Carbon credits and the fight for transparency with Tommy Ricketts (BeZero Carbon)

Oct 9, 2025

Tommy Ricketts, co-founder and CEO of BeZero Carbon, dives into the complexities of carbon markets. He discusses the challenge of proving the effectiveness of carbon credits, emphasizing the need for transparent ratings to build trust. Ricketts explains how ecological science translates to financial risk assessments and why rigor is essential for project quality. He also addresses concerns around greenwashing and the importance of governance in maintaining credibility. Ultimately, he advocates for transparency to ensure voluntary markets can scale effectively.

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INSIGHT

Credits Are Probabilities Not Binary Claims

Carbon credits are probabilistic assets and should be treated as risk instruments, not binary good/bad labels.
Ratings quantify confidence that a credited ton was actually delivered, restoring market pricing signals.

INSIGHT

Translate Science Into Financial Risk

Carbon ratings translate ecological science into financial risk language so investors can price exposure consistently.
That lets capital flow into high-impact nature and tech projects despite heterogenous behaviors and risks.

ADVICE

Buy By Rating Not Price

Use independent ratings to compare credits instead of relying on price alone when buying offsets.
Prefer higher-rated projects even if price looks similar, because ratings reveal underlying quality differences.

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Carbon markets promise a simple solution: buy a credit, offset an emission. But behind the scenes, things aren’t so straightforward. With credits treated like commodities but rarely verified with precision, buyers face a fundamental question: how do you prove the real impact of the carbon you’re paying for?

In this conversation, Tommy Ricketts, co-founder and CEO of BeZero Carbon, unpacks why trust and transparency are the biggest challenges in voluntary carbon markets. He explains how ratings, methodologies, and science can bring confidence to an opaque system and why rigorous evaluation of carbon projects is essential if markets are to play a serious role in achieving net zero.

• Why carbon credits function like commodities and why that’s a problem.

•The challenge of proving impact in voluntary carbon markets.

• How carbon ratings bring scientific evidence and confidence to credits.

• The role of probability and risk in assessing climate impact.

• Why transparency and trust are essential if carbon markets are to scale.

About our guest

Tommy Ricketts is co-founder and CEO of BeZero Carbon, a global carbon ratings agency providing independent assessments of the quality and impact of carbon credits to help markets scale with integrity. For more information on BeZero Carbon, head to their website.

About Modo Energy

Modo Energy helps the owners, operators, builders, and financiers of battery energy storage solutions understand the market - and make the most out of their assets.

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