The market for voluntary compensation of greenhouse gas emissions in Germany grew by 22% in 2019, illustrating that the voluntary GHG compensation market is playing an increasingly important role in international carbon markets. This is the result of a recent survey conducted by Perspectives Climate Group and Future-Camp on behalf of “Allianz für Entwicklung und Klima”. The survey interviewed compensation providers operating in Germany as well as selected compensation consumers about the current status of the voluntary GHG compensation market. Further key findings of the study are that small and medium-sized companies in Germany accounted for the largest share of demand and that not only emission reduction, but also contribution to the achievement of SDGs are of importance to the overall compensation demanders. In addition to these and further interesting findings, the study also discusses the opportunities and risks of the voluntary market, including issues such as the credibility and transparency of certificates and market players, double counting and the role of COVID-19.