Limiting global warming to 1.5 ℃ above pre-industrial levels requires significant carbon reductions and 6 to 10 billion tonnes of carbon dioxide removal per year by 2050. The voluntary carbon market (VCM) is a key mechanism to scale those solutions. The 2023 edition of the State of the Voluntary Carbon Market report from Carbon Direct provides carbon credit buyers, carbon project developers, and policymakers with an analysis of key trends and market developments.