Carbon Exposure Project

About Carbon Exposure Project

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.

Publisher

Carbon Exposure

Category

news

Language

en

Explicit

No

First episode

12 Oct 2023

Latest episode

26 Aug 2026

Latest episodes

67 episodes in the feed.

1. 

   26 Aug 2026

   Is Carbon a Commodity or a Bond? The Great Carbon Market Debate - Season 4 Finale

   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

2. 

   12 Aug 2026

   Will Carbon Markets Scale by Hundreds, or Go to Zero? - Rich Gilmore (CEO, Carbon Growth Partners)

   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 - 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 [09:10] Why Asymmetric Contracts Kill Bankable Projects [12:05] Prepayments, Shortfalls, and Double-Dipping [14:22] Grant Funding and Blended Finance [17:05] Coalition Open + 10 Million Tonne Minimum [21:56] The Coma Test: Integrity as an Excuse [24:34] The LNG Cargo Case [27:58] BlueMX in Mexico: Blue Carbon on the Ground [32:59] "Stop Chopping Trees Down, Stop Lighting Stuff on Fire" [34:56] Going Digital with Verra [40:08] Quality, Scarcity, Utility [49:22] The Binary Future of Carbon Markets #CarbonMarkets #ClimateFinance #CarbonCredits #ARC #BlueCarbon #NBS #Verra #CarbonExposurePodcast

3. 

   29 Jul 2026

   How the Core Carbon Principles Rewired the Carbon Market - Amy Merrill (CEO, ICVCM)

   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

Who has been a guest on Carbon Exposure Project

Names identified in recent episode analyses. Showing up to five guests.

• Scobie Mackay
• Duncan Van Der Merwe
• Erik Ringvold
• John Sharp
• Galia Orme

Reach and audience

Public platform figures. Ratings count people who left a rating, not total listeners.

YouTube views

34,785

Score snapshot 15 Sept 2025

Spotify

5.0 / 5

16 ratings

Podcast Authority Score: 47 / 100

A composite of feed quality, social presence, YouTube performance and engagement. Read the methodology.

Quality

26

Social presence

90

YouTube

76

Engagement

51

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Guest appearances

Does not typically book guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.

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