“It’s unbelievable the amount of capital that’s being mobilised,” says​ Xpansiv CEO Joe Madden.​

The company operates the world’s largest voluntary carbon offset exchange, with more than 120 million tonnes of carbon traded on its CBL Exchange last year. That was a fourfold increase on 2020 and about 36% of global volume.​ T​he surge in activity helped the price of carbon offsets leap a staggering 889% last year, making it one of the best performing commodities in the world.​