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this episode, we're joined by Daniel Lee, an Associate Professor in Carbon Markets at the Nanyang Business School. Before transitioning to academia full-time, he spent close to 18 years in the industry, where he undertook a variety of roles across the Energy and Decarbonization value chains, including Commodity Trading, Acquisitions & Divestments, and Capital Project Delivery.
This episode's discussed topics:
00:00 – Welcome & Introduction
Setting the stage for the conversation and the importance of carbon market education.
01:50 – Daniel’s Journey: From Trading Desks to Academia
A look at Daniel’s professional background, early involvement in carbon markets, and the winding path to teaching.
07:23 – Why Academia? Daniel’s Motivation to Teach
What inspired the transition from industry to education—and why giving back matters.
10:13 – Building the Carbon Market Academy at NTU
How NTU’s new initiative is shaping future talent for the carbon services and trading sector.
21:50 – Evolving Carbon Markets & The Need for Continuous Learning
Insights into the current state of carbon markets and the importance of staying sharp in a transforming space.
30:10 – Why Education is the Backbone of Climate Finance
Exploring the critical role of structured learning in empowering new and existing professionals in the space.
34:52 – What Motivates the Next Generation to Join Carbon Markets?
Understanding the perspectives, anxieties, and hopes of students and young professionals entering the field.
42:25 – Singapore’s Carbon Hub Vision
How Singapore is positioning itself as a global carbon market hub—and what’s driving its rapid ecosystem growth.
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Welcome back to the first episode of the Carbon Exposure Project season 3! Our guest for this episode is Alvin Lim, former Executive Director and head of Asia Environmental Products at Morgan Stanley. He is also a Senior Fellow at the NUS Business School.
In this episode, the following topics are discussed:
00:00 – Introduction
Rene welcomes Alvin Lim and sets the stage for a deep dive into carbon markets, investing, and impact.
02:06 – Alvin’s Journey into Climate and CarbonFrom
COP15 in 2009 as a student to building a carbon thesis at a sovereign wealth fund.
09:21 – Understanding the Private Carbon Market
What are ecosystem enablers? Exploring infrastructure, data, and services in the carbon value chain.
11:00 – Compliance vs. Project-Based Markets
How these two market types differ and intersect—and how fungibility is starting to emerge.
17:35 – Article 6.2 and 6.4: The Road Ahead
Alvin breaks down international cooperation, policy trends, and cost-saving potential from the 2019 IETA–Maryland study.
20:30 – What Makes a Carbon Project Bankable?
Alvin outlines three key risks investors look for: country/political, merchant/price, and performance risk.
26:00 – Methodological Shifts & Issuance Uncertainty
How changing methodologies (e.g. REDD+ VM0048) affect future credit issuance and investor confidence.
29:49 – De-risking the Market: The Role of Public Capital
Philanthropy, DFIs, and blended finance mechanisms that help crowd in institutional investors.
31:15 – Assessing Project Performance Risk
Why track record, conservative estimates, and insurance matter in evaluating project reliability.
33:00 – Does Vintage Matter? A Carbon Market Myth
A myth-busting segment on vintage bias and the time value of carbon, including a reflection on how trading norms shaped perceptions.
41:07 – The Power of Mentorship and Education
Alvin shares his personal story, teaching roles at NUS and Columbia, and why giving back is essential.
48:46 – Carbon Markets & the Energy Transition
The role carbon finance plays in enabling large-scale transition—especially in Asia.
50:25 – Accelerating Coal Phase-Out in Emerging Markets
Financing and incentives needed to speed up coal retirement.
53:10 – How Do We Actually Accelerate the Transition?
The importance of investment, innovation, and international alignment.
57:16 – Reflections on Progress and What’s Next
A look at where we stand in the global decarbonization journey—and what it will take to reach net zero.
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For this episode, the Carbon Exposure Project traveled to Kuala Lumpur to visit the Bursa Malaysia Carbon Market Forum 2024. We sat down with the head of carbon markets at Bursa Malaysia, Dr. Wei Nee, to talk about ongoing carbon market developments in Malaysia and Asia.
Bursa Malaysia led the development and implementation of a Malaysian carbon market framework, leading to the launch of the Bursa Carbon Exchange, BCX, in December 2022. BCX offers a diverse portfolio of standardized carbon credit products, differentiating between nature-based and technological solutions that mitigate emissions. With two recent auctions for carbon credits and Renewable Energy Certificates (RECs), BCX effectively focuses on these two key verticals, enhancing its market offering.
As Malaysia and other Asian countries prepare for COP, Bursa Malaysia is taking an active role in fostering regional collaboration. Dr. Wei Nee shares insights on how they intend to work with neighboring countries like Thailand, Indonesia, and Singapore to build a unified Asian carbon framework.
Join us as we dive into the evolving landscape of carbon markets in Asia and explore how Malaysia is positioning itself at the forefront of this critical transition.
Timestamps:
00:00 Introduction to Wei Nee, Bursa Malaysia, and BCX
03:02 The Diverse Portfolio of BCX
08:28 Creating an Ecosystem at BCX
11:28 Key Takeaways from the Carbon Market Forum
15:12 Why Are Carbon Markets Not Allowed to Evolve?
17:39 Carbon Collaboration Within the ASEAN Region
23:25 The Domestic Ambitions of BCX
27:55 BCX’s Expectations for COP29
29:30 Advancing Carbon Project Financing as a Multi-Asset Exchange
37:46 End Note
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In this episode, we sit down with Peter Zaman, Partner at HFW, to explore the evolving landscape of carbon markets. Peter is one of the foremost legal experts in the carbon markets. We discuss the challenges of implementing the Paris Agreement, the role of voluntary carbon markets in global decarbonization efforts, and the various types of carbon credits, including the differences between voluntary, CORSIA, and Article 6 credits. Peter breaks down these complex topics with clear analogy, providing listeners with a comprehensive understanding of how carbon credits differ and how carbon markets contribute to the fight against climate change.
Timestamps:
00:00 Introduction to Peter and the Carbon Markets 1.0
8:59 Peter’s Role in Carbon Markets 2.0
16:30 The Paris Agreement and its implementation challenges
22:59 The role of the VCM in the global decarbonization strategy
27:32 Different types of carbon approaches and credits
35:15 The difference between voluntary / Corsica / Article 6 credits
37:01 An analogy to explain the difference in credits
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For this episode, we invited Ana Haurie, CEO of Respira International. In collaboration with other organizations, Respira launched the Reduce and Invest Campaign in September, encouraging businesses to balance their carbon emissions by simultaneously reducing emissions and investing in climate solutions through the VCM. Their mission is to promote rapid decarbonization while channeling investments to accelerate global net zero. Companies must take immediate action to account for their emissions today, not just in the future. This approach benefits both the planet and businesses, driving long-term value and leadership in climate responsibility. This episode was recorded before the launch of this new campaign, but it highlights the need for such initiatives. In this episode, Rene talks with Ana about Respira, the current state of the VCM, and what is necessary to scale it. Enjoy this episode!
timestamps:
00:00 Introduction to Respira
01:49 Project developers; the demand uncertainty
04:24 The returning VCM support
10:30 Solving market issues
12:30 Nature-based solutions are left behind
16:06 Reducing barriers to entry
19:10 Co-benefits should be rewarded
23:43 Insurance companies
25:26 Institutionalization of the VCM
30:43 Reingaging the demand side to scale
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Our guest for this episode is Tin Dalida, Chief Operations Officer at Wovoka. Wovoka's mission is to empower communities to grow sustainable Southeast Asian forests through high-quality, nature-based carbon solutions. They have a growing pipeline of additional upland forest and mangrove restoration and conservation projects in the Philippines. In this episode, Rene and Tin talk about different topics like project development, blue carbon, co-benefits, the importance of mangroves, and the challenges project developers face.
Timestamps:
00:00 Introduction
01:58 Tin’s journey & Wovoka’s work
03:42 Blue carbon and its potential
06:29 The role of mangroves for ecosystems
8:37 Mangrove protection benefits local communities
11:06 Why nature-based solutions?
15:25 Challenges as a project developer
21:33 Financing challenges
24:56 Tin’s motivation to go on with her work
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In this episode, we are joined by Murray Collins, CEO and Co-founder of Space Intelligence. Space Intelligence plays a crucial role in advancing nature-based solutions by delivering precise data on forest coverage and carbon storage. This data is essential for ensuring transparency and accountability in nature investment decisions. The episode features a compelling discussion between two experts, each from a different field but united by a common goal: to help develop markets and mechanisms that effectively combat climate change. Timestamps:00:42: introduction 00:42: Introduction of Murray and Space Intelligence 2:35: 3 types of satellite data 9:45: Digital MRV 11:42: Providing data to enhance insights and confidence 17:53: Murray’s career in Asia and the start of Space Intelligence 23:30: Singapore as carbon center 25:58: Space Intelligence’s part in reaching Net Zero29:38: The strange anti-nature rhetoric of the press 36:20: A message for the media
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This new CXP episode is featured by Dominic Lüdin, Chief Growth Officer at Carbonfuture. Carbonfuture aims to accelerate climate action with the Trust Infrastructure for durable carbon removal. Rene and Dominic discuss the development and growth of CDR, how CDR should be combined with carbon reduction strategies and the durability of CDR projects. Timestamp:0:00: introduction 0:54: Introduction to Carbonfuture3:30: Dominic’s career in carbon markets 8:24 :The development and impact of CDR 16:41 :Pioneers of the CDR market 19:55: The Trust infrastructure 22:30: Combining carbon reduction and -removal 26:46: The price of removals in the future 31:07: Durability & the CDR portfolio
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The guest for this episode is Dinesh Babu Nithyanandam, Executive Director of Climate Action Data Trust. CAD trust is a decentralized metadata platform that links, aggregates, and harmonizes all major carbon credit registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. Topics discussed in this episode:
0:00 Introduction
0:40 Introduction of Dinesh and CAD trust
4:26 CAD Trust: Linking, Aggregating, Harmonizing
8:14 CAD Trust’s blockchain technology & benefits
11:21 The Power of Data
18:45 CAD’s funding model
26:57 Challenges
35:37 Plans for this Year
38:08 Mitigating Double Counting Risks
40:34 Evolution of CAD Trust in the Future
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Due to the importance of the discussion with Rene, a representative of the VCM, and Patrick, a representative of the media that has been scrutinizing the market, we have created this highlight video. We hope this episode will foster respectful dialogue. Ultimately, both the media and the VCM should play crucial roles in scaling up efforts to address the most pressing issue we face: climate change.
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In today's episode, we are joined by Patrick Greenfield, a biodiversity reporter for The Guardian. Over the past two years, Patrick has extensively covered carbon markets and their effectiveness. He has been at the forefront of media scrutiny surrounding the Voluntary Carbon Market. In this episode, Rene talks with Patrick about this media scrutiny, the effectiveness of the scheme, and whether carbon credits are worthless or worthwhile. Enjoy this very engaging discussion! Topics: 00:00 - Introduction1:25 - Patrick’s job as a reporter and involvement in the VCM5:50 - Negative story writing and the use of “Worthlessness”21:20 - The ‘binary’ outcome of the VCM’s functionality28:50 - Community impacts from carbon projects35:07 - Scaling the VCM in the future44:10 - The use of the term ‘worthlessness’49:10 - Additionality in forestry projects55:02 - Enhancing the integrity of credits59:05 - Solutions for the future1:03:58 - Ratings and third-party reviews1:13:02 - Julia’s opinion piece on the West et al. study1:16:08 - Partnering between the VCM and the media
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In this episode, the tables are turned. Vincent Verweij, Co-Head of Carbon Markets at Valitera, hosts our Carbon Exposure Project founder, Rene Velasquez. Rene met Vincent at a conference, started mentoring him, and they now work together at Valitera, a business they started together with two other partners. Valitera helps clients achieve their net-zero ambitions by providing the best possible advice and access to environmental markets. In this episode, the following topics are addressed:1:10 Expectations: Developments in the VCM 2:46 The changing market sentiment 5:46 Rene’s background in the carbon markets10:30 The growth of the VCM 11:40 Addressing growing pains 14:36 CXP’s goal 15:47 The importance of mentoring 20:46 The goal and purpose Valitera 24:49: Biggest threats for the market
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Welcome to the first episode of season 2 of the Carbon Exposure Project! We have amazing episodes and guests lined up to provide engaging discussions and insights into everything that has to do with carbon markets. Our first guest: Lorna Ritchie, Director of Public Affairs at the ICVCM. Enjoy! Timestamps: 1:50: Background of ICVCM 5:00: Core carbon principles8:05 Reaction from buyers on the CCP-eligible program9:30 Background of Lorna 12:05 The intersection between the compliance and voluntary markets14:20 The program assessment process 17:50 corresponding adjustments 24:02 Why carbon credits are essential 28:38 A positive note: the future is bright
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In this video, the great initiative 'Women in Carbon' takes over the podcast for one episode. Women in Carbon aims to demonstrate the importance of having balanced diversity within markets and organizations. Today, Camile and Eilís have the opportunity to take charge of our male host's role and co-host the podcast together.
Topics discussed in this episode:
00:34: Introduction Eilís
2:34 Joining Women in Carbon
3:47 How WiC helps the Carbon Industry
7:25 changing diversity in the markets and companies
11:35 Long-term partnership between WiC and the CXP
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In this episode, we dive into a great initiative to drive gender diversity in the carbon markets: Women In Carbon. Our guest in this episode is Camile Pêtre, CFO of BeZero Carbon; one of the top carbon market rating agencies.
In this episode, the following topics will be discussed:
1:22 Introduction Camile Pêtre
3:53 Women in Carbon
4:43 Benefits of Women in Carbon
10:21 The Growth of Women In Carbon
11:40 Events of Women In Carbon
13:21 What’s next for Women In Carbon?
14:17 Constraints in taking the next steps
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Explore an absolute masterclass from one of the most experienced carbon professionals in the field. For more than 20 years, he has worked in carbon markets and has played a real part in shaping the market to where it is right now. The following topics are discussed in this episode:
1:23 Introduction Mark Lewis; his professional career
3:02 The history of carbon markets
7:32 The pricing of carbon
9:09 Climate-related policy changes in jurisdictions
10:18 Efficient allocation of resources
14:15 Carbon Border Adjustment Mechanism
19:09 Importance of a global carbon price
19:55 Article 6 23:49 EU ETS
25:03 Allowance of offset use in the EU ETC
30:46 Why carbon pricing is necessary
32:37 The perfect endnote
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This episode highlights the role of insurance in carbon markets to reduce uncertainty and turn risks into opportunities. The following topics are discussed in this episode:0.57 Introduction: Natalia 6:20 The establishment of Kita 8:10 Risk and insurance companies in the carbon markets 11:26 Risk as an opportunity 14:14 Risk in the carbon markets 15:55 Insurance for project developers17:20 Insurance for buyers 17:51 Timing risk 19:16 Unlocking capital; insurances bringing opportunities 22:50 How the insurance is structured 27:03 Portfolio Insurance 30:53 Buffers 35:00 Hopes for insurance to unlock
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KlimaDAO, co-founded by Giorgio Donà-Danioni, reached a market cap of billions of Dollars within a few months. In this conversation, Giorgio explains the establishment and development of KlimaDAO and talks about his new projects; Carbonmark and KCG.
Timestamp:
1:51 Introduction Georgio
4:42 Blockchain in carbon markets; democratizing the market
15:00 Launch of the blockchain
18:12 How the Klima coin exploded
22:50 Friction with the traditional carbon credit ecosystem
36:21 Building forward with Carbonmark
38:44 KCG
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Dive into a masterclass on Article 6, as Kelley Hamrick simplifies the complex topics of carbon markets. In this COP28 UAE Special episode, the following topics are discussed:
0.50 Introduction; Kelley and carbon markets
5:17 COP28; moving from talking to taking action
8:00 Carbon markets and article 6.2
15:18 Article 6.4
21:00 Fungibility between articles 6.4 and 6.2; interoperability
23:07 Article 6.8
25:00 Hopes for COP28
29:00 The non-profit sector
33:41 Resolve the lack of resources in the global south
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Dive into this very interesting conversation between two former colleagues, and above all, very good friends. Russel Karas, Head of Commodities at Xpansiv, discusses the following topics together with our host Rene Velasquez:
1:49 Introduction: Russell
6:00 Working Together at Xpansiv
9:03 The Development of Launching GEO and N-GEO
15:50 The Influence of COVID/Russian-Ukrainian War on Market Dynamics
17:07 The Growth of Xpansiv and the Carbon Markets
21:02 Optimism: The Calm Before the Storm
28:00 Hopes for 2024 and the Later Future
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