Voluntary Carbon Market Projected to Reach USD 7.06 Billion by 2031 as Shipping Industry Eyes Offset Opportunities

## Voluntary Carbon Market Set for Significant Growth Through 2031 The global voluntary carbon market is on course to reach USD 7.06 billion by 2031, according to a newly published report by Mordor Intelligence, as demand for carbon offsets continues to accelerate across heavy industries — including international shipping. According to the Hyderabad-based research firm, spot transactions accounted for 53.61% of voluntary carbon market activity in 2026, underscoring a preference among buyers for immediate, flexible procurement of carbon credits rather than long-term forward contracts. The report provides a comprehensive assessment of market dynamics, growth opportunities, the competitive landscape, and the broader industry outlook. For the maritime sector, the findings carry particular relevance. Shipping companies facing mounting regulatory pressure — including the International Maritime Organization's revised greenhouse gas strategy targeting net-zero emissions by or around 2050 — are increasingly exploring voluntary carbon markets as a complementary tool alongside fuel switching and energy efficiency measures. While the IMO's Carbon Intensity Indicator (CII) and the EU Emissions Trading System (EU ETS), which brought shipping within its scope in 2024, represent mandatory compliance frameworks, voluntary carbon credits offer shipowners and operators an additional mechanism to offset residual emissions and demonstrate climate commitments to charterers, cargo owners, and investors. The growth trajectory identified by Mordor Intelligence reflects broader corporate sustainability trends, with major commodity traders, energy companies, and industrial conglomerates — all significant users of maritime transport — ramping up their carbon neutrality pledges and driving demand for high-quality offset credits. However, the voluntary carbon market has faced scrutiny in recent years over the integrity and additionality of certain credit types. Industry observers note that maritime stakeholders considering voluntary offsets should prioritise credits verified under robust standards such as the Verified Carbon Standard (VCS) or Gold Standard to ensure credibility with regulators and counterparties. The Mordor Intelligence report signals that despite past controversies, confidence in the voluntary carbon market is recovering and expanding, supported by improved verification frameworks and growing institutional participation. As the maritime industry navigates one of its most complex decarbonisation transitions in history, the maturation of the voluntary carbon market represents both an opportunity and a responsibility — one that will require careful due diligence from shipowners, operators, and their commercial partners.