Carbon Market Conversations: A Podcast by ICAP

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

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the carbon pricing and climate policy landscape in India with expert guest, Saurabh Diddi, Director at the Bureau of Energy Efficiency within the Ministry of Power. This conversation focuses on the development and implementation of India’s Carbon Credit Trading Scheme (CCTS), specifically touching on how the system fits into India’s broader climate and energy strategies, key design features, and lessons other jurisdictions can learn from India’s experience. A more detailed breakdown of the topics explored and where you can listen to the episode is listed below.Breakdown of topics covered:0:55 – Introduction to today’s topic and our guests 2:40 – Overview of India’s carbon market development journey4:35 – How India’s Perform, Achieve, and Trade (PAT) Scheme experience informed the Carbon Credit Trading Scheme (CCTS) development8:00 – The goals of the CCTS and how it fits into India’s broader climate and energy strategies incentivizing industry and voluntary market participation 9:30 – CCTS approach to scope 2 and scope 3 emissions and ensuring system integrity12:20 – Relationship between the compliance market and the voluntary offset market13:25 – Emissions targets14:35 – Lessons emerging economies can learn from India’s experience developing the CCTS18:20 – Benefitting from existing MRV infrastructure19:50 – Energy auditing and verification22:40 – Key challenges that must be properly address in the Indian climate policy context24:25 – Closing remarksMore information about the India CCTS can be found here.

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into carbon pricing developments in Brazil with expert guest, José Pedro Neves, General Coordinator for Sustainable Finance at the Secretariat for Economic Policy of Brazil’s Ministry of Finance. This conversation focuses on the ongoing development of Brazil’s ETS, how the system will be tailored to the country context, lessons other jurisdictions can learn from Brazil’s experience, and what we can expect heading into COP30. A more detailed breakdown of the topics explored and where you can listen to them is listed below.Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests2:40 - Overview of Brazil’s ETS development process and the factors that were influential in the Brazilian government moving forward with the system5:00 - How Brazil’s system is significant in advancing climate policy goals in the country7:40 - System design elements and challenges that remain before full implementation9:40 – Adapting the ETS to Brazil’s country context12:30 - Expected economic and social impacts including in the Amazon region and others with high LULUCF emissions16:10 - Lessons other countries can learn from Brazil’s experience19:20 - Expectations for the role carbon pricing will play at COP3022:50 - Key challenge that must be properly addressed in the coming years in the world of carbon pricing and what steps can be taken toward their resolution25:20 - Closing remarks