In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Chris Leeds, Head of Carbon Markets Development at Standard Chartered Bank and board member of the Integrity Council (ICVCM) — a 20-year veteran who helped launch the EU ETS and co-founded Climate Impact X.Chris delivers a masterclass on scaling carbon markets with integrity, finance, and policy. We discuss: • Chris’s journey: From trading CDM credits at Merrill Lynch to supporting Standard Chartered’s CEO on the Taskforce to Scale Voluntary Carbon Markets • ICVCM’s Core Carbon Principles (CCPs): The “two-tick” assessment driving a race to the top amid proliferating standards (Gold Standard, GCC, Puro, Isometric, and more) • Blurring voluntary & compliance lines: Singapore’s tax offset, EU ETS crediting mechanisms, and the shift to “project-based” (not voluntary) credits • Standardization as rocket fuel: Why fungible contracts, indices, and liquid secondary markets unlock institutional debt at 70% LTV• Bankability unlocked: Off-take agreements, portfolio aggregation, and turning carbon projects into infrastructure-grade assets (not VC bets) • Finance masterclass: Debt needs revenue certainty — fixed-price/floor offtakes, digitized MRV, and replacement cost clauses for risk management • Asia’s carbon boom: Singapore’s deliberate ecosystem, Indonesia’s presidential decree, Vietnam’s dual supply/demand play, and China’s 5GT ETS eyeing international credits • Global momentum: Brazil, Japan (GX League → ETS), Australia, and the Coalition to Grow Carbon Marketslaunching shared principles at COP • Cost-effective abatement: Why chasing $200/ton in Europe is illogical — methane, avoided deforestation, and clean cooking need priority • Scale & speed: Forward purchase agreements, private sector filling the $1.3T gap, and carbon as a proxy for biodiversity & nature finance• Market resilience: Surviving hype cycles, entering the slope of enlightenment, and gearing up for 2030 demand surge
In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Alfredo Nicastro, Global Head of Carbon Solutions at StoneX, a veteran with over 20 years in climate finance and carbon markets. Alfredo shares his journey from a civil and environmental engineer in Brazil to a leader in global carbon solutions, offering a deep dive into the challenges and opportunities shaping decarbonization and market evolution.
We discuss:
In this episode of This Week in Carbon, we speak with Madhur Jain, Co-Founder & CEO, and Ikarus Janzen, Co-Founder & Chief Commercial Officer of Varaha—one of the top 3 global suppliers of high-quality CDR credits in 2025 (per CDR.FYI). They share how Varaha scaled to profitability in just 3.5 years across 4 CDR pathways, delivered 100,000+ tons of biochar, and landed landmark deals with Google and Louis Dreyfus. We explore India’s emergence as a CDR superpower, the insetting revolution for resilient supply chains, and why traction follows traction in smallholder agriculture.We discuss: Founder journeys from VC and agribusiness to building a 200-person CDR powerhouse CDR market segments: legacy avoidance vs. nature-based vs. durable removals (and Varaha’s unique 4-pathway edge) How deep ag expertise + digital MRV unlocked rapid scale amid 6-14% yield drops from climate chaos The Google biochar bombshell: 100K tons by 2030 from India’s 100M tons of waste biomass Louis Dreyfus’ first-of-its-kind insetting deal: 5-year wheat resilience + premiums for sustainable cotton (15¢/t-shirt) Buyer pressures: Shareholder ESG targets + consumer premiums fueling food/textile insetting Farmer realities: Droughts, geopolitical food crises, and turning mitigation funds into adaptation wins India’s 2030 vision: Vast land, cheap solar, and basalt riches positioning it as the world’s CDR hub
In this episode of This Week in Carbon, host Edward Smith and co-host Rene Velasquez are joined by Sebastian Manhart, Senior Policy Advisor at Carbon Future and co-host of the CDR Policy Scoop podcast, to explore the rapidly evolving world of Carbon Dioxide Removal (CDR).
Sebastian shares his journey from social entrepreneurship to advising Angela Merkel’s chancellery, highlighting Carbon Future’s mission to build trust infrastructure for a scalable CDR market through robust monitoring, reporting, and verification (MRV). The discussion dives into record-breaking CDR market growth, Europe’s delayed climate targets, and groundbreaking national policies, offering a deep dive into the numbers, politics, and future of CDR.
We discuss:
• The CDR market’s historic Q2 2025, driven by Microsoft’s mega-deals and growing corporate demand
• Risks of market concentration and the need for compliance markets to ensure long-term stability
• Europe’s 2040 climate target delays and the significant role of international offsets under Article 6
• The UK’s 15-year Contracts for Difference (CFDs) and Germany’s €500M CDR investment by 2033
• Overcoming environmentalist skepticism and the mainstreaming of CDR as a critical climate solution
In this episode of This Week in Carbon, host Rene Velasquez sits down with Renat Heuberger and Steve Zwick to discuss their new book, The Carbon Paradox, and its unique approach to unraveling the complexities of carbon markets. Recorded ahead of New York Climate Week 2025, this conversation delves into the power of storytelling to make the nuanced challenges of climate finance accessible and engaging.Key Highlights:• The genesis of Carbon Paradoxes, sparked by Renat’s reflections in Bali amidst 2023’s carbon market controversies.• How the book’s fictional narrative brings to life 25 paradoxes, from ethical dilemmas to control tensions, making complex concepts resonate emotionally.• The collaborative writing process, where characters took on lives of their own, guiding the authors to an authentic and impactful story.• Upcoming book launches at the Brooklyn Book Festival (September 21, 2025) and a “Cocktails and Carbon” event in Manhattan (September 22, 2025), plus university talks at Columbia and Johns Hopkins.Topics Discussed:• The importance of storytelling in bridging the gap between technical carbon market debates and public understanding.• The control paradox: balancing governance and autonomy in carbon projects, and why it’s a universal challenge in climate finance.• Addressing the “Groundhog Day” cycle of recurring controversies by openly confronting paradoxes and fostering constructive dialogue.• Inspiring the next generation of climate leaders through relatable characters and a hopeful vision for scaling carbon markets.Join us for an insightful discussion on how Carbon Paradoxes aims to break the cycle of criticism, engage a broader audience, and spark a rebirth of the carbon market dream. Perfect for anyone interested in climate solutions, storytelling, or the future of sustainable finance! Amazon link for those interested in purchasing the book:https://www.amazon.com/Carbon-Paradox-Renat-Heuberger/dp/1637777507/ref=sr_1_1?crid=4PVT6T2THI50&dib=eyJ2IjoiMSJ9.vWXYbnAfKTU0r-yGOhe6DNRbEDz6OhBXKdCrfqGCYmdDISuk6Amc6lWm5_Hp6nzHEJKcZLJy1G3kAyAnOh8rqlHptwdDxh4DhBrA25EgzlZsoEJhkTm3Ve_AZSRZ7bXUCkdzG4vXBUN59G3WpUF2flG3VNELogt0suqsfFq4B4xcWQkfSQUCet9ebGVLbxvwtOJ2F9quE7NFmVteYHawxwttad5JrG13j4CdU7NqYwY.KXs0uvRJiTUqj3RoWy_W31QoBTdh3f-ccMMs2nT_b0c&dib_tag=se&keywords=carbon+paradoxes&qid=1758221490&sprefix=carbon+paradoxes%2Caps%2C319&sr=8-1 More information on the upcoming launches can be found below:https://carbonparadox.org/book/events/
In this episode of This Week in Carbon, host Edward Smith engages in a compelling discussion with Phoebe Scott from Climate Asset Management (CAM) about the evolving landscape of natural capital and carbon markets. Edward explores Phoebe’s expertise in climate finance and her leadership in fostering inclusivity in the industry.Key Highlights:• Phoebe’s journey from investment banking to CAM, driven by a passion for ESG and natural capital investing.• CAM’s dual strategies: a nature-based carbon strategy generating credits in the Global South and a natural capital strategy focusing on agriculture and forestry in the Global North.• The role of blended finance in de-risking projects to attract institutional capital and scale nature-based solutions.• The rapid growth of Women in Carbon, a global initiative co-founded by Phoebe, now spanning over 10 chapters worldwide.Topics Discussed:• The challenges of scaling natural capital as an institutional asset class, including market fragmentation and liquidity issues.• How carbon markets enhance the bankability of nature-based projects by diversifying revenue streams and mitigating climate risks.• The importance of voluntary market initiatives like ICBCM and VCMI in building trust and ensuring credit and claim integrity.• The impact of Women in Carbon in empowering women through networking, knowledge sharing, and global community-building.Join us to discover how CAM is seeking to drive institutional capital into natural solutions and how Phoebe’s leadership is shaping a more inclusive carbon industry.
In this episode of This Week in Carbon, host Rene Velasquez dives into the future of carbon markets with Joe Dell'Orfano from Verra and Wes Geisenberger from the HBAR Foundation. They discuss Verra’s groundbreaking shift to a next-generation registry infrastructure with S&P Global Commodity Insights, powered by Hedera’s blockchain technology. This partnership is set to transform the carbon market by replacing static PDFs with machine-readable, transparent, and auditable digital systems.
Key Highlights:
• Verra’s move away from its long-term registry partner APX to a new system focused on digitization and interoperability.
• How Hedera’s blockchain creates an immutable audit trail, streamlining project onboarding, methodology digitization, and long-term monitoring.
• The potential for real-time data insights, from satellite monitoring to financial traceability, to boost market confidence and liquidity.
• Addressing double counting and interoperability with other carbon markets, including compliance systems and Article 6 frameworks.
Topics Discussed:
• The role of Verra’s Project Hub in digitizing methodologies and enabling real-time project tracking.
• How blockchain enhances transparency and trust, benefiting stakeholders like project developers, buyers, and rating agencies.
• The vision for a scalable carbon market with standardized data, supporting everything from voluntary credits to national registries.
• Financial integrity in carbon projects, including tracing funds from forward contracts to community impacts.
Join us to explore how Verra and Hedera are laying the digital rails for a more transparent, efficient, and scalable carbon market.
In this episode of This Week in Carbon, we sit down with Stuart Rowland, CEO of Revalue, to unpack why the voluntary carbon market needs a radical shift in how we think about credit quality.
Stuart shares his journey from physics to climate entrepreneurship and explains why treating all credits as “the same” undermines trust, value, and impact. Instead, he argues for a new mental model: one where credits are judged on rigor, outcomes, and integrity.
You’ll learn about:
- Why carbon credits vary so widely in quality — and why that matters.
- What it will take to build real trust and confidence in outcomes.
- How ecosystem-based credits can scale responsibly without sacrificing integrity.
In this episode of This Week in Carbon, we explore the evolving voluntary carbon market (VCM) with insights from experts in carbon credit ratings, Donna Lee and Duncan van Bergen. The VCM is shifting from heuristic-based to data-driven decisions, with ratings agencies enhancing transparency and integrity. Despite challenges like baseline accuracy, embodied emissions, and a focus on in-setting, the market is maturing through better methodologies, digital tools, and education. By 2030, the VCM should be a robust, digitised climate tool, prioritising impact over perfection.We discuss:• The role of transparent, data-driven ratings in assessing carbon credit quality and impact• The shift from heuristic-based to evidence-based decision-making in the VCM• The growing price premium for high-quality credits and challenges with baseline accuracy in nature-based projects• The importance of balancing corporate emissions reduction with carbon credit purchases• The potential of digitised infrastructure and market maturity to drive climate impact by 2030
New episode with Margaret Morales, Director of Carbon at Trellis Group.
In this episode of This Week in Carbon, we dive into the evolving landscape of carbon markets and climate solutions with our expert guest, Margaret Morales. The discussion explores the shift toward corporate sustainability, the surge in durable carbon removal projects, and the critical role of policy in shaping the future of climate finance. From market dynamics to innovative financing, we unpack the challenges and opportunities ahead.
We discuss:
· The rise of corporate buyers in the voluntary carbon market
· Microsoft’s record 7.6M-ton durable removal purchase and its market impact
· The growing demand for durable vs. nature-based carbon removals
· Challenges in financing early-stage carbon projects
· The implications of Article 6 regulations and nature-based solutions
In this episode of This Week in Carbon, we speak with Mike Korchinsky, founder of Wildlife Works and a pioneer of REDD+.
Mike shares the remarkable origin story of Wildlife Works, how it became the first REDD+ project certified under Verra, and what it took to bring market-based conservation to life—long before carbon finance was mainstream. We explore the early conflicts between wildlife and communities in Kenya, the role of the private sector in scaling solutions, and the current state of the carbon market.
We discuss:
- How human-wildlife conflict led to a market-based solution
- The creation of the first REDD+ methodology under Verra
- Why philanthropy and government alone won’t solve deforestation
- Market criticism, reform, and what went wrong with baselines
- The rise of Equitable Earth and what comes next for forest finance
What happens when the most powerful standard-setter in carbon markets tries to reform the system from the inside?
In this episode, we speak with Mandy Rambharos, the new CEO of Verra, at a pivotal moment for the voluntary carbon market. Public trust is low, market rules are under pressure, and project developers are struggling to navigate layers of complexity.
Mandy reflects on what she found when she joined Verra, the hard questions she’s asking internally, and where real change is actually possible.In this episode:
- Why Verra needs to listen more to people on the ground
- What’s broken about the way methodologies are made
- The growing gap between buyers’ expectations and project realities
- Why the system became more about consultants than communities
- What a fairer, simpler, and more effective carbon market could look like
Veteran carbon market analyst Mark Lewis joins This Week in Carbon to break down why the EU ETS is unlike any other market—and why it's entering a long-term bullish phase.
We cover:
- Why the EU ETS has no natural sellers
- How shrinking supply is driving long-term price.
- The coming impact of ETS2 (carbon pricing for households)
- The UK-EU ETS linkage and arbitrage opportunities
- How carbon prices are becoming the new cost of capital for industry
- Why hedge funds and equity analysts are treating EUAs like a macro asset
- The future of Article 6, Corsia, and voluntary market convergence
Can aviation decarbonize faster than the rest of the economy?
In this episode, we sit down with Kennedy Ricci, President of 4AIR, to explore how sustainable aviation fuel (SAF), book & claim systems, and tax incentives are reshaping how we fly—and how we account for emissions.
Kennedy explains how book & claim could be a game-changer for SAF: allowing fuel to be produced and delivered where it's most efficient, while enabling buyers around the world to claim the climate benefit. It's the aviation equivalent of RECs (renewable energy certificates)—and it may be the most scalable path forward.
We also dive into the emerging SAF tax credit landscape, how voluntary markets are pioneering the tools regulators will one day adopt, and why aviation is uniquely positioned to become a proving ground for net zero logistics.
✈️ Topics covered:
How book & claim works—and why it matters for SAF
Why business aviation is leading SAF adoption
The role of voluntary markets in shaping future regulation
How 4AIR is helping aviation buyers and operators take climate action now
Whether you're in climate tech, policy, or aviation, this episode is packed with insight on how to scale real impact.
In this episode, Thibault Sorret, CEO of ERS (Ecosystem Restoration Standard), joins us just days after some major developments:
🌳 ERS has acquired Equitable Earth, a REDD+ forest conservation standard built by a coalition including Wildlife Works, Forest Trends, and Everland.
✅ The ERS Programme has been officially approved under the ICVCM’s Core Carbon Principles, marking a major milestone in quality and credibility for nature-based carbon.
Thibault reflects on how a recent site visit to a REDD+ project changed his view of conservation — not just as a carbon accounting exercise, but as real, visible frontline climate work. From active ranger patrols to agroforestry programs, he describes what it looks like when these projects truly work — and why scaling them is urgent.
🎙️ In this episode:
What made Equitable Earth the right fit for ERS
How to bridge the credibility gap in REDD+
Why consolidation (not fragmentation) is what carbon markets need
And how conservation and restoration can — and must — scale together
If you're wondering what high-integrity conservation looks like in practice — and how the carbon market can better support it — this is the conversation.
Carbon markets are evolving fast — but is the demand side keeping up?
In this episode, Magnus Drewelies (Founder & CEO of Ceezer) joins Edward and Rene to unpack key insights from the World Bank’s 2025 State and Trends of Carbon Pricing report and explore what’s really happening in carbon credit markets.
We discuss the rapid rise of carbon removals, especially nature-based solutions — and the shift toward forward purchases and long-term offtakes. But as Magnus explains, this isn’t a supply problem. The real constraint is on the buyer side: price uncertainty, unclear rules, and fragmentation are slowing scale.
Also in this episode:
- The Vietnam ETS and the return of offsets in compliance markets
- What nearly 1 billion unretired credits mean for price confidence
- Institutional capital: what’s blocking it, and how to unlock it
- Why market maturity depends on more than just better MRV
Every week, Edward Smith invites carbon market enthusiasts for a call to discuss the biggest news stories of that week. For this episode of This Week in Carbon, moderator Edward Smith welcomed Rene Velasquez, Stefano De Clara, and Vinay Kulkarni.
This week, we zoom out to ask a hard question: Are we building carbon markets for a world that’s already on track to miss 1.5°C?
To unpack that, Edward Smith is joined by Stefano De Clara (ICAP) and Vinay Goyal (Thryve.earth) — two of the clearest voices on the intersection of policy, pricing, and market architecture. In this conversation, we cover:
- Why 2025–2030 is a make-or-break window for real mitigation
- What market tools will look like in a 3°C scenario — and how to prepare now
- How voluntary and compliance markets might finally converge (and what’s in the way)
- Why multilateralism still matters, and what could go wrong without it
Welcome to the Carbon Exposure Project
Every week, Edward Smith invites carbon market enthusiasts for a call to discuss the biggest news stories of that week. For this episode of This Week in Carbon, moderator Edward Smith welcomed Rene Velasquez and Elizabeth Aldrich.Together, they unpack a critical moment for the voluntary carbon market—where trust is low, demand is uncertain, and integrity is under pressure. Lizzie Aldrich shares her frontline experience as one of the few people actually deploying large-scale capital into forest carbon, offering sharp insight into what’s working, what’s stalling, and what needs to change.The episode covers:
This is a grounded, field-informed conversation that cuts through the noise and focuses on what really matters for scaling high-integrity climate action.Welcome to the Carbon Exposure Project.Articles: https://www.ecosystemmarketplace.com/... https://www.ieta.org/resources/papers...
Every week, Edward Smith invites carbon market enthusiasts for a call to discuss the biggest news stories of that week. For this episode of This Week in Carbon, moderator Edward Smith welcomed Abraham Robertson and Olivier Lejeune
Every week, Edward Smith invites carbon market enthusiasts for a call to discuss the biggest news stories of that week. For this episode of This Week in Carbon, moderator Edward Smith welcomed Thibault Sorret and Judith Simon