Carbon Market Conversations: A Podcast by ICAP

About Carbon Market Conversations: A Podcast by ICAP

This is Carbon Market Conversations: A Podcast by ICAP, giving insight into all things emissions trading and carbon pricing. Join our host Trevor Laroche-Theune as he meets with climate experts and practitioners in each episode to discuss their views on the latest emissions trading and carbon pricing developments and their impacts. Whether you are new to the conversation or a seasoned carbon pricing practitioner, ICAP's Carbon Market Conversations provides engaging discussions in an easily digestible format. Tune in to be part of the conversation driving positive change for our climate.

Publisher

The International Carbon Action Partnership

Category

science

Language

en

Explicit

No

First episode

12 Apr 2024

Latest episode

1 Oct 2026

Latest episodes

11 of 14 episodes have a transcript.

1. 

   1 Oct 2026TRANSCRIPT

   Episode 14: The EU ETS Review, with Mette Quinn

   Host Trevor Laroche-Theune interviews Mette Quinn, Deputy Director for Carbon Markets and Clean Mobility at the European Commission, DG Climate Action, about the EU ETS review's design elements and policy logic.

2. 

   3 Aug 2026TRANSCRIPT

   Episode 13: Scope Expansion of ETS: Design and Policy Challenges, with Dr. Theresa Wildgrube

   Host Trevor Laroche-Theune interviews Dr. Theresa Wildgrube, ICAP Senior Carbon Market Expert, about the design and policy challenges of expanding emissions trading systems.

3. 

   30 Jun 2026TRANSCRIPT

   Episode 12: The Polish Perspective: Carbon Pricing, Just Transition, and the EU ETS, with Robert Jeszke

   Host Trevor Laroche-Theune interviews Robert Jeszke about Poland's perspective on EU carbon pricing, just transition, and the EU ETS, revealing practical policy implementation and lessons for other nations.

4. 

   10 Jun 2026TRANSCRIPT

   Episode 11: Resilience and transformation: where emissions trading systems stand in 2026, with Iryna Holovko and Victor Alejandro Ortiz Rivera

   Host Trevor Laroche-Theune interviews ICAP Carbon Market Experts Iryna Holovko and Victor Alejandro Ortiz Rivera about the global resilience and transformation of emissions trading systems in 2026.

5. 

   30 Jan 2026TRANSCRIPT

   Episode 10: India Carbon Credit Trading Scheme Deep-Dive with Saurabh Diddi

   Host Trevor Laroche-Theune interviews Saurabh Diddi, Director at the Bureau of Energy Efficiency, exploring India's Carbon Credit Trading Scheme and its climate strategy.

6. 

   7 Nov 2025TRANSCRIPT

   Episode 9: Brazil ETS Deep-Dive with José Pedro Neves

   Host Trevor Laroche-Theune interviews José Pedro Neves, General Coordinator for Sustainable Finance, exploring Brazil's developing ETS and its climate policy implications.

7. 

   30 Sept 2025TRANSCRIPT

   Episode 8: Washington State Cap-and-Invest Program Deep-Dive with Joel Creswell and Isaac Kastama

   Host Trevor Laroche-Theune interviews Joel Creswell and Isaac Kastama about Washington's successful Cap-and-Invest Program, its public support, and linkage prospects with other markets.

8. 

   15 Apr 2025TRANSCRIPT

   Episode 7: ETS trends and the future of carbon markets, with Iryna Holovko and Victor Alejandro Ortiz Rivera

   In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune is joined by ICAP Carbon Market Experts, Iryna Holovko and Victor Alejandro Ortiz Rivera for an engaging discussion on the latest developments in compliance carbon markets worldwide. Building on insights from ICAP’s latest Status Report, the conversation explores how ETSs have evolved over the past year, delving into key trends, regional highlights, and cross-cutting themes that are shaping the global carbon market landscape. From the latest statistics to emerging system designs and alignment with net-zero targets, this episode unpacks the most significant milestones and challenges facing the carbon market community today. Our guests also share their perspectives on what they see as a critical issue that must be addressed to ensure the continued success of ETSs in the years to come.Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2025Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests3:25 - Highlight statistics related to ETS this year4:45 - ETS revenues6:00 - Carbon credit use in ETSs9:00 - Latest developments in Europe and Central Asia13:15 - Latest developments in Latin America and the Caribbean15:10 - Latest developments in North America19:00 - Latest developments in the Asia-Pacific22:30 - Cross-cutting themes: alignment with net-zero targets23:15 - Cross-cutting themes: emergence of diverse system designs24:30 - Cross-cutting themes: scope expansion25:30 - Cross-cutting themes: carbon border adjustment mechanisms26:45 - A key challenge that must be properly addressed in the coming years in the compliance carbon market space and what steps can be taken toward its resolution30:30 - Closing remarks

9. 

   3 Mar 2025TRANSCRIPT

   Episode 6: Exploring Carbon Pricing Revenues: Insights and Opportunities with Diana Cárdenas Monar

   In this episode of ICAP’s Carbon Market Conversations, we dive into the crucial role of carbon pricing revenues in advancing climate action, economic resilience, and social equity. Host Trevor Laroche-Theune is joined by Diana Cárdenas Monar, Research Fellow at the Institute for Climate Economics, to reflect on why carbon pricing revenue use is so important and explore how governments worldwide are strategically allocating these revenues. From California to the EU, South Korea, and beyond, they discuss best practices, emerging trends, and the challenges of ensuring carbon revenues support a just transition.Diana also shares key insights from her recent work, Maximising benefits of carbon pricing through carbon revenue use: A review of international experiences, which outlines a four-step approach to maximizing the impact of carbon revenues. Read the full report here: https://www.i4ce.org/en/publication/maximising-benefits-carbon-pricing-through-carbon-revenue-use-review-international-experiences-climate/Tune in for expert perspectives on revenue recycling, policy design, and the future of carbon pricing as a key tool for climate finance.Breakdown of topics covered:0:55 - Introduction to today’s topic and our guest, Diana Cárdenas Monar2:45 - Introduction to how carbon pricing instruments accrue revenue and why revenue recycling is an important concept and practice5:00 - How revenues can affect environmental and economic objectives6:35 - How revenues can contribute to a just transition and the social acceptability of carbon pricing10:30 - The most common ways that jurisdictions allocate carbon pricing revenues and differences by country profile15:00 - Further jurisdiction-specific examples that stand out19:10 - A four-step approach to making the most of carbon pricing revenues25:10 - Notable lessons from jurisdictions that have successfully implemented strategic revenue use27:30 - Potential pitfalls or unintended consequences of revenue use and compensation measures and how policymakers can avoid such issues29:50 - Future developments in carbon pricing revenue use strategies32:45 - How global climate finance discussions influence revenue allocation35:45 - A key challenge that must be properly addressed in the coming years of financing the transition to a low-carbon economy and what steps can be taken toward its resolution38:05 - Closing remarks

10. 

    6 Jan 2025TRANSCRIPT

    Episode 5: Carbon Pricing in the Power Sector with Harikumar Gadde and Christophe de Gouvello

    In this episode of ICAP’s Carbon Market Conversations, we explore the critical intersection of climate action and energy development in low- and middle-income countries. Host Trevor Laroche-Theune sits down with Christophe de Gouvello and Harikumar Gadde, Senior Specialists at the World Bank, to discuss the findings of a landmark report jointly published by the World Bank, ICAP, and the International Energy Agency: Carbon Pricing in the Power Sector: Role and Design for Transitioning Toward Net-Zero Carbon Development. Together, they explore how well-designed carbon pricing instruments can drive effective transitions in the power sector, the unique considerations for low- and middle-income countries, and the technical, policy, and stakeholder strategies essential for transforming their power sectors to align with net-zero goals.Breakdown of topics covered0:55 - Introduction to today’s topic and our guests, Christophe de Gouvello and Harikumar Gadde3:55 - Introduction to the recently published report, Carbon Pricing in the Power Sector: Role and design for transitioning toward net-zero carbon development and the impetus behind it6:50 - Positive results that a well-designed carbon pricing instrument can achieve in the power sector10:00 - How carbon pricing can align with development needs in low- and middle-income countries13:00 - Rationale behind four selected case studies—China, Colombia, Kazakhstan, and South Africa—and the lessons that can be learned from them16:10 - Critical questions that can guide policymakers in designing carbon pricing instruments for the power sector in low- and middle-income countries16:40 - (1) When introduced in the power sector, would a carbon pricing instrument need to cover other sectors as well?21:00 - (2) Who are the stakeholders along the value chain that can respond most effectively to a carbon pricing instrument?26:00 - (3) What side effects can result from the interaction of a carbon tax or an ETS with existing sector regulations and other policy instruments? And how can these interactions be addressed to ensure consistency and effectiveness?34:30 - Key challenges that must be properly addressed in the coming years of carbon pricing implementation in different global power sector contexts and what steps can be taken toward their resolution42:10 - Closing remarks You can find the carbon pricing in the power sector report here: https://icapcarbonaction.com/en/publications/carbon-pricing-power-sector-role-and-design-transitioning-toward-net-zero-carbon

11. 

    20 Sept 2024TRANSCRIPT

    Episode 4: United Kingdom ETS Deep-Dive with Hannah Lewis and Sam Reed

    In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes us on a deep dive into the UK ETS with Hannah Lewis, Head of UK ETS Policy and International Engagement with the UK Department for Energy Security and Net Zero and Sam Reed, Head of UK ETS Scope Expansion with the UK Department for Business, Energy and Industrial Strategy. Today’s conversation focuses on the UK ETS’s founding objectives and how it has developed since its inception, what to expect from the upcoming scope expansions, how it is preventing carbon leakage, plans for including engineered removals, and how it aligns with the UK’s broader climate goals. A more detailed breakdown of the topics explored and where you can listen to them is listed below.0:55 - Introduction to today’s topic and our guests, Hannah Lewis and Sam Reed of the UK ETS Authority3:10 - Introduction the UK ETS and its founding objectives6:40 - Early challenges and opportunities transitioning from the EU ETS9:20 - Significant developments since its launch: reduction of the cap, reduction of free allocation for industrial sectors, and announced plans to phase out free allocation for aviation, expand the ETS scope, and include GHG removals12:20 - Similarities and differences with the EU ETS14:00 - Rationale for scope expansions to maritime, waste incineration, and waste-to-energy sectors, and who expansions apply to17:15 - Expectations for the scope expansions and challenges encountered21:30 - Steps being taken to resolve challenges and recommendations for other jurisdictions that go through similar expansions23:45 - Expectations for further scope expansions in the future26:00 - Carbon leakage prevention - shifts in free allocation policy and the UK CBAM32:50 - Plans for including engineered removals and the role they will play34:50 - Making up the price difference for engineered removals to become an effective solution36:30 - UK ETS alignment with the UK’s broader climate goals39:40 - Outlook under the Starmer Government41:00 - Key challenges that the UK ETS must get right in the coming years, and what steps can be taken toward their resolution46:25 - Closing remarksMore information about ICAP and the UK ETS can be found here:https://icapcarbonaction.com/en/ets/united-kingdomFurther informative UK ETS resources mentioned in the episode:https://www.gov.uk/government/publications/uk-emissions-trading-scheme-long-term-pathway/the-long-term-pathway-for-the-uk-emissions-trading-schemehttps://www.gov.uk/government/consultations/developing-the-uk-emissions-trading-scheme-uk-ets

12. 

    29 Jul 2024

    Episode 3: China National Carbon Market Deep-Dive with Zheng Zhang, Director for Climate Finance at the Environmental Defense Fund

    In this episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the China National Emissions Trading System with Zheng Zhang, Director for Climate Finance at the Environmental Defense Fund Beijing Office. Today’s conversation focuses on what makes China’s ETS unique, how it has overcome challenges from its early stages, the expected impacts of the EU CBAM in China, the future outlook for ETS scope expansion, lessons that emerging economies can learn from China’s experience, and much more. A more detailed breakdown of the topics explored and where you can listen to them is listed below: 0:55 - Introduction to today’s topic and our guest, Zheng Zhang of the Environmental Defense Fund Beijing Office2:25 - Introduction to the China National ETS and what makes it unique3:40 - Main objectives of the ETS4:15 - China’s climate goals and how the ETS aligns6:08 - Historical development of the China National ETS9:00 - Challenges that were faced and how they were addressed11:40 - Expected impacts of EU CBAM for Chinese industry13:30 - Expected impacts of EU CBAM for China’s approach to carbon pricing 16:00 - ETS scope expansion outlook and other opportunities for system development 18:45 - Carbon market linking potential20:50 - Lessons for emerging economies that are implementing, developing, or considering an ETS24:00 - The core challenge that China’s National ETS must get right in the coming years, and what steps can be taken towards finding its solution27:25 - Closing remarks More information about ICAP and the China National ETS can be found here: https://icapcarbonaction.com/en/ets/china-national-ets

13. 

    15 May 2024

    Episode 2: How the EU CBAM is reshaping climate action with Prof. Dr. Daniel Klingenfeld of the German Emissions Trading Authority

    In this episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune discusses the EU carbon border adjustment mechanism (CBAM) with Prof. Dr. Daniel Klingenfeld of the German Emissions Trading Authority. Today’s conversation covers CBAM’s expected international implications, the current status of implementation processes since the introduction of the instrument’s transitional phase in 2023, and the challenges and opportunities that lie ahead. A more detailed breakdown of the topics explored and where you can listen to them is listed below: 1:15 - Introduction to our guest, Prof. Dr. Daniel Klingenfeld of the German Emissions Trading Authority 2:12 - CBAM explainer 4:00 - CBAM implementation timeline 4:55 - CBAM’s current and expected impacts on climate ambition and emissions levels 7:42 - Most affected countries 10:00 - Influence of CBAM on recent global carbon pricing developments (Türkiye example) 11:53 - Other CBAM proposals (United States example) 13:40 - Comparing excise duties on fossil fuels to carbon pricing through a CBAM lens 15:15 - CBAM’s effect on Germany and importers’ perspectives 17:48 - Standard factors for carbon content vs. actual emissions data 18:27 - CBAM actor line of responsibilities 20:48 - Insights from first few months of implementation 23:05 - Deadline for emissions data 24:00 - Further challenges and opportunities in CBAM’s transitional period 27:14 - The core challenge of technical implementation that we must get right and how we can work toward solutions 30:00 - Closing remarks More information about the German Emissions Trading Authority (DEHSt) and CBAM can be found below: German: https://www.dehst.de/CBAM English: https://www.dehst.de/cbam More information about ICAP can be found here: https://icapcarbonaction.com/en

14. 

    12 Apr 2024

    Episode 1: The State of Play of Global Carbon Markets, with Stefano De Clara, Head of Secretariat at the International Carbon Action Partnership

    In this debut episode of ICAP's Carbon Market Conversations, host Trevor Laroche-Theune discusses with Stefano De Clara, ICAP Head of Secretariat, about the development of compliance carbon markets around the world. After taking stock of how far we have come since the first emissions trading system (ETS) was operationalized in the EU in 2005, our brief world tour takes us through the most significant compliance carbon market developments in the regions that have experienced the most activity: Europe & Central Asia, North America, Latin America & the Caribbean, and the Asia Pacific. Today's diverse discussion content ranges from the main components of the EU's Fit for 55 package, to the ongoing development of new ETSs on four different continents, all the way to what Stefano personally sees as a key challenge that is particularly important for the carbon market community to get right in the years to come. A few particularly noteworthy remarks: (3:24 - 4:15) “As of today, we have 36 emissions trading systems in force worldwide, and they immediately cover almost ten gigatonnes of CO2 equivalent. That is roughly just over 18% of global GHG emissions … Last year (2023), those systems collectively raised 74 billion US dollars in auctioning revenue. If we look back at the grand total since auctioning was introduced in emissions trading systems, that brings us to more than 300 billion US dollars collected by emissions trading systems worldwide since 2007.” (4:43 - 5:01) “...almost one third of the global population lives under an ETS in force right now, and jurisdictions making up 58% of the global GDP are using emissions trading systems as a tool to reduce their CO2 emissions.” (6:39 - 7:39) “We are also seeing that innovative system designs are emerging as more and more countries and jurisdictions are developing new systems, and especially these new developments and systems that are being designed in emerging economies are giving rise to, let’s call it a new generation of hybrid and innovative emissions trading systems that often deviate from the traditional cap-and-trade blueprint, and they take up, for example, hybrid design features that combine different carbon pricing instruments in one policy tool, or for example, they take the form of intensity-based ETS, which is becoming a popular construct, especially in emerging economies.” (26:59 - 28:23) “I think that the key challenge for emissions trading systems globally, but also for carbon pricing more broadly, and also possibly for climate policy even more broadly, will be to be able to maintain the support of society at large for these instruments, for the decarbonization efforts that are needed, and for the fight against climate change overall … it is crucial going forward to find the right recipe and find the right communication strategy and find the right concrete measures to make sure that not only us as policy wonks and policy geeks, but also society at large sees the value of what these policy tools can bring, and this is really an area where also we as the community of carbon market practitioners will have to put a bit more effort and attention going forward. It will be key to maintain public support for decarbonization efforts.” The ICAP 2024 ETS Status Report is available at the following URL: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-2024-icap-status-report

Inside a recent episode

Episode 14: The EU ETS Review, with Mette Quinn

Published 1 Oct 2026 · Transcript excerpt

[…] Yes, indeed. It has been a long process and we are very happy that we managed to get the proposal out on the 17th of July. So overall, we have the need to review the ETS because we have designed it until 2030. Basically, we have designed it to reach our 2030 target for the ETS sectors. So we need to look into how do we move from 2030 and forward. And this is very much informed by the European climate law that was adopted in the end of last year. And it set an economy-wide target for the EU of 90% reduction in 2040. So now we needed to align the ETS to reach the 90% target in 2040. So that's the main reason for revising the ETS directive. […]

Who has been a guest on Carbon Market Conversations: A Podcast by ICAP

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

• Mette Quinn
• Theresa Wildgrube
• Robert Jeszke
• Iryna Holovko
• Victor Alejandro Ortiz Rivera

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Apple Podcasts (US)

5.0 / 5

2 ratings

Spotify

5.0 / 5

6 ratings

Podcast Authority Score: 14 / 100

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Quality

16

Social presence

0

YouTube

0

Engagement

32

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