Carbon Market Conversations: A Podcast by ICAP

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 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

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 an engaging discussion on the latest developments in compliance carbon markets worldwide. Building on insights from ICAP’s latest Status Report, the conversation explores how ETSs have evolved over the past year, delving into key trends, regional highlights, and cross-cutting themes that are shaping the global carbon market landscape. From the latest statistics to emerging system designs and alignment with net-zero targets, this episode unpacks the most significant milestones and challenges facing the carbon market community today. Our guests also share their perspectives on what they see as a critical issue that must be addressed to ensure the continued success of ETSs in the years to come.Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2025Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests3:25 - Highlight statistics related to ETS this year4:45 - ETS revenues6:00 - Carbon credit use in ETSs9:00 - Latest developments in Europe and Central Asia13:15 - Latest developments in Latin America and the Caribbean15:10 - Latest developments in North America19:00 - Latest developments in the Asia-Pacific22:30 - Cross-cutting themes: alignment with net-zero targets23:15 - Cross-cutting themes: emergence of diverse system designs24:30 - Cross-cutting themes: scope expansion25:30 - Cross-cutting themes: carbon border adjustment mechanisms26:45 - A key challenge that must be properly addressed in the coming years in the compliance carbon market space and what steps can be taken toward its resolution30:30 - Closing remarks

In this episode of ICAP’s Carbon Market Conversations, we explore the critical intersection of climate action and energy development in low- and middle-income countries. Host Trevor Laroche-Theune sits down with Christophe de Gouvello and Harikumar Gadde, Senior Specialists at the World Bank, to discuss the findings of a landmark report jointly published by the World Bank, ICAP, and the International Energy Agency: Carbon Pricing in the Power Sector: Role and Design for Transitioning Toward Net-Zero Carbon Development. Together, they explore how well-designed carbon pricing instruments can drive effective transitions in the power sector, the unique considerations for low- and middle-income countries, and the technical, policy, and stakeholder strategies essential for transforming their power sectors to align with net-zero goals.Breakdown of topics covered0:55 - Introduction to today’s topic and our guests, Christophe de Gouvello and Harikumar Gadde3:55 - Introduction to the recently published report, Carbon Pricing in the Power Sector: Role and design for transitioning toward net-zero carbon development and the impetus behind it6:50 - Positive results that a well-designed carbon pricing instrument can achieve in the power sector10:00 - How carbon pricing can align with development needs in low- and middle-income countries13:00 - Rationale behind four selected case studies—China, Colombia, Kazakhstan, and South Africa—and the lessons that can be learned from them16:10 - Critical questions that can guide policymakers in designing carbon pricing instruments for the power sector in low- and middle-income countries16:40 - (1) When introduced in the power sector, would a carbon pricing instrument need to cover other sectors as well?21:00 - (2) Who are the stakeholders along the value chain that can respond most effectively to a carbon pricing instrument?26:00 - (3) What side effects can result from the interaction of a carbon tax or an ETS with existing sector regulations and other policy instruments? And how can these interactions be addressed to ensure consistency and effectiveness?34:30 - Key challenges that must be properly addressed in the coming years of carbon pricing implementation in different global power sector contexts and what steps can be taken toward their resolution42:10 - Closing remarks You can find the carbon pricing in the power sector report here: https://icapcarbonaction.com/en/publications/carbon-pricing-power-sector-role-and-design-transitioning-toward-net-zero-carbon

In this episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the China National Emissions Trading System with Zheng Zhang, Director for Climate Finance at the Environmental Defense Fund Beijing Office. Today’s conversation focuses on what makes China’s ETS unique, how it has overcome challenges from its early stages, the expected impacts of the EU CBAM in China, the future outlook for ETS scope expansion, lessons that emerging economies can learn from China’s experience, and much more. A more detailed breakdown of the topics explored and where you can listen to them is listed below:0:55 - Introduction to today’s topic and our guest, Zheng Zhang of the Environmental Defense Fund Beijing Office2:25 - Introduction to the China National ETS and what makes it unique3:40 - Main objectives of the ETS4:15 - China’s climate goals and how the ETS aligns6:08 - Historical development of the China National ETS9:00 - Challenges that were faced and how they were addressed11:40 - Expected impacts of EU CBAM for Chinese industry13:30 - Expected impacts of EU CBAM for China’s approach to carbon pricing16:00 - ETS scope expansion outlook and other opportunities for system development18:45 - Carbon market linking potential20:50 - Lessons for emerging economies that are implementing, developing, or considering an ETS24:00 - The core challenge that China’s National ETS must get right in the coming years, and what steps can be taken towards finding its solution27:25 - Closing remarksMore information about ICAP and the China National ETS can be found here: https://icapcarbonaction.com/en/ets/china-national-ets

In this debut episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune discusses with Stefano De Clara, ICAP Head of Secretariat, about the development of compliance carbon markets around the world.After taking stock of how far we have come since the first emissions trading system (ETS) was operationalized in the EU in 2005, our brief world tour takes us through the most significant compliance carbon market developments in the regions that have experienced the most activity: Europe & Central Asia, North America, Latin America & the Caribbean, and the Asia Pacific.Today's diverse discussion content ranges from the main components of the EU's Fit for 55 package, to the ongoing development of new ETSs on four different continents, all the way to what Stefano personally sees as a key challenge that is particularly important for the carbon market community to get right in the years to come.A few particularly noteworthy remarks:(3:24 - 4:15) “As of today, we have 36 emissions trading systems in force worldwide, and they immediately cover almost ten gigatonnes of CO2 equivalent. That is roughly just over 18% of global GHG emissions … Last year (2023), those systems collectively raised 74 billion US dollars in auctioning revenue. If we look back at the grand total since auctioning was introduced in emissions trading systems, that brings us to more than 300 billion US dollars collected by emissions trading systems worldwide since 2007.”(4:43 - 5:01) “...almost one third of the global population lives under an ETS in force right now, and jurisdictions making up 58% of the global GDP are using emissions trading systems as a tool to reduce their CO2 emissions.”(6:39 - 7:39) “We are also seeing that innovative system designs are emerging as more and more countries and jurisdictions are developing new systems, and especially these new developments and systems that are being designed in emerging economies are giving rise to, let’s call it a new generation of hybrid and innovative emissions trading systems that often deviate from the traditional cap-and-trade blueprint, and they take up, for example, hybrid design features that combine different carbon pricing instruments in one policy tool, or for example, they take the form of intensity-based ETS, which is becoming a popular construct, especially in emerging economies.”(26:59 - 28:23) “I think that the key challenge for emissions trading systems globally, but also for carbon pricing more broadly, and also possibly for climate policy even more broadly, will be to be able to maintain the support of society at large for these instruments, for the decarbonization efforts that are needed, and for the fight against climate change overall … it is crucial going forward to find the right recipe and find the right communication strategy and find the right concrete measures to make sure that not only us as policy wonks and policy geeks, but also society at large sees the value of what these policy tools can bring, and this is really an area where also we as the community of carbon market practitioners will have to put a bit more effort and attention going forward. It will be key to maintain public support for decarbonization efforts.”The ICAP 2024 ETS Status Report is available at the following URL: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-2024-icap-status-report