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Carbon Credit Demand, Supply and Prices

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