Global Emissions are currently estimated at 50 Gigatonnes of carbon dioxide annually. Without action on the part of individuals and businesses, the rate of carbon dioxide release will make it impossible for our planet to stay below the 1.5º C warming target. The consequences for all of us could be dire. Carbon offset credits are one of the key tools in the fight against climate change.
The global market for carbon credits is growing rapidly. The World Bank estimates that the global market for carbon pricing reached $194 billion in 2020, a 22% increase compared to 2019. This figure includes both carbon credits and other carbon pricing mechanisms such as carbon taxes. A report by Allied Market Research predicts that the global carbon credits market will grow at a CAGR of 11.4% from 2020 to 2027, reaching a total market size of $424.28 billion by 2027.
At Aja we are building a platform to allow individuals to participate in this market and drive change for the health of our planet, and our pocket book. At present, the process for buying, selling and holding carbon credits is opaque and cumbersome, and inaccessible to the average individual. We are hard at work on a technology solution to accelerate and democratize access to this multi-billion dollar market.
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