SmarterMarkets™ Catching Up On Climate Episode 4 | Hannah Hauman, Global Head of Carbon Trading, Trafigura
Sep 27, 2025
Hannah Hauman, Global Head of Carbon Trading at Trafigura, navigates the evolving landscape of international carbon markets. She discusses Article 6's impact on investment-grade credits, shaping compliance markets and attracting diverse buyers. Hauman highlights the importance of cautious investment behavior pre-regulation and anticipates a surge in capital flow as standardized registries emerge. The conversation covers how countries define climate ambitions, the balance between compliance and voluntary market evolution, and the crucial role of emissions reporting in shaping future trade.
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New Definition Of Investment Grade
- Article 6 creates a standardized global carbon market with centralized registries and defined methodologies.
- Investment-grade now includes export approvals and legal tender status under the Paris Agreement.
Three Distinct Buyer Classes
- Buyers under Article 6 are highly differentiated across Corsia, private firms, and sovereigns.
- Each buyer group sets specific specifications and timing requirements that shape market fundamentals.
Sovereign Preferences Still Varied
- Sovereign buyers show voluntary-like preferences despite international compliance frameworks.
- National procurement rules vary widely, e.g., Singapore buying nature-based while Switzerland excludes it.