Global Climate And Carbon Finance Market Is Estimated To Witness Significant Growth Owing To Increasing Environmental Concerns

Climate And Carbon Finance Market
Climate And Carbon Finance Market

Overview:

Climate finance or “green finance” can be used to support actions that reduce greenhouse gas emissions, increase climate resilience or support transitions to low-carbon economies. Many different approaches are being deployed to mobilize private sector investment in climate action. The United Nations has launched a new portal on climate finance to help improve transparency and accountability.

It provides helpful explanations and graphics to help understand the process, and a gateway to information on activities funded in developing countries under the UNFCCC financial mechanism. Carbon credits are a critical tool for driving private financing into climate action projects that would otherwise not get off the ground. Such projects include biodiversity conservation, pollution prevention and clean energy generation.

Market Dynamics:

Growing initiatives are estimated to augment growth of the global Climate And Carbon Finance Market during the forecast period. For instance, a new carbon fund, the Climate Action Catalyst Fund (CACF), has been launched by The Asian Development Bank (ADB), in November 2021. The CACF will assist nations in meeting their nationally determined contribution (NDC) targets. Moreover, lack of awareness regarding the advantages of using climate and carbon finance is anticipated to restrain growth of the global climate and carbon finance for market during the forecast period.

Impact of COVID-19:

The pandemic was first reported in 2019, and by 2020 it was transmitted to other parts of the world. This outbreak was announced as a global public health emergency by the WHO. The pandemic led to imposition of strict restrictions in many regions. These restrictions also hampered trade activities, as there were disruptions in supply chains.

Many industries had to shut down their manufacturing activities owing to shortage of raw materials. People became more aware regarding the environment during the pandemic. Pollution levels decreased during the pandemic, as many industries had halted their operations globally. This had a positive impact on the growth of the global climate and carbon finance for market.

Key Takeaways:

The global Climate And Carbon Finance Market is expected to witness high growth, exhibiting CAGR of 29.3 % over the forecast period, due to increasing partnerships among key players. For instance, in June 2023, Mitsubishi UFJ Financial Group, a consortium of United Nations partners, platform-based initiatives, and FinDev Canada partnered up, for launching $1.5 billion climate and blended finance platform, for addressing the risks regarding climate change.

Europe is anticipated to witness significant growth in the global climate and carbon finance for market during the forecast period, due to increasing established carbon market.

Key players operating in the global Climate And Carbon Finance Market are Climate Finance Partners, Forest Carbon, Climate Friendly, Carbon Credit Capital, Natural Capital Partners, ClimateCare, Gold Standard, South Pole Group, Verra, Climate Trust Capital, Ecosphere+, Carbon Clear, and First Climate.

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