Carbon Market Conversations: A Podcast by ICAP

In this episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune is joined by Stephanie La Hoz Theuer, Senior Carbon Market Expert at ICAP, to discuss how emissions trading systems can be designed for net-zero and net-negative societies. Drawing on the ICAP paper ETS Reloaded? Designing Emissions Trading for Net-Zero and Net-Negative Societies, the conversation explores the interaction of carbon dioxide removals and ETSs and how net-positive, net-zero, absolute-zero and net-negative systems compare. Stephanie also discusses key design questions including in relation to residual emissions, the role of ETSs in the wider policy mix, and how to bridge the gap between net-zero and net-negative policy targets in the second half of the century.A more detailed breakdown of where to listen to the individual aspects of the conversation is provided below.Access the ETS Reloaded? Designing Emissions Trading for Net-Zero and Net-Negative Societies paper here: https://icapcarbonaction.com/en/publications/ets-reloaded-designing-emissions-trading-net-zero-and-net-negative-societies Breakdown of topics covered:0:55 – Introduction to today’s topic and our guest3:30 – The importance of the intersection of carbon dioxide removals and ETSs5:00 – How to compare across net-positive, net-zero, net-negative, and absolute-zero ETSs7:00 – Net-positive ETS spotlight9:45 – Net-zero ETS spotlight12:20 – Absolute-zero ETS spotlight13:05 – Net-negative ETS spotlight14:00 – When to consider phasing out an ETS15:00 – Residual emissions and hard-to-abate emissions16:55 – Managing small markets18:00 – The choice of the types of units used in an ETS and how they flow into the market19:40 – How ETSs fit into the broader policy mix in pursuit of net-zero and net-negative targets, including dedicated carbon dioxide removal policy21:10 – What happens in the second half of the century, and how we bridge the gap between policies for net-zero and those for net-negative22:30 – Addressing political acceptability of carbon pricing24:20 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Mette Quinn (Deputy Director for Carbon Markets and Clean Mobility at the European Commission, DG Climate Action) to unpack the European Commission’s review of the EU ETS proposed in July 2026. This timely conversation outlines the key design elements that have been proposed and the policy logic behind each of them. This ranges from adjustments to the cap trajectory and market stability reserve to proposed changes to balance the objectives of decarbonization incentivization and carbon leakage protection. Mette also sheds light on potential extensions to the ETS scope, both in terms of sector expansion and the developing role of permanent carbon removals and international carbon credits. A more detailed breakdown of the individual aspects of the conversation is provided below.Breakdown of topics covered:0:55 – Introduction to today’s topic and our guest3:00 – High-level objectives of this EU ETS Review, and timing rationale5:00 – Key developments that influenced the EU Commission approach to this review8:15 – ETS cap trajectory 10:00 – Market Stability Reserve 14:00 – Free allocation, EU CBAM, Innovation Fund, and the Industrial Decarbonization Bank17:40 – Carbon removals22:15 – International carbon credits25:00 – Expansion to municipal waste incineration coverage28:45 – Extended aviation coverage30:00 – Most challenging elements of the ETS Review to design31:45 – Next steps for the revision33:30 – The guiding message behind this EU ETS Review34:30 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Dr. Theresa Wildgrube (ICAP Senior Carbon Market Expert) for a behind-the-scenes conversation on ICAP’s recently published paper Scope Expansion of Emissions Trading Systems: Design and Policy Challenges, co-authored by Trevor, Theresa, and ICAP colleague Andrés Olarte. As emissions trading systems continue to mature and expand across the globe, a growing number of jurisdictions are asking what comes after launch, and for many, the answer involves broadening or deepening the scope of their ETS. This episode walks through the paper's core findings: the concrete design challenges jurisdictions face when expanding ETS boundaries, and the political and policy dynamics that shape whether expansion happens at all, and how. Drawing on conversations with ICAP members actively navigating these questions, Theresa and Trevor reflect on the process of developing this work and the conclusions of the research.Breakdown of topics covered:0:55 – Introduction to today’s topic and our guest3:00 – Why a paper on scope expansion of ETS is particularly relevant at this time4:25 – Scope and structure of the paper 5:50 – Broadening vs. deepening classifications and examples of scope expansion6:55 – Design vs. policy challenges8:45 – Discussion of design-side challenges and cases including considering design effects on existing covered entities and how to prevent double regulation11:40 – Discussion of policy-side challenges and cases including political opposition from multiple angles and price effects on existing covered entities17:40 – The role of clear and careful planning19:35 – The importance of early implementation of MRV infrastructure20:20 – Benefits of stakeholder consultations21:40 – Upcoming ICAP work on ETS scope expansion23:10 – Closing remarksLink to the ICAP paper Scope Expansion of Emissions Trading Systems: Design and Policy Challenges: https://icapcarbonaction.com/en/publications/scope-expansion-ets-design-and-policy-challenges

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Robert Jeszke (Deputy Director for Emissions Management at the Institute of Environmental Protection – National Research Institute (IOŚ-PIB), and Head of Poland’s National Centre for Emissions Management (KOBiZE)) for a grounded look at how EU carbon pricing lands in Poland. Building on the EU ETS reform agenda and the rollout of EU ETS 2, the discussion explores how policy design translates into practice in Poland, from price signals and competitiveness to revenue use for the energy transition and cushioning social impacts. Robert sheds light on KOBiZE’s policy and operational work, the role of complementary measures, and what a “just transition” means in the Polish context. The conversation also examines deployment of EU funds, the significance of the Social Climate Fund, and how public acceptance is managed. We close with lessons other countries can draw from Poland’s experience and why reframing carbon pricing as a credible transformation contract may be key to the years ahead.Breakdown of topics covered:0:55 – Introduction to today’s topic and our guest3:10 – How EU ETS reforms translate to the Polish context5:45 – Poland’s preparation for EU ETS 28:00 – KOBiZE’s role and the kinds of policy and operational questions Robert works on11:05 – How the EU ETS price signal lands in the polish context given the economy and energy system structures14:00 – Economic competitiveness17:50 – ETS revenue allocation in Poland, including toward the energy transition and cushioning economic impacts20:00 – Complementary policies23:40 – Just transition in the Polish context26:45 – Deployment of EU funds and examples of meaningful change taking shape29:35 – Significance of the Social Climate Fund33:40 – Managing the question of public acceptance36:00 – Lessons other countries can learn from Poland’s engagement with the EU ETS38:00 – Most important challenge for Poland, or countries in comparable situations, will face in the years ahead, and steps to confront it38:00 – Shifting perception of carbon pricing to that of a credible transformation contract42:10 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune is joined by ICAP Carbon Market Experts Iryna Holovko and Victor Alejandro Ortiz Rivera for a wide-ranging discussion on the state of emissions trading systems worldwide in 2026. Drawing on findings from ICAP's latest Status Report, the conversation charts the continued growth and resilience of carbon markets globally, from headline statistics and rising ETS revenues to the entry into force of new systems in Japan, India, and Vietnam. The episode examines how established systems such as those in California, the UK, and the EU have proven resilient. This episode also explores the emergence of next-generation hybrid and intensity-based ETS designs, before tackling cross-cutting issues shaping the field today, including competitiveness and carbon leakage risks, public acceptance and the use of ETS revenues, and international alignment. The episode closes with our guests and host sharing their perspectives on the developments to watch most closely in the year ahead.Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2026Breakdown of topics covered:0:55 – Introduction to today’s topic and our guests 3:00 – ETS growth: key global statistics4:50 – Increased ETS revenue5:40 – New systems in force in Japan, India, and Vietnam10:00 – Resilience of existing ETSs highlighting California, the UK, and the EU12:20 – Next-generation ETS designs and the uptake of hybrid and intensity-based ETSs14:40 – ETS uptake in G20 countries16:30 – Managing competitiveness and carbon leakage risks, 19:20 – Public acceptance and the use of ETS revenues20:55 – International alignment22:50 – Areas to watch closely in the year ahead26:15 – Closing remarks