This Week in Carbon

In this episode of This Week in Carbon, host Edward Smith engages in a compelling discussion with Phoebe Scott from Climate Asset Management (CAM) about the evolving landscape of natural capital and carbon markets. Edward explores Phoebe’s expertise in climate finance and her leadership in fostering inclusivity in the industry.Key Highlights:• Phoebe’s journey from investment banking to CAM, driven by a passion for ESG and natural capital investing.• CAM’s dual strategies: a nature-based carbon strategy generating credits in the Global South and a natural capital strategy focusing on agriculture and forestry in the Global North.• The role of blended finance in de-risking projects to attract institutional capital and scale nature-based solutions.• The rapid growth of Women in Carbon, a global initiative co-founded by Phoebe, now spanning over 10 chapters worldwide.Topics Discussed:• The challenges of scaling natural capital as an institutional asset class, including market fragmentation and liquidity issues.• How carbon markets enhance the bankability of nature-based projects by diversifying revenue streams and mitigating climate risks.• The importance of voluntary market initiatives like ICBCM and VCMI in building trust and ensuring credit and claim integrity.• The impact of Women in Carbon in empowering women through networking, knowledge sharing, and global community-building.Join us to discover how CAM is seeking to drive institutional capital into natural solutions and how Phoebe’s leadership is shaping a more inclusive carbon industry.

Joe Dell'Orfano from Verra, a leader in carbon standards, and Wes Geisenberger from the HBAR Foundation, discuss a transformative partnership reshaping carbon markets. They explore how blockchain enhances transparency, eliminating reliance on static documents and ensuring real-time data insights. The duo dives into Verra's innovative Project Hub, which leverages AI for improved visibility and tracking. Their insights reveal the potential of standardized data to bolster market confidence and address double counting in compliance systems.

In this episode of This Week in Carbon, we sit down with Stuart Rowland, CEO of Revalue, to unpack why the voluntary carbon market needs a radical shift in how we think about credit quality.Stuart shares his journey from physics to climate entrepreneurship and explains why treating all credits as “the same” undermines trust, value, and impact. Instead, he argues for a new mental model: one where credits are judged on rigor, outcomes, and integrity.You’ll learn about:- Why carbon credits vary so widely in quality — and why that matters.- What it will take to build real trust and confidence in outcomes.- How ecosystem-based credits can scale responsibly without sacrificing integrity.

In this episode of This Week in Carbon, we explore the evolving voluntary carbon market (VCM) with insights from experts in carbon credit ratings, Donna Lee and Duncan van Bergen. The VCM is shifting from heuristic-based to data-driven decisions, with ratings agencies enhancing transparency and integrity. Despite challenges like baseline accuracy, embodied emissions, and a focus on in-setting, the market is maturing through better methodologies, digital tools, and education. By 2030, the VCM should be a robust, digitised climate tool, prioritising impact over perfection.We discuss:• The role of transparent, data-driven ratings in assessing carbon credit quality and impact• The shift from heuristic-based to evidence-based decision-making in the VCM• The growing price premium for high-quality credits and challenges with baseline accuracy in nature-based projects• The importance of balancing corporate emissions reduction with carbon credit purchases• The potential of digitised infrastructure and market maturity to drive climate impact by 2030

Margaret Morales, Director of Carbon at Trellis Group, guides corporate sustainability efforts in the carbon market, while Matt Udberg, Partner at Valterra, offers insights on market trends. They discuss the unprecedented rise in corporate buyers, exemplified by Microsoft’s massive carbon removal investment. Challenges in financing early-stage carbon projects are addressed alongside the critical role of policy regulations. The importance of quality in carbon credits is emphasized, highlighting a shift towards durable removals over traditional methods.

In this episode of This Week in Carbon, we speak with Mike Korchinsky, founder of Wildlife Works and a pioneer of REDD+.Mike shares the remarkable origin story of Wildlife Works, how it became the first REDD+ project certified under Verra, and what it took to bring market-based conservation to life—long before carbon finance was mainstream. We explore the early conflicts between wildlife and communities in Kenya, the role of the private sector in scaling solutions, and the current state of the carbon market.We discuss:- How human-wildlife conflict led to a market-based solution- The creation of the first REDD+ methodology under Verra- Why philanthropy and government alone won’t solve deforestation- Market criticism, reform, and what went wrong with baselines- The rise of Equitable Earth and what comes next for forest finance

What happens when the most powerful standard-setter in carbon markets tries to reform the system from the inside?In this episode, we speak with Mandy Rambharos, the new CEO of Verra, at a pivotal moment for the voluntary carbon market. Public trust is low, market rules are under pressure, and project developers are struggling to navigate layers of complexity.Mandy reflects on what she found when she joined Verra, the hard questions she’s asking internally, and where real change is actually possible.In this episode:- Why Verra needs to listen more to people on the ground- What’s broken about the way methodologies are made- The growing gap between buyers’ expectations and project realities- Why the system became more about consultants than communities- What a fairer, simpler, and more effective carbon market could look like

Veteran carbon market analyst Mark Lewis joins This Week in Carbon to break down why the EU ETS is unlike any other market—and why it's entering a long-term bullish phase.We cover:- Why the EU ETS has no natural sellers- How shrinking supply is driving long-term price. - The coming impact of ETS2 (carbon pricing for households)- The UK-EU ETS linkage and arbitrage opportunities- How carbon prices are becoming the new cost of capital for industry- Why hedge funds and equity analysts are treating EUAs like a macro asset- The future of Article 6, Corsia, and voluntary market convergence

Can aviation decarbonize faster than the rest of the economy?In this episode, we sit down with Kennedy Ricci, President of 4AIR, to explore how sustainable aviation fuel (SAF), book & claim systems, and tax incentives are reshaping how we fly—and how we account for emissions.Kennedy explains how book & claim could be a game-changer for SAF: allowing fuel to be produced and delivered where it's most efficient, while enabling buyers around the world to claim the climate benefit. It's the aviation equivalent of RECs (renewable energy certificates)—and it may be the most scalable path forward.We also dive into the emerging SAF tax credit landscape, how voluntary markets are pioneering the tools regulators will one day adopt, and why aviation is uniquely positioned to become a proving ground for net zero logistics.✈️ Topics covered:How book & claim works—and why it matters for SAFWhy business aviation is leading SAF adoptionThe role of voluntary markets in shaping future regulationHow 4AIR is helping aviation buyers and operators take climate action nowWhether you're in climate tech, policy, or aviation, this episode is packed with insight on how to scale real impact.

In this episode, Thibault Sorret, CEO of ERS (Ecosystem Restoration Standard), joins us just days after some major developments:🌳 ERS has acquired Equitable Earth, a REDD+ forest conservation standard built by a coalition including Wildlife Works, Forest Trends, and Everland.✅ The ERS Programme has been officially approved under the ICVCM’s Core Carbon Principles, marking a major milestone in quality and credibility for nature-based carbon.Thibault reflects on how a recent site visit to a REDD+ project changed his view of conservation — not just as a carbon accounting exercise, but as real, visible frontline climate work. From active ranger patrols to agroforestry programs, he describes what it looks like when these projects truly work — and why scaling them is urgent.🎙️ In this episode:What made Equitable Earth the right fit for ERSHow to bridge the credibility gap in REDD+Why consolidation (not fragmentation) is what carbon markets needAnd how conservation and restoration can — and must — scale togetherIf you're wondering what high-integrity conservation looks like in practice — and how the carbon market can better support it — this is the conversation.