Carbon Exposure

In Episode 5 of Season 4 of the Carbon Exposure Podcast, we sit back down with Patrick Greenfield, biodiversity reporter at The Guardian.Two years ago, Patrick's investigative reporting helped trigger the carbon market's integrity reckoning. Many in the market have quietly blamed him for the demand collapse that followed. This conversation gets into it.Late last year, Patrick travelled back to Kasigau Corridor in Kenya — the first ever REDD+ project registered on Verra — to see what had changed. What he found: communities promised long-term funding that simply isn't arriving anymore. Prices have collapsed. Methodologies have shifted from VM7 to VM48. The conservation work continues, but with far less capital behind it.He shares his view that the carbon market's "demand collapse" narrative may be a self-pitying story — that the misallocation of capital, not media criticism, was the real problem — and that the same "big beasts" who presided over the previous market still hold the mic on what comes next.This is not a comfortable conversation. It's a necessary one.In this episode, we cover:•⁠ ⁠Why Patrick went back to Kasigau Corridor and what he found on the ground•⁠ ⁠How the Trump administration's USAID, EPA, and aid cuts have reshaped global conservation funding•⁠ ⁠Whether the voluntary carbon market can survive without policy tailwinds•⁠ ⁠How the VM7 to VM48 methodology shift is reshaping project economics•⁠ ⁠Why visual "boundary line" photos misrepresent how counterfactuals actually work•⁠ ⁠Whether net zero commitments and the Paris Agreement still hold credibility•⁠ ⁠The reporter accountability question: did journalism cause the demand collapse?•⁠ ⁠Why Patrick calls the market's grievance "a slightly self-pitying story"•⁠ ⁠The "big beasts" holding the mic and why new voices aren't being heard•⁠ ⁠Why his reporting focus is shifting toward biodiversity lossIf you work in carbon markets, climate finance, sustainability, policy, project development, or climate journalism, this is a must-listen episode.Chapters[00:00] Intro & Welcome Back[02:00] Why He Went Back to Kasigau Corridor[07:00] Trump, USAID & the Climate Vacuum[08:20] Is This the VCM's Moment of Truth?[10:42] No More Chances for the VCM[17:30] Counterfactuals & The Boundary Line Trap[23:30] Is the Paris Agreement Still Alive?[26:00] The Role of Civil Society & Media[29:00] What He Found Back at Kasigau Corridor[32:30] Methodology Shifts and the Haircut[35:00] Did Journalism Cause the Demand Collapse?[36:25] On the Side of the Angels[41:30] The Big Beasts Holding the Mic[45:00] Markets, Conservation & The Profit of Deforestation[51:30] The Self-Pitying Story[53:00] Carbon Neutral Claims & Consumer Deception[01:01:20] Conspiracy Theories About Climate Reporting[01:05:00] Biodiversity, Hope & What Keeps Him Going#CarbonMarkets #ClimateFinance #CarbonCredits #VCM #REDDPlus #Biodiversity #ClimateJournalism #CarbonExposurePodcast

In Episode 3 of Season 4 of the Carbon Exposure Podcast, we sit down with Finn O'Muircheartaigh, General Manager APAC at BeZero Carbon.As carbon markets mature, one of the biggest questions facing the industry is simple:How do we turn carbon credits from a leap of faith into an investable asset class?Finn brings a unique perspective shaped by experience in government, policy, and now carbon markets. In this conversation, we explore how ratings, data, and risk analysis are helping build trust, improve price discovery, and attract more institutional capital into both voluntary and compliance carbon markets.We also discuss the growing role of Asia-Pacific, why Singapore is becoming a major carbon hub, and how Article 6 could reshape global demand and supply.In this episode, we cover:• Why carbon ratings emerged and how they work• How quality increasingly drives pricing in carbon markets• Why investors need better risk tools before deploying capital• The intersection of voluntary and compliance markets• How ratings may support Article 6 and CORSIA markets• Why portfolio products could unlock new demand• Why APAC may lead the next phase of carbon market growthIf you work in carbon markets, climate finance, sustainability, policy, or investing, this is a must-listen episode.Chapters00:00 Introduction03:08 What BeZero Carbon Does08:26 Why Carbon Ratings Matter15:30 How BeZero Was Built20:11 Quality Drives Price27:40 Ratings in Compliance Markets34:24 Singapore, Article 6 & APAC39:16 Ratings for Compliance Markets47:20 Portfolio Ratings & Risk Management59:34 Why Finn Is Optimistic for APAC#CarbonMarkets #ClimateFinance #CarbonCredits #BeZero #Article6 #APAC #CarbonExposurePodcast

In this episode of the Carbon Exposure Podcast, we sit down with Perumal Arumugam from the UNFCCC for an in-depth discussion on Article 6 of the Paris Agreement and what it means for the future of global carbon markets.As countries move from rule-setting to real implementation, Article 6 is becoming one of the most important mechanisms for scaling climate finance and enabling international carbon trading. We explore how Article 6.4 (PACM) is being operationalized, how it compares to Article 6.2, and where supply and demand for carbon credits are expected to come from in the coming years.Perumal shares insights from inside the UNFCCC on the transition from Kyoto to Paris, Article 6 implementation, supply and demand dynamics, registry infrastructure, and the outlook toward 2030.Chapters:00:00: Intro & Background06:25: From Kyoto to Paris10:49: Article 6.4 Explained12:32: Supply & Demand Fundamentals15:10: Host Country Bottlenecks20:45 Article 6.2 vs 6.427:48: Multilateral Advantage of Article 6.433:29: First Issuances & CDM Transition38:11: Project Pipeline & New Methodologies41:17: Registry Infrastructure Overview46:24: Interoperability & Registry Architecture54:39: Outlook to 2030This conversation is essential listening for anyone working or interested in:- Carbon markets- Climate finance- Article 6 implementation- Corporate climate strategy- Carbon credit project development- Government policy and compliance marketsThe Carbon Exposure Podcast brings conversations with leading experts shaping the future of carbon markets, removals, and climate finance.#CarbonMarkets #Article6 #ParisAgreement #CarbonCredits #ClimateFinance #UNFCCC #CarbonExposure #CarbonExposurePodcast #NDC #CORSIA #ClimatePolicy

How Verity Nature is Planting 4 Billion Trees in Kenya 🌳 | Duncan Van Der MerweIn this episode of Carbon Exposure, we sit down with Duncan Van Der Merwe – Co-founder & Chair of Verity Nature to unpack one of the world’s most ambitious nature-based climate programmes.Verity Nature is a profit-for-purpose company that designs, builds and operates large-scale nature restoration projects with local communities at the centre. From their base in Australia, with teams in New Zealand, East Africa and beyond, they focus on high-integrity carbon and co-benefit credits backed by science, technology and long-term operations. Their projects span reforestation and landscape regeneration in New Zealand (e.g. Black Hill Station in Canterbury and a large natural regeneration programme in the Chatham Islands) and blue carbon restoration pilots in Australia, where they’re restoring coastal and tidal ecosystems as future carbon sinks. At the heart of this conversation is Kenya. Under President Ruto’s national drive to plant 15 billion trees by 2032, the Kenyan government has asked Verity Nature to help restore degraded landscapes at unprecedented scale. Verity has proposed reforesting up to 4 billion native trees as part of this effort – potentially the largest ARR (Afforestation/Reforestation/Revegetation) programme in the voluntary carbon market. Their model combines:Infrastructure-grade project design – 40-year operations with long-term permanence rightsCommunity-led restoration – partnering with local organisations like CCB Corridors and using mobile tools (e.g. “Si Si Na Miti”) so farmers and grandmothers can plant trees, track survival and earn incomeTech from satellites to blockchain – remote sensing, MRV and digital traceability to show exactly where credits come from and how trees are performing over timeWhat we cover: 00:00 – Introduction: Why Nature-Based Removals Need Infrastructure Thinking04:30 – Verity Nature’s Model: Building & Operating Long-Term Projects09:00 – Why East Africa? Strategic Focus on Kenya and Uganda14:00 – The Kenya Project: Tying into President Ruto’s 15-Billion-Tree Vision19:30 – Planting Up to 4 Billion Trees: Scale, Design and Execution25:00 – Communities, Farmers and Grandmothers: Why Women Are Central31:00 – Tech Stack: From Satellites to Blockchain for Integrity & MRV38:00 – Risk Management & Delivery: Avoiding the Non-Delivery Trap45:00 – The 400M Credit Pipeline & the 2030 Removals Gap51:00 – What Buyers Should Do Now & Closing Reflections

The Carbon Exposure Project is back to wrap up Season 3 of the Carbon Exposure Project after the summer break!This week, we sit down in Singapore with John Sharp, co-founder of Hatcher — an investor, technologist, and builder who has helped raise hundreds of millions for nature-based climate projects.John brings a rare investor’s lens to the voluntary carbon markets: what really happened after the Guardian exposé, why investor confidence evaporated, and how capital is now pivoting toward infrastructure-grade climate solutions.From the rise and fall of Carbon Nation to bold bets on green steel, carbontech, and even a space-based sunshield, this episode explores where the next generation of climate investments will come from — and what makes them truly bankable.💡 In this episode:💸 The Carbon Nation story — raising $250M for nature-based solutions before the 2023 crash📉 How sentiment collapsed after the Guardian article — and what that meant for investors🏗️ The shift toward infrastructure-grade assets: green steel, cement, and carbontech🌍 What makes a project “bankable” in climate finance🚀 John’s next frontier: Earth Guard, a satellite project designed to stabilize Earth’s temperatureChapters: 00:00 – Introduction: From Music to Markets05:30 – Building Hatcher: Automating Venture Capital07:00 – Entering Carbon: Launching Carbon Nation09:30 – Market Shock: The Guardian Article & Carbon Crisis15:00 – Lessons from the Field: Soil, Cookstoves & Mangroves23:40 – Pivoting Strategy: From Carbon to Green Infrastructure34:50 – The Bigger Picture: How Large Is the Carbon Market Really?38:00 – Policy & the Politics of Carbon Pricing45:00 – Investing in Climate Tech: Hardware, Deep Tech & Patience55:30 – Beyond Earth: The Earth Guard Project

During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by Stephanie Zhu, former sustainability member at Delta Air Lines, and now active as Director of Climate at Yum! Brands. Topics discussed: 00:00 – introductionA light intro leading into the live recording at the European Climate Summit.01:25 – Stephanie Zhu’s Sustainability JourneyFrom finance to ESG leadership at Delta Airlines and Yum! Brands.03:42 – Inside Delta: Navigating the Voluntary Carbon Market A first-hand look at how one of the world’s biggest airlines approached offsets.05:10 – Reduce and Invest: A Dual Strategy for DecarbonizationWhy internal reductions and external investments must go hand-in-hand.06:57 – Carbon Markets Are Complicated—Here’s WhyChallenges in understanding offsets, additionality, and building a credible portfolio.10:55 – From Aviation to Agriculture: Cross-Sector Climate StrategyThe different decarbonization hurdles across industries—and how to tackle them.14:05 – The Voluntary ParadoxWhy companies taking climate action face more scrutiny than those doing nothing.16:00 – A Pragmatic Path Forward for Corporate Climate ActionLet’s not let perfection stall progress—what realism looks like in sustainability.

During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by Sandra Pinzón García, Founder & CEO of Global Zero Waste. Sit back, relax, and enjoy the episode! Topics discussed in this episode: 00:00 – Introduction & Sandra’s mission in circular economy 01:26 – From carbon markets to plastic credits 02:54 – Defining circular economy: water, energy & materials 06:03 – The rise of plastic credits & Cercarbono partnership 09:04 – Building a new methodology for global recycling projects 10:24 – Innovation, R&D and project transformation 14:53 – Scaling impact through zero-waste strategies 18:37 – Sandra’s reflections on climate leadership

this episode, we're joined by Daniel Lee, an Associate Professor in Carbon Markets at the Nanyang Business School. Before transitioning to academia full-time, he spent close to 18 years in the industry, where he undertook a variety of roles across the Energy and Decarbonization value chains, including Commodity Trading, Acquisitions & Divestments, and Capital Project Delivery.This episode's discussed topics: 00:00 – Welcome & IntroductionSetting the stage for the conversation and the importance of carbon market education.01:50 – Daniel’s Journey: From Trading Desks to AcademiaA look at Daniel’s professional background, early involvement in carbon markets, and the winding path to teaching.07:23 – Why Academia? Daniel’s Motivation to TeachWhat inspired the transition from industry to education—and why giving back matters.10:13 – Building the Carbon Market Academy at NTUHow NTU’s new initiative is shaping future talent for the carbon services and trading sector.21:50 – Evolving Carbon Markets & The Need for Continuous LearningInsights into the current state of carbon markets and the importance of staying sharp in a transforming space.30:10 – Why Education is the Backbone of Climate FinanceExploring the critical role of structured learning in empowering new and existing professionals in the space.34:52 – What Motivates the Next Generation to Join Carbon Markets?Understanding the perspectives, anxieties, and hopes of students and young professionals entering the field.42:25 – Singapore’s Carbon Hub VisionHow Singapore is positioning itself as a global carbon market hub—and what’s driving its rapid ecosystem growth.

For this episode, the Carbon Exposure Project traveled to Kuala Lumpur to visit the Bursa Malaysia Carbon Market Forum 2024. We sat down with the head of carbon markets at Bursa Malaysia, Dr. Wei Nee, to talk about ongoing carbon market developments in Malaysia and Asia.Bursa Malaysia led the development and implementation of a Malaysian carbon market framework, leading to the launch of the Bursa Carbon Exchange, BCX, in December 2022. BCX offers a diverse portfolio of standardized carbon credit products, differentiating between nature-based and technological solutions that mitigate emissions. With two recent auctions for carbon credits and Renewable Energy Certificates (RECs), BCX effectively focuses on these two key verticals, enhancing its market offering.As Malaysia and other Asian countries prepare for COP, Bursa Malaysia is taking an active role in fostering regional collaboration. Dr. Wei Nee shares insights on how they intend to work with neighboring countries like Thailand, Indonesia, and Singapore to build a unified Asian carbon framework.Join us as we dive into the evolving landscape of carbon markets in Asia and explore how Malaysia is positioning itself at the forefront of this critical transition. Timestamps:00:00 Introduction to Wei Nee, Bursa Malaysia, and BCX03:02 The Diverse Portfolio of BCX08:28 Creating an Ecosystem at BCX11:28 Key Takeaways from the Carbon Market Forum15:12 Why Are Carbon Markets Not Allowed to Evolve?17:39 Carbon Collaboration Within the ASEAN Region23:25 The Domestic Ambitions of BCX27:55 BCX’s Expectations for COP2929:30 Advancing Carbon Project Financing as a Multi-Asset Exchange37:46 End Note

For this episode, we invited Ana Haurie, CEO of Respira International. In collaboration with other organizations, Respira launched the Reduce and Invest Campaign in September, encouraging businesses to balance their carbon emissions by simultaneously reducing emissions and investing in climate solutions through the VCM. Their mission is to promote rapid decarbonization while channeling investments to accelerate global net zero. Companies must take immediate action to account for their emissions today, not just in the future. This approach benefits both the planet and businesses, driving long-term value and leadership in climate responsibility. This episode was recorded before the launch of this new campaign, but it highlights the need for such initiatives. In this episode, Rene talks with Ana about Respira, the current state of the VCM, and what is necessary to scale it. Enjoy this episode! timestamps: 00:00 Introduction to Respira 01:49 Project developers; the demand uncertainty 04:24 The returning VCM support 10:30 Solving market issues 12:30 Nature-based solutions are left behind 16:06 Reducing barriers to entry 19:10 Co-benefits should be rewarded 23:43 Insurance companies 25:26 Institutionalization of the VCM 30:43 Reingaging the demand side to scale

In this episode, we are joined by Murray Collins, CEO and Co-founder of Space Intelligence. Space Intelligence plays a crucial role in advancing nature-based solutions by delivering precise data on forest coverage and carbon storage. This data is essential for ensuring transparency and accountability in nature investment decisions. The episode features a compelling discussion between two experts, each from a different field but united by a common goal: to help develop markets and mechanisms that effectively combat climate change. Timestamps: 00:42: introduction 00:42: Introduction of Murray and Space Intelligence 2:35: 3 types of satellite data 9:45: Digital MRV 11:42: Providing data to enhance insights and confidence 17:53: Murray’s career in Asia and the start of Space Intelligence 23:30: Singapore as carbon center 25:58: Space Intelligence’s part in reaching Net Zero 29:38: The strange anti-nature rhetoric of the press 36:20: A message for the media

The guest for this episode is Dinesh Babu Nithyanandam, Executive Director of Climate Action Data Trust. CAD trust is a decentralized metadata platform that links, aggregates, and harmonizes all major carbon credit registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. Topics discussed in this episode: 0:00 Introduction 0:40 Introduction of Dinesh and CAD trust 4:26 CAD Trust: Linking, Aggregating, Harmonizing 8:14 CAD Trust’s blockchain technology & benefits 11:21 The Power of Data 18:45 CAD’s funding model 26:57 Challenges 35:37 Plans for this Year 38:08 Mitigating Double Counting Risks 40:34 Evolution of CAD Trust in the Future

In today's episode, we are joined by Patrick Greenfield, a biodiversity reporter for The Guardian. Over the past two years, Patrick has extensively covered carbon markets and their effectiveness. He has been at the forefront of media scrutiny surrounding the Voluntary Carbon Market. In this episode, Rene talks with Patrick about this media scrutiny, the effectiveness of the scheme, and whether carbon credits are worthless or worthwhile. Enjoy this very engaging discussion! Topics: 00:00 - Introduction 1:25 - Patrick’s job as a reporter and involvement in the VCM 5:50 - Negative story writing and the use of “Worthlessness” 21:20 - The ‘binary’ outcome of the VCM’s functionality 28:50 - Community impacts from carbon projects 35:07 - Scaling the VCM in the future 44:10 - The use of the term ‘worthlessness’ 49:10 - Additionality in forestry projects 55:02 - Enhancing the integrity of credits 59:05 - Solutions for the future 1:03:58 - Ratings and third-party reviews 1:13:02 - Julia’s opinion piece on the West et al. study 1:16:08 - Partnering between the VCM and the media