Rethinking How Carbon Markets Should Work - Ingo Puhl (Co-Founder, South Pole)

Surviving the Sustainability Winter - Fang Eu-Lin (Partner, PwC Singapore)

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 - Singapore's carbon tax recycling and capacity-building model - The reporting timeline pushback and the quality vs speed trade-off - Climate scenario analysis and the limits of available research - Physical risk vs transition risk for corporates - The Scope 3 debate: spend-based vs activity-based measurement - Why the Singapore Emission Factor Registry matters for accurate disclosure - How to lead through the "sustainability winter" If you work in sustainability reporting, climate finance, ESG, corporate strategy, or board governance, this is a must-listen episode. Chapters [00:00] Intro [02:32] From Accounting to Sustainability [05:17] Singapore's 2016 Reporting Pivot [08:18] Syzygy: Aligning Skill, Passion & Value [13:34] Is Climate Falling Off the Agenda? [15:12] The Shift From Purism to Pragmatism [17:25] ISSB, GHG Protocol & SBTi in Revision [19:05] CFO + CSO Collaboration on Transition Plans [23:33] Singapore's Carbon Tax Model [27:20] Quality vs Speed in Climate Reporting [29:12] Climate Scenario Analysis & Risk [33:09] Scope 3: Love It or Hate It? [36:21] The Singapore Emission Factor Registry [37:51] Outlook to 2030 [39:30] Snowy Owls & The Sustainability Winter #SustainabilityReporting #ESG #ClimateReporting #ClimateFinance #ISSB #ScopeThree #Singapore #CarbonExposurePodcast

Did the Media Break the Voluntary Carbon Market? - Patrick Greenfield (The Guardian)

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 reporter accountability question: did journalism cause the demand collapse? •⁠ ⁠Why Patrick calls the market's grievance "a slightly self-pitying story" •⁠ ⁠The "big beasts" holding the mic and why new voices aren't being heard •⁠ ⁠Why his reporting focus is shifting toward biodiversity loss If you work in carbon markets, climate finance, sustainability, policy, project development, or climate journalism, this is a must-listen episode. Chapters [00:00] Intro & Welcome Back [02:00] Why He Went Back to Kasigau Corridor [07:00] Trump, USAID & the Climate Vacuum [08:20] Is This the VCM's Moment of Truth? [10:42] No More Chances for the VCM [17:30] Counterfactuals & The Boundary Line Trap [23:30] Is the Paris Agreement Still Alive? [26:00] The Role of Civil Society & Media [29:00] What He Found Back at Kasigau Corridor [32:30] Methodology Shifts and the Haircut [35:00] Did Journalism Cause the Demand Collapse? [36:25] On the Side of the Angels [41:30] The Big Beasts Holding the Mic [45:00] Markets, Conservation & The Profit of Deforestation [51:30] The Self-Pitying Story [53:00] Carbon Neutral Claims & Consumer Deception [01:01:20] Conspiracy Theories About Climate Reporting [01:05:00] Biodiversity, Hope & What Keeps Him Going #CarbonMarkets #ClimateFinance #CarbonCredits #VCM #REDDPlus #Biodiversity #ClimateJournalism #CarbonExposurePodcast

The Problem With Climate’s Binary Thinking - Frederick Teo (CEO, GenZero)

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 18:03 Carbon Markets as Financing Mechanisms 20:28 Offsets vs Decarbonization 21:50 Integrity, Demand & Corporate Inaction 27:32 What Drives Real Climate Demand 30:17 Why Nature Still Matters 33:10 The “Good Samaritan” Problem in Carbon Markets 🎧 Also available on Spotify & Apple Podcasts #CarbonMarkets #ClimateFinance #CarbonCredits #ClimateTech #NatureBasedSolutions #GenZero #CarbonExposurePodcast

How to Make Carbon Markets Investable - Finn O'Muircheartaigh (BeZero Carbon)

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. Chapters 00:00 Introduction 03:08 What BeZero Carbon Does 08:26 Why Carbon Ratings Matter 15:30 How BeZero Was Built 20:11 Quality Drives Price 27:40 Ratings in Compliance Markets 34:24 Singapore, Article 6 & APAC 39:16 Ratings for Compliance Markets 47:20 Portfolio Ratings & Risk Management 59:34 Why Finn Is Optimistic for APAC #CarbonMarkets #ClimateFinance #CarbonCredits #BeZero #Article6 #APAC #CarbonExposurePodcast

Rethinking How Carbon Markets Should Work - Ingo Puhl (Co-Founder, South Pole)

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 Timestamps 00:00 Intro 03:10 Carbon Market Origins 08:47 CDM Boom & Bust13:16 Trust, Trauma & Sovereignty 18:25 Thailand as Blueprint 27:25 Broken Market Infrastructure 33:29 Ratings, Innovation & Integrity 43:04 Tech, Data & Verification 47:42 Why RECs Work52:28 Rebuilding Market Design 58:12 Tokenization & Liquidity 01:02:22 ASEAN Carbon Opportunity 01:06:45 Future Market Vision #CarbonMarkets #ClimateFinance #CarbonCredits #Article6 #SouthPole #CarbonExposurePodcast #ClimateTech #EnergyTransition #CarbonExposurePodcast #CarbonExposure