

Carbon credits and the fight for transparency with Tommy Ricketts (BeZero Carbon)
Oct 9, 2025
Tommy Ricketts, co-founder and CEO of BeZero Carbon, unpacks the intricacies of carbon markets. He highlights the fundamental challenge of proving the impact of carbon credits and advocates for rigorous rating systems to enhance transparency and trust. Tommy argues that viewing carbon credits as probabilistic risk instruments can better inform buyers and address market failures. He also shares insights on the lifecycle of carbon projects, the differences between voluntary and compliance markets, and his views on governance in carbon ratings.
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Credits Are Probabilistic Financial Assets
- Carbon credits behave like financial commodities but their climate impact is probabilistic, not delivered as a physical good.
- BeZero rates credits to express confidence intervals and translate scientific uncertainty into risk language for buyers.
Ratings Translate Science Into Market Language
- Ratings translate scientific project evidence into a financial-style risk assessment that investors understand.
- This lets markets price quality and channel capital into climate solutions at scale.
Variety Of Carbon Projects And Additionality
- Tommy lists many project types: reforestation, improved forest management, mangroves, soil restoration, DAC, biochar, and cookstoves.
- He explains additionality: credits should only pay for activities that need the money to happen.