Carbon offsets are measured in metric tons of carbon dioxide-equivalent (CO2e) and may represent six primary categories of greenhouse gases: carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), perfluorocarbons (PFCs), hydrofluorocarbons (HFCs), and sulfur hexafluoride (SF6). One carbon offset represents the reduction of one metric ton of carbon dioxide or its equivalent in other greenhouse gases.
Due to COVID-19 pandemic, the global Voluntary Carbon offsets market size is estimated to be worth US$ 370.5 million in 2021 and is forecast to a readjusted size of USD 778.9 million by 2028 with a CAGR of 12.