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

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

Inside Article 6: How the UN Plans to Scale Global Carbon Markets - Perumal Arumugam (UNFCCC)

In this episode of the Carbon Exposure Podcast, we sit down with Perumal Arumugam from the UNFCCC for an in-depth discussion on Article 6 of the Paris Agreement and what it means for the future of global carbon markets. As countries move from rule-setting to real implementation, Article 6 is becoming one of the most important mechanisms for scaling climate finance and enabling international carbon trading. We explore how Article 6.4 (PACM) is being operationalized, how it compares to Article 6.2, and where supply and demand for carbon credits are expected to come from in the coming years. Perumal shares insights from inside the UNFCCC on the transition from Kyoto to Paris, Article 6 implementation, supply and demand dynamics, registry infrastructure, and the outlook toward 2030. Chapters: 00:00: Intro & Background 06:25: From Kyoto to Paris 10:49: Article 6.4 Explained 12:32: Supply & Demand Fundamentals 15:10: Host Country Bottlenecks 20:45 Article 6.2 vs 6.4 27:48: Multilateral Advantage of Article 6.4 33:29: First Issuances & CDM Transition 38:11: Project Pipeline & New Methodologies 41:17: Registry Infrastructure Overview 46:24: Interoperability & Registry Architecture 54:39: Outlook to 2030 This conversation is essential listening for anyone working or interested in: - Carbon markets - Climate finance - Article 6 implementation - Corporate climate strategy - Carbon credit project development - Government policy and compliance markets The Carbon Exposure Podcast brings conversations with leading experts shaping the future of carbon markets, removals, and climate finance. #CarbonMarkets #Article6 #ParisAgreement #CarbonCredits #ClimateFinance #UNFCCC #CarbonExposure #CarbonExposurePodcast #NDC #CORSIA #ClimatePolicy