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In 2022, the carbon credit trading platform market was worth around USD 103 million, and it is projected to advance at a 21.20% CAGR from 2022 to 2030, hitting USD 479 million by 2030, according to P&S Intelligence.

Indonesia's efforts to decarbonize the country's power generation sector took a significant step forward on Feb. 22 when the government initiated the first phase of mandatory carbon trading for coal-fired power plants.

Guyana, which has pioneered offshore oil exploration, is leveraging its inland forests to access carbon markets, a business that the government sees as more profitable than mining or agriculture, Vice President Bharrat Jagdeo said.

Indonesia plans to issue emission quotas for some coal-fired power plants this month as a first step toward developing a local carbon trading market, energy officials said last week.