This Week in Carbon

In this episode of This Week in Carbon, Rene Velasquez sits down with Eu-Lin Fang, Sustainability and Climate Change Practice Leader at PwC Singapore. They discuss the surprising momentum of net zero targets set during the COVID pandemic, the real-world challenges companies face in meeting 2030 science-based targets, and how decarbonization must be tackled alongside physical and transition climate risks. Eu-Lin shares practical insights on Scope 3 emissions complexities in Asian supply chains, the power of policy certainty for corporate action, and the role of credible transition plans and regional taxonomies in unlocking sustainable finance. The conversation also covers geopolitical distractions and surging energy prices, the double-edged impact of AI on emissions versus climate solutions, and an optimistic outlook framed by Asia-Pacific’s four Cs: courage, caliber, creation, and connectivity.Takeaways- Many countries showed strong leadership by committing to net zero targets during the height of COVID.- Approximately 145 countries have set net zero targets, covering around 77% of global emissions.- Policy certainty is essential for companies to make confident long-term capital decisions on climate action.- Decarbonization efforts and climate risks must be viewed together, not in isolation.- Scope 3 emissions are critically important but face major data quality, measurement, and double-counting issues.- Business resilience and fiduciary duty matter more than short-term political shifts.- Credible climate transition plans are a key litmus test for financial institutions providing transition finance.- Singapore’s Asia Taxonomy provides a pragmatic regional approach to green and transitioning activities.- AI brings both significant energy demands and powerful opportunities to solve complex climate problems.- Asia-Pacific’s transition can be powered by courage, caliber, creation, and connectivity.With strong buyer interest already shown through ambitious net zero commitments covering 77% of global emissions, this episode sits at the centre of the carbon market’s shift toward credible transition plans, real-world implementation challenges, and pragmatic climate leadership in Asia.Perfect for anyone interested in decarbonization realities, Scope 3 supply chains, sustainable finance, and Asia-Pacific’s path forward. Listen now on Spotify, Apple Podcasts, YouTube, and more.

In this special webinar recording of This Week in Carbon, we dive into the Indigenous Amazon Outcome Bond Initiative — a groundbreaking effort to mobilize $50 million in upfront capital for Indigenous and traditional community-led forest conservation across the Amazon.Hosted by Edward Smith (Valitera) and guided by Pamela Brazier (Everland), the discussion features powerful insights from:Puyr Tembe (Secretary of Indigenous Peoples, State of Pará): On the urgency of action, survival of humanity, and why Indigenous autonomy and direct finance are essential.Thibault Sorret (CEO, Equitable Earth): Why standing forests are irreplaceable for 2°C pathways, the role of forest conservation in the VCM, and how centralized baselines + genuine community ownership are rebuilding credibility.Fernanda Ribeiro (Panthera): The Jaguar Corridor Initiative, biodiversity connectivity, and why climate and biodiversity strategies must be integrated.Rene Velasquez (Valitera): The “time value of carbon” and what makes this initiative investable through Indigenous leadership, scale, and aligned incentives.Josh McCarron (Everland): How the outcome bond turns future carbon revenues into accessible, non-recourse capital today, plus the multi-layered quality safeguards.With strong buyer interest already shown through $160 million in letters of intent, this episode sits at the center of the carbon market’s shift toward credibility, implementation, and Indigenous climate leadership.Perfect for anyone interested in high-integrity natural climate solutions, forest protection, and innovative finance.Listen now on Spotify, Apple Podcasts, YouTube, and more.Guests: Puyr Tembe, Thibault Sorret, Fernanda Ribeiro, Rene Velasquez, Josh McCarron. Hosted by Edward Smith with Pamela Brazier.

In our new episode of This Week in Carbon, Rene Velasquez is joined by Yvan Champagne, Co-Founder and Chief Carbon Officer at Carbon AI. He is a leading expert in carbon markets with over 20 years of experience in greenhouse gas project development and high-integrity environmental commodities. This info-dense episode provides an in-depth masterclass on building trustworthy carbon credits through advanced digital MRV technology, the critical importance of data quality, and the paradigm shift needed to scale the market to gigaton levels. This episode delivers the clearest take on how to move carbon markets from analog, paper-based processes to robust, auditable digital infrastructure.Key Topics• Why high-quality data is the foundation of synthetic commodities like carbon credits — and why poor data creates poor instruments• How Carbon AI’s DMRV platform (Proof, Field, and Vue) goes beyond a digital twin to actually generate and verify high-integrity credits• The bottlenecks in verification and issuance — and how immutable data can increase throughput without compromising integrity• The powerful concept of Time Value of Carbon: why avoiding emissions today (especially methane) has disproportionately higher climate impact than future removals• Shifting carbon markets from an “art market” to professional, scalable infrastructure capable of delivering gigaton-scale results• Innovation from the Global South and building a more efficient, transparent carbon 3.0 future Whether you’re a project developer, corporate buyer, verifier, registry professional, or investor looking to understand the future of high-quality carbon credits, this conversation is packed with actionable insights and practical takeaways. If you enjoyed this episode, hit subscribe, leave a review, and share it with someone navigating carbon markets in 2026! #CarbonMarkets #CarbonCredits #DMRV #ClimateTech #VoluntaryCarbonMarket #Methane #TimeValueOfCarbon #NetZero #CarbonAI #Sustainability #DigitalMRV 

In our new episode of This Week in Carbon, Edward Smith and Rene Velasquez are joined by Juan Carlos Arredondo Brun, Director of Knowledge, Policy and Advocacy at Abatable. He is a leading expert in carbon markets and aviation decarbonization. This info-dense episode provides an in-depth analysis of the CORSIA scheme, its current market status, demand and supply dynamics, and future prospects. This episode delivers the clearest, most authoritative take on where the CORSIA market stands today and where it’s headed.Key Topics• Why it took nearly 10 years to launch and what “just starting this market” really means• Abatable’s institutional modeling vs. ICAO/IATA demand forecasts (200–220 Mt in Phase 1)• The critical role of LOAs, insurance, and corresponding adjustments• Why many airlines are still in “wait-and-see” mode• Enforcement realities in the voluntary Phase 1 and what changes in the compliance phase• Outlook for supply unlocking, new eligible programs, and price evolution through 2027–2028Whether you’re an airline, carbon trader, project developer, or simply want to understand one of the most important emerging compliance markets, this conversation is packed with actionable insights.If you enjoyed this episode, hit subscribe, leave a review, and share it with someone navigating carbon markets in 2026!#CORSIA #CarbonMarkets #Aviation #Decarbonization #Article6 #VoluntaryCarbonMarket #carbon #sustainability #earth #conservation #pilots #SAF

In this episode of This Week in Carbon, host Edward Smith sits down with Rueban Manokara from the World Wide Fund for Nature (WWF) to break down the future of carbon markets, carbon finance, and global climate policy.If you want to understand how carbon markets actually work, what’s happening with Article 6 of the Paris Agreement, and why blue carbon projects (like mangroves) are gaining massive global attention, this episode is for you.We dive into the role of carbon standards, the challenges of market integrity, and how organizations like WWF are shaping the future of carbon pricing systems and nature-based solutions.🚨 Key topics covered:- What is carbon finance and how does it work?- The role of standards in voluntary carbon markets- Article 6 explained (carbon trading under the Paris Agreement)- Why blue carbon projects are in high demand right now- The future of carbon pricing and climate markets- How WWF approaches carbon markets and real-world decarbonization🌍 Whether you're in climate tech, sustainability, ESG, carbon credits, or Web3 climate solutions, this conversation will give you valuable insights into where the market is heading.👉 Don’t forget to like, subscribe, and turn on notifications for more deep dives into the global carbon economy.#CarbonMarkets #CarbonCredits #ClimateChange #Sustainability #ESG #Article6 #BlueCarbon #NatureBasedSolutions #ClimateFinance #WWF

In this episode of This Week in Carbon, host Edward Smith sits down to speak to Kim Gabrielli, CEO of Worldview International Foundation. Kim shares his unique perspective on the evolving landscape of carbon markets, blue carbon, and the critical role of transparency and integrity in driving climate action. Discover how Kim's extensive experience from the UN to project development is shaping innovative solutions for nature-based climate mitigation. Key topics- Article 13 and transparency framework in the Paris Agreement- Blue carbon market development and challenges- Mangrove restoration and project success metrics- Market integrity, standards, and evolving methodologies- Community engagement and local livelihoods in carbon projects

In this episode of This Week in Carbon, Rene Velasquez sits down to discuss with Stephanie Russo, Managing Director at Pollination. They delve into the complexities of carbon markets, focusing on the Australian Carbon Credit Unit (ACCU) market and the Corsia framework. They discuss the evolution of these markets, the dynamics of supply and demand, and the political risks associated with compliance mechanisms. The conversation also touches on the role of insurance, project developers, and financial institutions in navigating these markets, as well as the implications of sovereignty and the intersection of Article 6 and Corsia. The episode concludes with reflections on the future of carbon markets and the importance of policy certainty.Takeaways- Australia's carbon market has evolved through various phases.The ACCU market is now predominantly driven by compliance demand.- Political stability is crucial for the durability of carbon policies.- Corsia faces challenges with supply and demand dynamics.- Insurance plays a key role in managing risks in carbon markets.- Project developers are essential for unlocking carbon credit supply.- Conditions precedent in contracts are critical for airlines.- Sovereignty impacts how countries engage in carbon markets.- The intersection of Article 6 and Corsia is complex and evolving.- Future success in carbon markets depends on clear policy frameworks.

In this episode of This Week in Carbon, Rene Velasquez sits down to speak to Valerio Magliulo, CEO and co-founder of Abatable. They discuss the evolution of carbon markets, the role of airlines in compliance, and the challenges and opportunities within the Corsia framework. He emphasizes the importance of effective communication and collaboration among stakeholders to navigate the complexities of carbon procurement and pricing. Valerio shares insights on how Abatable has adapted its business model to focus on demand and the need for a more structured approach to carbon supply and pricing in the market.TakeawaysValerio Magliulo is the CEO and co-founder of Abatable, focusing on carbon markets.Abatable was founded to address inefficiencies in the voluntary carbon market.The company has evolved from aggregating supply to focusing on demand in carbon procurement.Airlines are increasingly engaged in carbon markets to meet compliance obligations.Corsia is a critical framework for airlines to purchase carbon credits.There are significant bottlenecks in the carbon supply chain, particularly in project accreditation.Price discovery in carbon markets is still developing, affecting procurement strategies.The shape of carbon supply is influenced by the types of projects that receive accreditation.Airlines are looking for quality and community engagement in their carbon procurement.The future of carbon markets depends on effective communication and collaboration among stakeholders.

In this episode of This Week in Carbon, host Edward Smith and co-host Rene Velasquez sit down with Charles Bedford, Chief Impact Officer at Carbon Growth Partners (CGP). They discuss various aspects of carbon markets, including the recent collapse of Cocoa Networks and its implications for the industry. They explore the importance of permanence mechanisms in nature-based solutions and the complexities of measuring biodiversity credits. The dialogue also touches on the contrasting perspectives of the Global North and South regarding carbon markets, with a particular focus on China's emerging role as a significant player in the global carbon landscape. The conversation concludes with reflections on the future of carbon markets and the need for clear regulatory frameworks to support their growth.TakeawaysCocoa Networks' collapse highlights the fragility of carbon markets.The demand for carbon credits is still significant despite setbacks.Permanence mechanisms are crucial for the success of nature-based solutions.Biodiversity credits are complex and localized, differing from carbon credits.The Global North often misunderstands the needs of the Global South.China is emerging as a significant player in global carbon markets.Investment in the Global South is essential for climate solutions.Regulatory frameworks need to evolve to support carbon markets.The intersection of insurance and buffer pools can enhance project viability.Future success in carbon markets depends on clear pathways and demand signals.

In this episode of This Week in Carbon, host Edward Smithand regular guest Rene Velazquez sit down with Patrick Flynn, founder of Switchboard,former head of sustainability at Salesforce and a leader in corporate climateaction. He discusses his career journey and the evolving role of ChiefSustainability Officers. He emphasizes the importance of influencing changewithin organizations, making a business case for climate action, and addressingscope three emissions. Flynn also highlights the significance of corporateadvocacy in climate policy and the need for companies to engage with financialinstitutions to drive sustainability efforts. The discussion concludes withreflections on the importance of speed and scale in climate strategies and thepersonal journey of finding purpose in climate action.Takeaways·     The Chief Sustainability Officer acts as theplanet's advocate within a company.·     Influencing change requires understandingcolleagues' motivations and building relationships.·     Climate action is not just about environmentalresponsibility; it also makes good business sense.·     Scope three emissions represent the largestshare of corporate emissions and require focused strategies for reduction.·     Corporate climate policy advocacy is essentialfor aligning business practices with sustainability goals.·     Engaging with financial institutions cansignificantly impact a company's carbon footprint.·     Speed and scale are critical in climatestrategies to achieve meaningful change.·     Companies should leverage their unique strengthsto drive climate action effectively.·     Building coalitions among companies can amplifythe impact of sustainability efforts.·     Awareness of the environmental impact offinancial decisions is growing, but more action is needed.Chapters·     00:00 Introduction and Technical Setup·     02:58 Patrick Flynn's Career Journey·     05:45 The Role of Chief Sustainability Officer·     09:11 Influencing Change in CorporateSustainability·     12:10 Making the Business Case for ClimateAction·     15:03 Scope Three Emissions and Value ChainDecarbonization·     18:07 Corporate Climate Policy Advocacy·     21:03 Switchboard and Topo Finance Overview·     23:58 Engaging with Financial Institutions forClimate Action·     27:07 Speed and Scale in Climate Strategies·     30:00 Conclusion and Reflections on ClimateAction

In this episode of This Week in Carbon, host Edward Smith and regular guest Rene Velasquez sit down with Alexia Kelly. Alexia shares her extensive journey in the field of carbon markets, discussing her experiences in both public and private sectors. She emphasizes the importance of understanding the complexities of carbon markets, the role of the ICVCM in establishing standards, and the future of global carbon markets, particularly in relation to Article 6 of the Paris Agreement. The discussion highlights the challenges and opportunities within the carbon market landscape, including the need for better communication and the significance of voluntary actions in driving climate initiatives.Key Takeaways:Alexia's journey in environmentalism began in her childhood during the timber wars.She emphasizes the importance of working in both public and private sectors for a well-rounded perspective.The carbon market is evolving, with significant changes in standards and methodologies.Communication in the environmental space needs to be simplified for broader understanding.The ICVCM is crucial for establishing quality standards in carbon markets.Voluntary actions can lead to significant innovations in climate policy.The future of carbon markets is promising, especially with the upcoming compliance markets.Investment in capacity building is essential for developing countries to engage in carbon markets.The complexity of carbon markets presents both challenges and opportunities for stakeholders.A portfolio approach to carbon credits can enhance the effectiveness of climate action.Chapters:00:00 Introduction and Context of Carbon Markets01:24 Alexia's Career Journey in Climate and Sustainability09:32 Insights from Corporate Carbon Buying at Netflix20:34 The Role of ICVCM in Carbon Market Integrity27:01 Emergence of Robust Methodologies in Carbon Markets28:13 Market Dynamics and Quality Standards30:24 Article 6 and International Cooperation32:50 Challenges in Implementing Article 638:38 The Role of Voluntary Markets41:16 Future of Global Carbon Markets45:32 Building a Verified Carbon Market Coalition49:01 The Path to Net Zero and Market Integration

In this episode of This Week in Carbon, host Edward Smith engages with Clinton Libbey, founder of Kumi Analytics, to explore the transformative role of satellite imagery and AI in carbon markets. Clinton shares his extensive background in remote sensing, detailing his journey from working with NASA's early image processing systems to founding Kumi Analytics. The conversation delves into the complexities of using satellite data for environmental monitoring, particularly in carbon projects, and highlights the importance of deep learning in extracting valuable insights from satellite imagery. Clinton emphasizes the need for accurate environmental intelligence to improve the integrity and transparency of carbon credits, especially in light of past scandals in the carbon market.Key highlights:Satellite imagery is the richest source of information.Deep learning is crucial for extracting value from complex satellite data.Combining different satellite types enhances data accuracy.Mangroves are critical for carbon sequestration but face significant threats.High-resolution data is essential for accurate carbon monitoring.Chapters:00:00 - Introduction and Background02:14 - Clinton Libbey's Journey in Remote Sensing05:08 - Deep Learning and Satellite Imagery07:11 - The Shift to Carbon Markets10:53 - Types of Satellites for Environmental Monitoring16:29 - Data Fusion and Ecosystem Variations19:27 - Blue Carbon and Mangrove Restoration25:08 - Challenges in Blue Carbon Projects28:56 - Estimating Below Ground Carbon31:14 - Kumi's Approach to Mangrove Restoration34:26 - Collaboration with Private Developers36:24 - The Future of Digital MRV40:23 - Interoperability and Standardization in Carbon Markets46:08 - Conclusion and Key Insights

In this episode of This Week in Carbon, host Edward Smith and regular guest Rene Velasquez sit down with Marc Stuart, founding managing partner of Allotrope Partners. He shares his extensive journey in the carbon markets, beginning in 1993 and leading to the founding of EcoSecurities. He discusses the evolution of carbon markets, the challenges faced during boom and bust cycles, and the intersection of compliance and voluntary markets. Marc emphasizes the importance of decarbonizing supply chains for corporates and the role of storytelling in the voluntary market. He also highlights the potential of digitalization and AI in improving efficiency in carbon credit issuance, while acknowledging the complexities of agriculture in decarbonization efforts.Key takeaways:• Marc Stuart's journey in carbon markets began in 1993 during his PhD.• EcoSecurities was founded to create a third-party certification system for carbon credits.• The carbon market has experienced significant boom and bust cycles due to supply and demand imbalances.• Compliance markets are evolving, and there's a growing intersection with voluntary markets.• The future of carbon markets will depend on consistent demand signals and innovative financial instruments.• Decarbonizing supply chains is crucial for large corporates in the current market.• The role of third-party ratings in carbon projects is complex and evolving.• Digitalization and AI are expected to improve efficiency in carbon credit issuance.• The agriculture sector presents unique challenges for decarbonization efforts.• The importance of storytelling in the voluntary carbon market cannot be underestimated.

In this episode of This Week in Carbon, host Edward Smith and weekly guest Rene Velasquez, sits down with Gerald Prolman, Executive Chairman of Everland, who brings decades of experience in carbon markets to the conversation. They dive deep into the groundbreaking Indigenous Amazon Outcome Bond—a innovative initiative designed to channel upfront capital into Indigenous-led forest conservation projects across the greater Amazon. The discussion covers Everland's critical role in supporting and marketing these high-integrity REDD+ efforts, the often polarizing impact of media narratives on voluntary carbon markets, and the enduring potential of REDD+ as a powerful tool against climate change. Gerald highlights the essential role of community leadership and benefit-sharing, the urgent need for immediate action to safeguard the world's remaining forests, and the rapidly evolving dynamics of carbon credits in today's market. Takeaways ·       Gerald Prolman has over 46 years of experience in sustainability.·       Everland connects forest communities with capital for conservation projects.·       The Indigenous Amazon Outcome Bond aims to fund indigenous-led projects.·       Media narratives have significantly impacted the perception of carbon markets.·       REDD+ projects are essential for immediate climate action.·       Trust and transparency are crucial for the success of carbon markets.·       Indigenous communities play a vital role in forest conservation.·       The future of carbon markets will involve both avoidance and removals.·       Equitable Earth was created as a response to market challenges.·       Indonesia's approach to carbon markets may serve as a model for other countries.If you would like to watch the full video of the concert, you can find it here: https://www.youtube.com/watch?v=jSRE5Lv60q4&t=9s

In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Robert Höglund, manager of the Milkywire Climate Transformation Fund, co-founder of CDR.fyi, and policy advisor on carbon removal (including SBTi and EU expert groups).Robert brings deep expertise from his NGO background to managing one of the most catalytic corporate climate funds, sharing candid insights on scaling impact across durable CDR, decarbonization, and nature protection.We discuss: • Robert’s journey: From Oxfam climate policy to co-founding CDR.fyi and leading Milkywire’s fund • Milkywire Climate Transformation Fund: $17M+ allocated across 60+ projects, catalytic pre-purchases, and internal carbon fees • 2025 CDR trends: VC slowdown, concentrated buyers (Microsoft dominance), and the gap between needed scale and financing reality • Corporate demand dynamics: Push for near-term operational net-zero, scope 1-2 incentives, and why long-term arguments fall flat with CFOs • Removals vs. reductions debate: Durable CDR for willful fossil continuation (e.g., aviation), cost-effectiveness of avoidance/nature, and balanced portfolios • SBTi net-zero draft critique: Steps forward on beyond-value-chain mitigation but delays and weakening of durable CDR requirements • EU 2040 target & policy signals: Massive potential demand via international credits, buyers club prospects, and risks of delayed supply • Outlook & incentives: Tough years ahead for durable CDR, the need for labels/claims restoration, and barriers that must fall to avoid lost momentum Essential listening for anyone shaping corporate climate strategy or tracking carbon removal markets—this episode cuts through the hype with pragmatic analysis and forward-looking views.

In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Dale Hardcastle (Partner, Bain & Company – Singapore, Energy Transition & Asia) and Henning Huenteler (Partner, Bain & Company – Amsterdam, Sustainability & Carbon Markets), two of the sharpest minds tracking corporate climate action and carbon markets globally. Coming off a chaotic 2025, Dale and Henning pull no punches on what actually changed this year—and what it means as we head into 2026.We discuss:• 2025 in review: from ESG backlash and Larry Fink’s silence to the biggest Climate Week ever and a surprisingly pragmatic COP30• Bain’s AI-powered analysis of 35,000+ CEO statements: sustainability mentions are down, but business-value framing has doubled since 2018• The global marginal abatement cost curve: ~25% of emissions already profitable to cut today, another ~33% get there by 2035• Policy whiplash: US 180° pivot, EU walking back overreach, Asia’s quiet but relentless march on energy security and green growth• AI’s terrifying power hunger: data centres potentially adding 800+ Mt CO₂e/year by 2035 and why efficiency gains aren’t even close to keeping up• Carbon removal reality check: 60 Mt of committed corporate demand by 2030 vs. only ~20 Mt credible durable supply without urgent off-take signals• The hyperscaler bottleneck: why Microsoft, Google, Stripe & co. can’t scale CDR alone—and what it really takes to unlock the next wave of buyers and capital• Asia’s emerging carbon-market leadership: Singapore’s hub ambitions, Indonesia reopening its market, Vietnam unlocking direct PPAs• 2030s outlook: the countdown to 2030 targets is now real for CEOs, the slow-but-steady maturation of carbon markets, and why both guests remain genuinely optimistic

In this episode of This Week in Carbon, host Rene Velasquez (filling in for Edward over Thanksgiving) is joined by Naomi Chloe Swickard – a 20-year veteran of the carbon and conservation space, former leader of Verra’s REDD+ program, architect of the world’s first jurisdictional REDD+ framework, and key contributor to the new consolidated VM0048 methodology. Naomi delivers a candid, insider masterclass on where forests and carbon markets actually stand at the end of 2025, why progress is happening outside COP, and what it will really take to scale high-integrity nature-based solutions.We discuss:• Naomi’s unexpected entry into the market (a chance meeting at a bar in Thailand) and two decades shaping REDD+• COP Berlin (“the Forest COP”) debrief: symbolic wins, missed opportunities, and why the real action is now beyond the UNFCCC• The capitalism paradox: growth vs. climate, tragedy of the commons, and the lack of enforcement teeth• REDD+ evolution: from VM0007 to VM0048, jurisdictional nesting, risk-map allocation, and the first issuances finally landing• Market reality check: delayed supply, ICVCM approval, green-hushing, and quiet rebuilding of demand• Project vs. jurisdictional REDD: why both are essential and must co-exist indefinitely• The permanence debate, the integrity-vs-scale trap, and why “perfect” is preventing near-term climate impact• Standing-forest protection vs. the removals renaissance: where capital is flowing and where it’s still missing• Clarity gaps: SBTI’s new guidance, Article 6.2 momentum, debt-for-nature swaps, and emerging financing models• 2026–2030 outlook: jurisdictional acceleration, blue carbon & peatlands, contribution claims, and the turbulent road to a workable, scalable market

In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Siddhanth Jayaram, Sricharann Seshadri and Neelesh Sachdeva, co-founders of Equilibrium, together with a legendary surprise appearance from carbon market OG Nick D’Alleva (co-founder of APX/Vera). From late-night Skype auctions worth millions to building India’s most diverse high-integrity removal portfolio — this one’s packed with history and forward vision.We discuss: • Surprise drop-in from Nick D’Alleva: Wild stories from the early VCM days, near-miss million-dollar transfers, and why he’s calling the end of the 2022–2025 down-cycle • Nick’s market forecast: Next explosive up-cycle starts late 2026, peaks 2028–2030 — bigger than 2020–2022 — driven by lower rates, removal demand, and high-quality supply • Equilibrium’s origin story: Two ex-VC/finance guys betting everything on smallholder-led carbon removal in India • Going full-stack: How they layered capital markets thinking + carbon science + on-ground ops with 125 million smallholder farmers at the core • Portfolio deep-dive: Regenerative ag (VM42), agroforestry (VM47), mangroves (VM33), biochar (Puro + Isometric), and live enhanced rock weathering pilots • Why tech alone failed on integrity — and what actually works • Capital stack wars: Inverted pyramid vs. forest ecosystem metaphors, blended finance breakthroughs, and India’s first major USAID-backed CDR transaction • Registry evolution: For-profit registries (Isometric, Puro, Rainbow) forcing innovation and better developer experience • Buffer pools need a full rethink — insurance as buyer of first resort? • Voluntary → compliance bridging: Who bears liability when credits go compliance-eligible? • The massive Series A/seed funding gap in carbon — and how Equilibrium convinced top-tier VCs anyway • Advice to buyers still on the sidelines: “Shoot bullets now before you have to fire cannons later” • Why early corporate action today is the smartest risk-mitigation play for tomorrow’s compliance reality.

In this episode of This Week in Carbon, host Edward Smith is joined by Melissa Lindsay, Founder & CEO of Emstream and Emsurge, a veteran with over a decade broking LNG and building trading platforms. Melissa shares her journey from LNG’s infancy to pioneering wholesale infrastructure for carbon markets, offering a deep dive into the challenges and opportunities shaping liquidity and market maturity.We discuss: • Melissa’s career path: From Global head of LNG at Tullett Prebon to launching Emsurge and pivoting into carbon amid COVID • LNG-carbon parallels: Physical-to-financial evolution, index-linked pricing, and off-take structures • Market dynamics: Oversupply vs. demand, “art market” pricing, vintage decay, and charismatic credit trends • Infrastructure innovation: Hybrid platform with real-time bids/offers, broker facilitation, and agnostic settlement • Tech partnerships: Calyx/Sylvera ratings filters, automated KYC, and front-end marketplaces for Africa • Article 6 operationalization: Host-country LOAs, corresponding adjustments, and non-NDC project vacuums • CBAM catalysis: Upstream carbon taxes in Africa/Asia and protectionism’s rise • 2030 outlook: M&A consolidation, CORSIA/J-REDD dominance, futures indices, and AI-driven DMRV-to-marketplace

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