LowEmissionAsphalt-136pg-WhitePaper-May2023

P a g e | 25 Global carbon auction revenue in 2021 increased by 60% from 2020 levels, to around $84 billion. 47 We believe there remains great untapped value in carbon as verification efficiencies are coming together amid higher quality, higher impact credits, including infrastructure related, which are expanding rapidly. For construction, including paving, what is critical is understanding why and how carbon capital market(s) development can be utilized and even exploited as regulatory demand pull for offsets transforms whole industries. The non-AFOLU, which excludes agriculture, forestry, and land, verified carbon offset (VCO) credit submarket is now outstripping traditional forestry related credits by five to one (Figure 7) . Figure 7 – AFLO and Non-AFLO VCO Issuances Source: Verra Registry www.verra.org Reliability and integrity issues with offsite forestry and renewable energy credits are why direct removal-centric strategies are garnering the best pricing (Figure 8) 47 The World Bank: State and Trends of Carbon Pricing 2022 .