This Week in Carbon

In this episode of This Week in Carbon, host Rene Velasquez sits down with Chris Canavan, CEO of the Global Carbon Market Utility (GCMU) — a financial markets veteran from Goldman Sachs, international project finance, and emerging markets who came to carbon as an outsider and immediately spotted something insiders had learned to live with: the market has been running without the foundational infrastructure every other financial market takes for granted.Chris has spent his career in commodity markets, derivatives, securities markets, and project finance. Now he's directing that experience toward building what he calls the missing layer — a utility-governed registry of title that allows carbon credits to be legally owned, enforced, collateralized, and financed like any other asset class.Key topics covered:Why carbon markets, despite three decades of activity, remain "adolescent" — and what happens to adolescents who age without ever maturingThe single most effective way to accelerate market development: "plagiarize" from markets that have already solved these problems over decades and centuriesThe DTC, Swift, and Chicago Board of Trade origin stories — how every major financial market infrastructure was born from crisis, not foresight or planningWhy the "integrity precedes scale" narrative gets the causation backwards — and what the history of financial markets actually shows about how scale and integrity interactThe shocking reality: no one can confirm, hand on heart, that the transfer of a carbon credit is a legally enforceable true sale of ownershipWhat a registry of title actually means — and why the analogy is Kenya issuing a sovereign bond registered in EuroclearWhy commercial actors — exchanges, registries, data providers — are structurally disincentivised from building foundational market infrastructureThe free rider problem: why collective action is the only path — and why the market still hasn't had its epiphany momentGCMU's utility model: governed by a 501c3 with a fiduciary obligation to scale the market, not fatten marginsThe grain warehouse receipts story: how fungibility and standardization turned the Chicago Board of Trade from a sleepy trade association (that had to offer free drinks just to get attendance) into the global epicenter of commodities marketsWhy carbon doesn't need to become crude oil — it needs to become the aircraft equipment market, governed by the Cape Town ConventionWhat the market looks like in five years if the foundational layer is built: less friction, institutional confidence, and credits that can be financed and collateralized like any other asset classA genuinely different perspective on why the carbon market is stuck — and a rigorous, historically grounded blueprint for what it would take to get it unstuck.🎧 Listen now on Spotify, Apple Podcasts, YouTube, and more.

In this episode of This Week in Carbon, host Rene Velasquez sits down with Bill Flederbach, Founder, President and CEO of ClimeCo, one of the most established and mission-driven environmental project developers in North America. ClimeCo has spent over fifteen years building the foundational infrastructure for industrial N2O abatement: developing the protocols, financing the technology, creating the markets, and now expanding into China and India. The result is a portfolio that is abating 30 million tons of CO2 equivalent annually in China alone, with first issuances expected imminently.This episode is a deep dive into nitrous oxide: a super-pollutant 273 times more potent than CO2, that lingers in the atmosphere for over a century, damages the ozone layer, and remains almost entirely absent from mainstream climate conversations.Key topics covered:- What N2O is, where it comes from (nitric acid plants, adipic acid production, ammonia nitrate fertilizer) and why it's invisible in so many climate discussions despite its extraordinary potency- How ClimeCo destroys N2O using catalyst technology and why, unlike forest carbon, it carries zero reversal risk: once destroyed, it's gone permanently- The years of zero-revenue protocol development that underpinned ClimeCo's first projects and what it takes to build a credible methodology from scratch with a registry- The China expansion: 30 million tons under abatement, a 90% baseline mandate that means the first 90% of reductions aren't even credited, and why ClimeCo is pushing for regulatory backstops to prevent the CDM repeat of projects shutting off when incentives disappear- "Follow the molecule" — how ClimeCo maps the supply chains of nylon 6,6 and ammonia nitrate to identify and engage the companies that should care about N2O in their scope 3 footprint- Digital carbon solutions: how ClimeCo is embedding carbon certificates into product serial numbers; retiring credits against individual Lenovo laptops overnight, at scale, automatically- Insetting vs. offsetting: how the REI partnership and automotive supply chain work illustrate scope 3 science-based target reductions through book-and-claim certification- Why the voluntary market is the only revenue stream keeping these abatement projects alive and why regulatory backstops in China and India are essential to prevent history repeating- Portfolio harmony: why Bill believes avoidance, removals, and insetting must all be pursued simultaneously rather than treated as competing approaches- The five-to-ten year vision: a carbon nutritional label on products, as standard as calorie counts on foodAn episode that makes the case that some of the highest-impact, most permanent carbon abatement happening in the world right now is in industrial chemistry facilities and almost no one is talking about it.🎧 Listen now on Spotify, Apple Podcasts, YouTube, and more.

In this episode of This Week in Carbon, host Edward Smith sits down with Benjamin Massie, Senior Vice President of Environmental Products at Anew Climate, the largest developer of environmental instruments in North America. Ben's team is responsible for marketing and selling carbon credits and removals across Anew's entire portfolio, spanning global voluntary projects, compliance credits, renewable natural gas, and a growing international footprint including a newly announced Singapore office.Ben has been in carbon markets since 2010, moving from compliance markets into the voluntary side, and brings a rare combination of project developer, marketer, and market analyst perspectives to this conversation.With SBTI releasing its new Corporate Net Zero Standard and the voluntary market at an inflection point, this episode gets into the mechanics of what's actually happening beneath the surface.Key topics covered:- Why retirement data alone is misleading — and the hidden wave of forward contracting and credit banking that doesn't show up in the numbers- The two fundamental problems Anew identified when the market stagnated: use-case frameworks for offsets, and credit quality — and what they can and can't control- How Anew is driving the dynamic baseline evolution for US improved forest management (IFM) credits, and what that means for landowners and pricing- The flight to quality in practice: bespoke projects designed around buyer requirements, commanding the highest prices Anew has ever seen- Rating agencies: from novelty to gatekeeper — why some RFPs now require a minimum rating just to be considered, and why standardisation across agencies matters- SBTI v2.0 and the Ongoing Emissions Responsibility (OER) programme: what engaged, advanced, and leadership levels actually require, what the $20 and $80/ton budget commitments mean, and why this is one of the clearest demand signals the VCM has ever had- Why the market's perceived oversupply disappears fast once you filter by project type, geography, and quality criteria- Insetting and in-value chain reductions as an emerging commercial frontier — and why supply chain alignment makes the internal business case far easier- US federal headwinds: how the absence of policy is dampening near-term demand — and why the most committed buyers like Microsoft and JP Morgan are doubling down regardlessA grounded, commercially honest conversation about where the voluntary carbon market actually stands — and why the companies watching from the sidelines may be running out of time.🎧 Listen now on Spotify, Apple Podcasts, YouTube, and more.

In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez sit down with Ed Mitchard, Co-founder and Chief Scientist of Space Intelligence, one of just three companies selected by Verra to produce the jurisdictional risk maps that underpin VM0048, and the geospatial intelligence provider powering due diligence for the Symbiosis Coalition.Ed's path to the carbon markets is unlike most. A teenage documentary competition took him to the Amazon at 15, where deforestation was impossible to ignore even inside a pristine national park. That moment set the course of his career — from biology at Oxford, to a PhD in Edinburgh, six months at NASA's Jet Propulsion Laboratory working on radar satellite data, and eventually co-founding Space Intelligence in 2018.This episode goes deep on the infrastructure, the science, and the hard truths behind high-integrity forest carbon.Key topics:Why corporates are forming advanced market coalitions instead of buying spot credits — and the real early-stage financing gap behind itThe ARC Coalition announced at Ecosperity Singapore: what makes it structurally different from Symbiosis, including its integrated financing facilityDurability vs. permanence — why the distinction matters and how Space Intelligence helps buyers assess long-term site riskThe removals vs. avoidance false binary: why deprioritising REDD+ at a time when tropical deforestation drives 15–20% of global emissions may be the market's most costly mistakeWhat broke first-generation REDD+ baselines — and how VM0048 fixes overcrediting by removing developer discretion entirelyThe real-world impact of the 2023 backlash on deforestation rates inside dormant project boundariesWhy free Copernicus satellite data could be the unlock for DMRV at scale across tens of thousands of nature-based projectsA rigorous, science-grounded conversation at the centre of the forest carbon debate. Essential listening for anyone in carbon markets, nature-based solutions, or climate finance.🎧 Listen now on Spotify, Apple Podcasts, YouTube, and more.

One of the architects of the modern verified carbon market joins us on This Week in Carbon.In this episode, Ed Smith and Rene Velasquez sit down with Mark Kenber — Executive Director of VCMI, former CEO of The Climate Group, founder of what became the Voluntary Carbon Standard (now Verra), and current ICVCM board member.This is a deep dive into the institutional history, integrity debates, and future direction of carbon markets.We explore:• How the VCS was originally built• Why integrity debates keep resurfacing in the VCM• The tension between perfection and participation• Greenwashing vs “green hushing”• The Scope 3 Action Code controversy• CCP-labelled credits and Article 6.4• The convergence of voluntary and compliance carbon markets• Why governments are becoming increasingly central to market developmentMark also shares his perspective on why carbon credits remain essential for climate finance — particularly in emerging markets — and why waiting for perfect solutions risks delaying real climate action.A substantive and wide-ranging conversation on trust, policy, markets, and the future architecture of climate finance.

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 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 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, 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, 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 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 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, 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.