What If We Miss 1.5°C? Carbon Markets in a 3-Degree World

Every week, Edward Smith invites carbon market enthusiasts for a call to discuss the biggest news stories of that week. For this episode of This Week in Carbon, moderator Edward Smith welcomed Rene Velasquez, Stefano De Clara, and Vinay Kulkarni.

This week, we zoom out to ask a hard question: Are we building carbon markets for a world that’s already on track to miss 1.5°C?

To unpack that, Edward Smith is joined by Stefano De Clara (ICAP) and Vinay Goyal (Thryve.earth) — two of the clearest voices on the intersection of policy, pricing, and market architecture. In this conversation, we cover:

- Why 2025–2030 is a make-or-break window for real mitigation

- What market tools will look like in a 3°C scenario — and how to prepare now

- How voluntary and compliance markets might finally converge (and what’s in the way)

- Why multilateralism still matters, and what could go wrong without it

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