Carbon Exposure is a carbon-native production studio specialising in carbon markets — and this podcast sits at the centre of what we do.
Carbon markets are complex, technical, and often misunderstood. Much of the conversation is fragmented, buried in policy language, or disconnected from how the market actually operates.
This podcast is designed to close that gap.
Through conversations with the people shaping the market — policymakers, standard setters, developers, investors, and corporates — we unpack how things work in practice, across policy, project development, and finance.
We cover the full spectrum of carbon markets, but always with the same objective: clarity.
Carbon Exposure extends beyond the podcast into film, digital content, and strategic storytelling — helping organisations communicate more effectively and position themselves for market access.
But it starts here.
Because in carbon markets, understanding the landscape is the first step to participating in it.
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Is Carbon a Commodity or a Bond? The Great Carbon Market Debate - Season 4 Finale
Saison 4 · Épisode 11
mercredi 26 août 2026 • Durée 36:14
The Carbon Exposure Podcast closes Season 4 with something different: a special moderated debate on the question that shapes the entire voluntary carbon market.Is carbon more like a commodity, or is it more like a bond?The answer is not academic. It determines how the market is structured, how credits are priced, how liquidity is built, and ultimately whether the market can scale to the level the climate demands.Moderated by Assoc Prof Daniel Lee, Centre Director of the Carbon Markets Academy of Singapore at NTU, this conversation brings together two of the market's most experienced voices to argue opposite ends of the debate:Rene Velasquez, host of Carbon Exposure and Managing Partner at Valitera, argues the commodity case. His experience running the environmental products desk at Xpansiv and now leading market-making at Valitera informs a view that carbon can be standardized, benchmarked, and traded like other commodities with grades.Tommy Ricketts, CEO and Co-founder of BeZero Carbon, argues the risk-based case. His 2023 op-ed made the argument that carbon credits are imperfect, probabilistic, and complex, and that pretending otherwise makes any single imperfection existential to the whole market.What follows is a frank, informed, and at times surprising exchange on the substance of what a carbon credit is, what it needs to become, and what it will take to scale.In this episode, we cover:- Tommy's original thesis: why treating carbon as "one ton is a ton" makes the market fragile- The "high priest of carbon" critique of moving the accreditation bar higher- Rene's commodity case: heterogeneity, grades, and basis trading in oil and agriculture- How the market ended up relying on ratings as the proxy for quality- The 2001-2002 GEO / NGO contracts and what they teach us about spec design- Rubicon Carbon's portfolio-based approach as a hybrid model- What we're actually solving for: liquidity, atmospheric returns, or price discovery- Post-issuance ratings sitting at B to double-B median (a market wake-up call)- Why a scaled carbon market may not need to be financialized at all- The "climate industrialist" argument: waiting for the fruits of a decade of work to speak for themselves- Tommy's vision for ratings: boring rails, part of the furniture- Rene's closing case for optimism as the market moves from integrity to demandIf you work in carbon markets, climate finance, exchanges, ratings, or standards, this is a landmark conversation. And if you're new to the market, this is the single best debate you can listen to for understanding why the fundamentals still matter.Chapters[00:00] Intro[01:08] Commodity or Bond?[02:55] The 2023 Op-Ed Thesis[06:18] The "High Priest of Carbon" Critique[08:25] Commodity, With Grades[11:17] Ratings as the Market's Proxy for Quality[14:11] GEO/NGO Contract Lessons[16:54] Basis Trading in Commodities[19:24] What Are We Solving For?[24:18] We've Solved Integrity, Now Build the Why[26:16] Post-Issuance Ratings[27:11] The Third Path[28:41] The Climate Industrialist Argument[33:26] Tommy's Vision[34:19] Rene's Closing#CarbonMarkets #ClimateFinance #CarbonCredits #BeZeroCarbon #NTU #CarbonMarketsAcademy #ICVCM #CarbonExposurePodcast
Will Carbon Markets Scale by Hundreds, or Go to Zero? - Rich Gilmore (CEO, Carbon Growth Partners)
Saison 4 · Épisode 10
mercredi 12 août 2026 • Durée 50:59
In Episode 10 of Season 4 of the Carbon Exposure Podcast, we sit down with Rich Gilmore, CEO of Carbon Growth Partners, on his third appearance on the show.
Rich has a rare gift in this market. He takes the most complicated pieces of carbon finance and distills them into lines anyone can hold onto. "Stop chopping trees down and stop lighting stuff on fire." "Affordable doesn't mean cheap." "The world's oldest startup." This conversation is a case study in why we keep asking him back.
Filmed at Ecosperity in Singapore, the day after Rich helped launch the ARC coalition (Action for Resilient Climate). ARC is a new advanced market commitment backed by Tencent, Mitsubishi, CATL, Bain & Co, Osaka Gas, Vale, and others. What makes it different from other coalitions: it's not just a demand signal. A financing facility is bolted onto it, so project developers who need capital to scale can access blended finance alongside their offtake agreements.
We go deep on how the coalition works, why asymmetric contracts are quietly killing bankable projects, and Rich's BlueMX blue carbon project in Mexico that's going through Verra's digital pathway. Rich also lays out the "coma test" for anyone in this market ("if you'd been in a coma for three years and woke up now, you wouldn't realize any time had elapsed"), makes the case that most companies are hiding behind integrity concerns to justify inaction, and closes with a sober binary assessment of where the carbon market is heading.
In this episode, we cover:
- Why ARC's three attributes are affordable, safe, and simple
- How the financing facility solves what buyer coalitions alone can't
- Why asymmetric contracts perversely introduce risk into projects
- Prepayments, shortfalls, and the double-dipping problem
How the Core Carbon Principles Rewired the Carbon Market - Amy Merrill (CEO, ICVCM)
Saison 4 · Épisode 9
mercredi 29 juillet 2026 • Durée 42:12
In Episode 9 of Season 4 of the Carbon Exposure Podcast, we sit down with Amy Merrill, CEO of the Integrity Council for the Voluntary Carbon Market (ICVCM) — the independent body whose Core Carbon Principles have become the reference framework for what a high-integrity carbon credit actually is.Amy came to the CEO seat at the end of 2024 after years leading Article 6 negotiations at the UN, and before that as legal advisor for the Kyoto Protocol mechanisms. She was part of the UN team that supported the Paris Agreement negotiations in 2015, and led the UN's Article 6 support all the way through to the rule book being adopted at COP26 in Glasgow.The ICVCM sits as the independent trust layer of the carbon market. Through its ten Core Carbon Principles, it assesses the world's carbon crediting programs at the governance level and every individual methodology on the science. Credits that pass both checks earn the CCP label — a globally agreed floor for integrity that has quickly become the reference standard the market is building on.That double-tick system has built something the market lacked before: a comparable, investable definition of what a high-integrity credit actually is. Buyers now show CCP preferences in their procurement. Governments in the UK, New Zealand, and beyond are adopting CCP-eligibility into national policy. National carbon crediting programs have just become eligible for ICVCM assessment themselves.In this conversation, we cover:- Amy's path from carbon finance lawyer to UN Article 6 lead to ICVCM CEO- The origins of the ICVCM under Mark Carney's Task Force- The 10 Core Carbon Principles and the "double-tick" assessment system- Why the whole market has come around the CCPs- How governments in the UK, New Zealand, and the African Union are co-opting CCPs into national policy- Why national standards can now apply for CCP approval- The reframe from "co-benefits" to rights-centric "core benefits"- The ICVCM's indigenous peoples engagement forum- The "big tent approach" to thought leadership- The demand-side challenge and coalitions like ARC and the Coalition to Grow Carbon MarketsIf you work in carbon markets, climate finance, policy, standards, or corporate sustainability, this is a must-listen episode.Chapters[00:00] Intro[02:20] From CDM Lawyer to UNFCCC Legal Advisor[03:25] Paris Agreement and Leading Article 6 to Glasgow[04:29] Joining ICVCM as CEO[07:02] From Mark Carney's Task Force to the Integrity Council[09:29] The 10 Core Carbon Principles Explained[11:26] The Double-Tick System and What CCP Approval Means[12:47] The Cambrian Explosion of Standards[15:10] Buyer Preferences and Government Endorsements[17:55] Interconnecting Voluntary and Compliance Markets[21:05] Why National Standards Can Now Apply for CCP Approval[24:20] From "Co-Benefits" to "Core Benefits"[27:09] The Indigenous Peoples Engagement Forum[28:32] The ICVCM's Thought Leadership Role[34:50] The Demand-Side Challenge and the ARC Coalition#CarbonMarkets #ClimateFinance #CarbonCredits #ICVCM #CCPs #Article6 #CarbonExposurePodcast
Rebuilding the World's Largest Carbon Standard - Mandy Rambharos (CEO, Verra)
Saison 4 · Épisode 8
mercredi 15 juillet 2026 • Durée 58:57
In Episode 8 of Season 4 of the Carbon Exposure Podcast, we sit down with Mandy Rambharos, CEO of Verra — the largest carbon crediting standard in the world, with more than 4,000 projects across 100+ countries and over a billion tonnes issued.Mandy took over Verra in August 2024, at the toughest moment in the standard's history. Two years on, the transformation is substantial. Verra swung from a $19 million loss in her first year to a $1 million loss in her second. Twelve methodologies now hold ICVCM approval. Twenty-four methodologies have been digitized. Six DMRV pilots are running, with completed cycles cutting review time by 70%.Mandy's background is unusual for the role: a scientist by training, she spent decades at Eskom — Africa's largest utility, 88% coal at the time — leading its shift toward renewables. She went on to co-chair the Article 6.4 negotiations in Glasgow, helped design South Africa's $8.5 billion Just Energy Transition Partnership, and worked at EDF before taking the Verra job.In this conversation, we explore what the transformation at Verra has actually meant — not just the finances and the methodologies, but the mindset shift. Why Mandy says integrity is now "DNA, not something we strive for." Why speed and integrity are not opposing concepts. Why "capital is like a shy deer." And why the real story of Verra isn't a methodology or a registry — it's the young girl in Guatemala who got educated because of a REDD+ project.In this episode, we cover:- Mandy's journey from Eskom to UN negotiator to Verra CEO- Co-chairing Article 6.4 in Glasgow and the human effort behind the rule book- The financial turnaround: $19M loss to $1M loss in a year- Why "integrity is DNA now" and what the market's next task is- How Verra digitized 24 methodologies and cut review times by 70%- Why speed and integrity are not opposing concepts- "Capital is like a shy deer" — and what makes it stop running- Dropping the V: the unification of carbon markets- The "horses for courses" logic behind different credit use cases- Compliance recognition in Singapore, South Africa, Colombia, and Peru- Why the EU should allow international credits- The impact stories that keep Mandy in the CEO seatIf you work in carbon markets, climate finance, project development, sustainability, or policy, this is a must-listen episode.Chapters[00:00] Intro[00:37] From Eskom to UN Negotiator[05:44] Co-Chairing Article 6.4 in Glasgow[10:28] Taking Over Verra — The First Month[13:20] The Turnaround: $19M to $1M Loss[16:27] What "Integrity" Actually Means Now[19:20] Speed vs Integrity — A False Trade-off[21:27] Digitization: 24 Methodologies, DMRV Pilots[24:39] The Cyclical Interdependency of the Market[28:24] Capital Is Like a Shy Deer[30:29] Dropping the V: One Unified Carbon Market[34:03] Compliance Markets and Verra Fungibility[38:35] The EU Debate on International Credits[44:34] Impact on the Ground[50:45] The Farmer, the Family, and the Mangrove#CarbonMarkets #ClimateFinance #CarbonCredits #Verra #Article6 #ICVCM #REDD #CarbonExposurePodcast
In Episode 7 of Season 4 of the Carbon Exposure Podcast, we sit down with Tripurari Prasad, Deputy Head of Carbon, Investments at Climate Asset Management (CAM) — the joint venture between HSBC and Pollination that has committed over US$1 billion to nature as an institutional asset class.
Tripurari's path to carbon is unusual: a decade in oil and gas, then South Pole (where he worked on one of the first Article 6.2 discussions, with Switzerland's KliK Foundation and the Thai government), then HSBC's carbon trading desk, and now leading capital deployment for CAM's emerging markets strategy.
That seat — at the intersection of carbon, nature-based solutions, and institutional finance — gives him a perspective most carbon practitioners don't have. One that prompts this counter-intuitive line:
"Carbon is not the core part of the story. It is always a side benefit."
We explore what it actually takes to make nature an investable asset class, why most carbon projects fail on operations rather than methodology, how institutional capital is bifurcating between offtake-led and project-equity-led approaches, and where the next wave of demand is going to come from.
In this episode, we cover:
- Tripurari's path from oil and gas, through South Pole and HSBC, to CAM
- How CAM is structured: natural capital strategy vs emerging markets carbon strategy
- Why 10,000 hectares is the institutional minimum for nature investments
- Why "carbon is the catalyst, not the destination" reframes the entire investment thesis
- How CAM stacks carbon with coffee, cacao, and bamboo supply chains
Surviving the Sustainability Winter - Fang Eu-Lin (Partner, PwC Singapore)
Saison 4 · Épisode 6
mercredi 17 juin 2026 • Durée 42:02
In Episode 6 of Season 4 of the Carbon Exposure Podcast, we zoom out from carbon markets to the broader world of corporate sustainability and ESG reporting. Our guest is Fang Eu-Lin, Sustainability and Climate Change Practice Leader at PwC Singapore and one of Asia's leading voices on sustainability reporting, climate risk and corporate transition strategy.
Eu-Lin started her career as a chartered accountant and auditor, then pivoted into sustainability in 2016 when SGX rolled out reporting requirements for Singapore-listed companies. Ten years later, she sits at the intersection of climate science, financial reporting, and corporate strategy — exactly the seat that determines whether sustainability ambitions translate into measurable action.
This conversation moves through the evolution of climate and ESG reporting: the end of purism and the rise of pragmatism, how the ISSB, GHG Protocol, and SBTi are being revised, why CSOs and CFOs are increasingly co-authoring transition plans, and how Singapore's regulatory leadership offers a template for the rest of Asia.
She also shares her framing for the current moment — a "sustainability winter" — and three animal archetypes (snowy owl, squirrel, snow leopard) that professionals can channel to thrive through it.
In this episode, we cover:
- Eu-Lin's journey from chartered accountant to climate reporting leader
- Why sustainability requires systems thinking and deep technical grounding
- Whether climate is being deprioritized — or simply outranked by tariffs and AI
- The shift from sustainability purism to corporate pragmatism
- How the ISSB, GHG Protocol, and SBTi are being revised
- Why CFOs and CSOs need to co-author climate transition plans
Did the Media Break the Voluntary Carbon Market? - Patrick Greenfield (The Guardian)
Saison 4 · Épisode 5
mercredi 3 juin 2026 • Durée 01:06:55
In Episode 5 of Season 4 of the Carbon Exposure Podcast, we sit back down with Patrick Greenfield, biodiversity reporter at The Guardian.
Two years ago, Patrick's investigative reporting helped trigger the carbon market's integrity reckoning. Many in the market have quietly blamed him for the demand collapse that followed. This conversation gets into it.
Late last year, Patrick travelled back to Kasigau Corridor in Kenya — the first ever REDD+ project registered on Verra — to see what had changed. What he found: communities promised long-term funding that simply isn't arriving anymore. Prices have collapsed. Methodologies have shifted from VM7 to VM48. The conservation work continues, but with far less capital behind it.
He shares his view that the carbon market's "demand collapse" narrative may be a self-pitying story — that the misallocation of capital, not media criticism, was the real problem — and that the same "big beasts" who presided over the previous market still hold the mic on what comes next.
This is not a comfortable conversation. It's a necessary one.
In this episode, we cover:
• Why Patrick went back to Kasigau Corridor and what he found on the ground
• How the Trump administration's USAID, EPA, and aid cuts have reshaped global conservation funding
• Whether the voluntary carbon market can survive without policy tailwinds
• How the VM7 to VM48 methodology shift is reshaping project economics
• Why visual "boundary line" photos misrepresent how counterfactuals actually work
• Whether net zero commitments and the Paris Agreement still hold credibility
The Problem With Climate’s Binary Thinking - Frederick Teo (CEO, GenZero)
Saison 4 · Épisode 4
mercredi 20 mai 2026 • Durée 34:34
In this episode of the Carbon Exposure Podcast, we sit down with Fred Teo, CEO of GenZero, a climate investment platform focused on accelerating decarbonization through investments in technology, nature-based solutions, and carbon market infrastructure.
Recorded ahead of Singapore’s Ecosperity Week and the GenZero Climate Summit, this conversation explores one of the biggest problems in climate finance today:
Have we turned climate action into too many false choices?
Nature vs technology.Avoidance vs removals.Offsets vs decarbonization.
Fred argues that solving climate change requires moving beyond binary thinking and focusing instead on pragmatic solutions that can mobilize capital at scale.
We discuss why carbon markets should be viewed not simply as offset mechanisms, but as financing infrastructure for projects that otherwise would never happen. We also explore integrity, corporate climate action, demand-side reform, energy security, adaptation, and why nature remains one of the lowest-cost climate solutions available today.
This is a thoughtful conversation on what it will actually take to scale climate action in the real world.
Chapters
00:00 Introduction
02:47 GenZero’s Mission
04:24 Beyond False Climate Choices
10:30 Portfolio Thinking in Climate Investing
15:15 Why Carbon Ecosystem Infrastructure Matters
How to Make Carbon Markets Investable - Finn O'Muircheartaigh (BeZero Carbon)
Saison 4 · Épisode 3
mercredi 6 mai 2026 • Durée 01:02:06
In Episode 3 of Season 4 of the Carbon Exposure Podcast, we sit down with Finn O'Muircheartaigh, General Manager APAC at BeZero Carbon.
As carbon markets mature, one of the biggest questions facing the industry is simple:
How do we turn carbon credits from a leap of faith into an investable asset class?
Finn brings a unique perspective shaped by experience in government, policy, and now carbon markets. In this conversation, we explore how ratings, data, and risk analysis are helping build trust, improve price discovery, and attract more institutional capital into both voluntary and compliance carbon markets.
We also discuss the growing role of Asia-Pacific, why Singapore is becoming a major carbon hub, and how Article 6 could reshape global demand and supply.
In this episode, we cover:
• Why carbon ratings emerged and how they work
• How quality increasingly drives pricing in carbon markets
• Why investors need better risk tools before deploying capital
• The intersection of voluntary and compliance markets
• How ratings may support Article 6 and CORSIA markets
• Why portfolio products could unlock new demand
• Why APAC may lead the next phase of carbon market growth
If you work in carbon markets, climate finance, sustainability, policy, or investing, this is a must-listen episode.
Rethinking How Carbon Markets Should Work - Ingo Puhl (Co-Founder, South Pole)
Saison 4 · Épisode 2
mercredi 22 avril 2026 • Durée 01:16:11
In Episode 2 of Season 4 of the Carbon Exposure Podcast, we sit down with Ingo Puhl, Co-founder of South Pole and one of the original pioneers of global carbon markets.
With nearly three decades of experience in climate finance, project development, and environmental markets, Ingo offers a rare perspective on how carbon markets were built, where they went wrong, and what needs to change next.
This is not just a conversation about the past.
It’s a bold discussion about the future structure of carbon markets.
We explore why the current market model may no longer be fit for purpose, how sovereignty and national registries are reshaping the landscape, and why new infrastructure will be needed to scale environmental markets globally.
In this episode, we cover:
• The early days of carbon markets and the creation of South Pole
• Lessons from the CDM boom, collapse, and trust crisis
• Why developing countries want more sovereignty over carbon assets
• How Thailand became a leader in Article 6 and market innovation
• Why standards, registries, and verification models need to evolve
• The role of ratings agencies, satellite data, and technology
• What renewable energy certificates (RECs / I-RECs) get right
• Tokenization, interoperability, and future market infrastructure
• Why ASEAN could become a major carbon market growth region
- Why the market needs blended finance, not just cheap finance
- The 10 million tonne minimum commitment (and why it's just a floor)
- "Addressing integrity concerns doesn't introduce a why. It just partially reduces a why not."
- The LNG cargo case: why offsetting costs 1 to 3% of the cargo value
- BlueMX in Mexico: blue carbon on the ground and why catch rates have tripled
- Going 100% digital with Verra
- Quality, scarcity, and utility as the investor's three-part filter
- Why compliance markets provide both a floor AND a ceiling
- Rich's binary assessment: the carbon market scales by hundreds of times or goes to zero
If you work in carbon markets, climate finance, project development, or anywhere near the transition, this is a must-listen episode.
Chapters
[00:00] Intro
[01:17] Welcome + Third Appearance
[02:04] The ARC Coalition: What It Is and Who's In
[05:00] Affordable, Safe, Simple + The Financing Facility
- Why 90% of project failures are operational, not methodological
- The split between offtake-led and project-equity-led financing
- Capital stacking, priority rights, and the maturing of carbon as infrastructure
- Why capital is not finite — and what's needed to unlock it (15–18% IRR expectations for emerging markets)
- Why Isometric freezing protocols is a model for the certainty institutional capital requires
- Whether 2030 net zero commitments are hard targets or soft targets
- The standardization gap and why the market needs an ISDA equivalent for carbon contracts
- The talent gap and cross-pollination from infrastructure and finance
If you work in carbon markets, climate finance, nature-based solutions, project finance, or institutional investment in climate, this is a must-listen episode.
Chapters
[00:00] Intro
[02:06] From Oil & Gas to Carbon Markets
[07:33] South Pole and Article 6.2
[09:13] Inside Climate Asset Management (CAM)
[13:22] Why "10,000 Hectares" Is the Floor
[14:20] "Carbon Is Not the Core of the Story"
[16:02] Stacking Carbon With Coffee, Cacao & Bamboo
