Macro Hive Conversations With Bilal Hafeez Ep. 313: Tom Montag on the Undiscovered Potential of Carbon Markets
Jun 19, 2025
Tom Montag, Founding CEO of Rubicon Carbon and a veteran in financial markets, shares his journey from Oregon to Wall Street. He dives into the complexities of carbon markets, comparing them to the early days of derivatives trading. Montag discusses the credibility issues in voluntary carbon credits and the significance of recent major carbon deals, like Microsoft's ambitious project to manage 18 million tons of carbon. He also emphasizes the need for patience and strategic thinking in investing, along with the importance of aligning career passions with long-term goals.
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Tom Montag's Finance Origin
- Tom Montag shared his early career story, starting with collecting bad loans and working in derivatives at Goldman Sachs.
- He was instrumental in creating the first derivative on Goldman Sachs's books and involved in credit valuation adjustments.
Financial Sector Evolution
- The financial sector's landscape still features many of the same key players despite fintech growth.
- Private markets have grown significantly post-2008, filling capital gaps banks leave due to regulatory constraints.
From Oregon Environmentalist to Carbon CEO
- Tom's environmental engagement began with the Deschutes Land Trust restoring salmon rivers in Oregon.
- His finance background combined with climate interests led him to co-found Rubicon Carbon focusing on voluntary carbon markets.
