December recorded the highest volume of voluntary carbon credit (VCC) retirements throughout 2023, with 37.1 million metric tons of carbon dioxide equivalent (MtCO₂e) retired. Of this total, 16.68 MtCO₂e were from nature-based avoidance efforts related to deforestation projects. Nature-based avoidance efforts accounted for roughly 30 percent of total VCC retirements in 2023.
Carbon credits are retired once they have been used and the carbon benefit it represents has been claimed by its buyer. These credits must then be removed from the marketplace and labeled as 'retired' in any records or registry. One carbon credit is equivalent to one metric ton of carbon dioxide.
Monthly voluntary carbon credit retirements worldwide in 2023, by project type
(in million metric tons of carbon dioxide equivalent)
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S&P Global. (March 12, 2024). Monthly voluntary carbon credit retirements worldwide in 2023, by project type (in million metric tons of carbon dioxide equivalent) [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/
S&P Global. "Monthly voluntary carbon credit retirements worldwide in 2023, by project type (in million metric tons of carbon dioxide equivalent)." Chart. March 12, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/
S&P Global. (2024). Monthly voluntary carbon credit retirements worldwide in 2023, by project type (in million metric tons of carbon dioxide equivalent). Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/
S&P Global. "Monthly Voluntary Carbon Credit Retirements Worldwide in 2023, by Project Type (in Million Metric Tons of Carbon Dioxide Equivalent)." Statista, Statista Inc., 12 Mar 2024, https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/
S&P Global, Monthly voluntary carbon credit retirements worldwide in 2023, by project type (in million metric tons of carbon dioxide equivalent) Statista, https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/ (last visited November 21, 2024)
Monthly voluntary carbon credit retirements worldwide in 2023, by project type (in million metric tons of carbon dioxide equivalent) [Graph], S&P Global, March 12, 2024. [Online]. Available: https://www.statista.com/statistics/1471054/voluntary-carbon-credit-retirements-by-project-type/
