In this episode of the Carbon Exposure Project, we sit down with Scobie Mackay, Co-Founder & CEO of Imperative, to unpack what it will take to make nature a genuinely investable asset class.
Scobie brings a rare perspective — combining 15+ years in structured finance at Macquarie and Standard Chartered with hands-on experience developing infrastructure-grade nature-based carbon removal projects across the Global South.
We explore why capital has struggled to flow into nature at scale, why delivery and reputational risk remain misunderstood, and why the risk of climate inaction is still not being priced into financial decision-making — despite trillions of dollars at stake.
This is a conversation about projects, execution, and capital discipline, not theory.
🔍 What we cover
⏱️ Chapters
00:00 Introduction
02:30 From finance to climate
05:20 Climate and biodiversity as a test of collective intelligence
06:40 Discovering carbon markets
08:40 Why institutional capital struggles with carbon projects
11:15 Treating nature projects like infrastructure
14:45 Imperative’s focus: nature-based removals
17:00 Flight to quality and removals
20:10 Execution risk and project controls
24:00 In-house execution and long-term operations
27:40 Risk in carbon markets
32:10 Pricing the risk of climate inaction
40:00 Insurance, offtakes, and delivery guarantees
46:50 Biodiversity premiums and market signals
53:00 Making nature investable
How Verity Nature is Planting 4 Billion Trees in Kenya 🌳 | Duncan Van Der Merwe
In this episode of Carbon Exposure, we sit down with Duncan Van Der Merwe – Co-founder & Chair of Verity Nature to unpack one of the world’s most ambitious nature-based climate programmes.
Verity Nature is a profit-for-purpose company that designs, builds and operates large-scale nature restoration projects with local communities at the centre. From their base in Australia, with teams in New Zealand, East Africa and beyond, they focus on high-integrity carbon and co-benefit credits backed by science, technology and long-term operations.
Their projects span reforestation and landscape regeneration in New Zealand (e.g. Black Hill Station in Canterbury and a large natural regeneration programme in the Chatham Islands) and blue carbon restoration pilots in Australia, where they’re restoring coastal and tidal ecosystems as future carbon sinks.
At the heart of this conversation is Kenya. Under President Ruto’s national drive to plant 15 billion trees by 2032, the Kenyan government has asked Verity Nature to help restore degraded landscapes at unprecedented scale.
Verity has proposed reforesting up to 4 billion native trees as part of this effort – potentially the largest ARR (Afforestation/Reforestation/Revegetation) programme in the voluntary carbon market. Their model combines:
Infrastructure-grade project design – 40-year operations with long-term permanence rights
Community-led restoration – partnering with local organisations like CCB Corridors and using mobile tools (e.g. “Si Si Na Miti”) so farmers and grandmothers can plant trees, track survival and earn income
Tech from satellites to blockchain – remote sensing, MRV and digital traceability to show exactly where credits come from and how trees are performing over time
What we cover:
00:00 – Introduction: Why Nature-Based Removals Need Infrastructure Thinking
04:30 – Verity Nature’s Model: Building & Operating Long-Term Projects
09:00 – Why East Africa? Strategic Focus on Kenya and Uganda
14:00 – The Kenya Project: Tying into President Ruto’s 15-Billion-Tree Vision
19:30 – Planting Up to 4 Billion Trees: Scale, Design and Execution
25:00 – Communities, Farmers and Grandmothers: Why Women Are Central
31:00 – Tech Stack: From Satellites to Blockchain for Integrity & MRV
38:00 – Risk Management & Delivery: Avoiding the Non-Delivery Trap
45:00 – The 400M Credit Pipeline & the 2030 Removals Gap
51:00 – What Buyers Should Do Now & Closing Reflections
Saudi Arabia is moving fast: top-down ambition, patient capital, and a vision to scale carbon markets across the entire Arab region.
In this episode, Erik Ringvold — Chief Business Development Officer at the Saudi Voluntary Carbon Market Company (VCM) — breaks down how the Kingdom is building the infrastructure, the demand base, and the regional alliances to make it happen.
And momentum is accelerating: VCM recently announced major partnerships with MSCI Carbon Markets to bring advanced carbon market intelligence to Saudi companies, and with BeZero Carbon to strengthen credit quality and transparency across its exchange.
What we cover:00:00 – Introduction & Tunisia Setting
01:43 – Erik’s Journey into Carbon Markets
02:55 – From McKinsey to Carbon Market Development
06:26 – Why Saudi Arabia Has the Ingredients for a Carbon Hub
11:50 – Building Integrity and Confidence in the VCM
14:46 – The Role of Corporates and Perverse Incentives28:30 – Financing, Demand Signals & Market Fundamentals
29:41 – Nature-Based vs. Durable Removals
32:19 – Regional Collaboration Across the Arab World
33:52 – The Tunis Auction & Interconnected Order Books
36:30 – Global Participation & Future Outlook
The Carbon Exposure Project is back to wrap up Season 3 of the Carbon Exposure Project after the summer break!
This week, we sit down in Singapore with John Sharp, co-founder of Hatcher — an investor, technologist, and builder who has helped raise hundreds of millions for nature-based climate projects.
John brings a rare investor’s lens to the voluntary carbon markets: what really happened after the Guardian exposé, why investor confidence evaporated, and how capital is now pivoting toward infrastructure-grade climate solutions.
From the rise and fall of Carbon Nation to bold bets on green steel, carbontech, and even a space-based sunshield, this episode explores where the next generation of climate investments will come from — and what makes them truly bankable.
💡 In this episode:
💸 The Carbon Nation story — raising $250M for nature-based solutions before the 2023 crash
📉 How sentiment collapsed after the Guardian article — and what that meant for investors
🏗️ The shift toward infrastructure-grade assets: green steel, cement, and carbontech
🌍 What makes a project “bankable” in climate finance
🚀 John’s next frontier: Earth Guard, a satellite project designed to stabilize Earth’s temperature
Chapters:
00:00 – Introduction: From Music to Markets
05:30 – Building Hatcher: Automating Venture Capital
07:00 – Entering Carbon: Launching Carbon Nation
09:30 – Market Shock: The Guardian Article & Carbon Crisis
15:00 – Lessons from the Field: Soil, Cookstoves & Mangroves
23:40 – Pivoting Strategy: From Carbon to Green Infrastructure
34:50 – The Bigger Picture: How Large Is the Carbon Market Really?
38:00 – Policy & the Politics of Carbon Pricing
45:00 – Investing in Climate Tech: Hardware, Deep Tech & Patience
55:30 – Beyond Earth: The Earth Guard Project
During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by Head of Projects & Legal at ONE TRIBE. Welcome to the Carbon Exposure Project!
During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by Stephanie Zhu, former sustainability member at Delta Air Lines, and now active as Director of Climate at Yum! Brands.
Topics discussed:
00:00 – introduction
A light intro leading into the live recording at the European Climate Summit.
01:25 – Stephanie Zhu’s Sustainability Journey
From finance to ESG leadership at Delta Airlines and Yum! Brands.
03:42 – Inside Delta: Navigating the Voluntary Carbon Market
A first-hand look at how one of the world’s biggest airlines approached offsets.
05:10 – Reduce and Invest: A Dual Strategy for Decarbonization
Why internal reductions and external investments must go hand-in-hand.
06:57 – Carbon Markets Are Complicated—Here’s Why
Challenges in understanding offsets, additionality, and building a credible portfolio.
10:55 – From Aviation to Agriculture: Cross-Sector Climate Strategy
The different decarbonization hurdles across industries—and how to tackle them.
14:05 – The Voluntary Paradox
Why companies taking climate action face more scrutiny than those doing nothing.
16:00 – A Pragmatic Path Forward for Corporate Climate Action
Let’s not let perfection stall progress—what realism looks like in sustainability.
During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by David Antonioli, former Founder & CEO of Verra.Topics discussed in this episode:00:00 – Introduction
02:32 – David’s new paper: “Financing the Transitions the World Needs”
03:41 – Rethinking carbon markets: key insights from the report
06:03 – Biochar: a case for real-world carbon solutions
09:04 – Developer vs. biochar business: shifting identities
11:29 – “On paper” vs. reality in project scalability
14:58 – The “three buckets” of climate project economics
18:03 – Keeping projects operational & long-term thinking
21:03 – Market incentives and insetting as cost strategies
24:03 – Rewriting the climate narrative & new leadership
27:03 – Global insights and financial infrastructure reform
28:26 – A new paradigm for transition-focused markets
30:03 – Carbon credits as tools, not destinations
During the IETA European Climate Summit held in Lisbon, we spoke with some inspiring voices at the conference. In this European Climate Summit Special Episode, we're joined by Sandra Pinzón García, Founder & CEO of Global Zero Waste. Sit back, relax, and enjoy the episode!
Topics discussed in this episode:
00:00 – Introduction & Sandra’s mission in circular economy
01:26 – From carbon markets to plastic credits
02:54 – Defining circular economy: water, energy & materials
06:03 – The rise of plastic credits & Cercarbono partnership
09:04 – Building a new methodology for global recycling projects
10:24 – Innovation, R&D and project transformation
14:53 – Scaling impact through zero-waste strategies
18:37 – Sandra’s reflections on climate leadership
In this new episode of the Carbon Exposure Project, Rene Velasquez sits down with Oi-Yee Choo, CEO of Climate Impact X. Together, they dive into a dynamic conversation on the evolution of carbon markets, regulatory clarity, and the future of climate finance—offering sharp insights from both financial and sustainability perspectives.In this episode, the following topics are discussed:
00:00 – Intro & Oi-Yee’s path into carbon markets
06:43 – From banking to fintech to impact
11:08 – REITs, tokenization & new asset classes
15:37 – Market building: trust, structure & growth
18:15 – Risk aversion & regulatory clarity
20:36 – ASEAN cooperation & Singapore’s role
26:58 – Why governments must build confidence
29:43 – Oi-Yee's market experience as CEO
35:34 – The myth of oversupply & demand lag
38:40 – What the market needs now
44:43 – Aviation & urgency in decarbonization
48:30 – Shipping & new sectoral demand
51:39 – Tech players & CDR
57:30 – The future of the market
this episode, we're joined by Daniel Lee, an Associate Professor in Carbon Markets at the Nanyang Business School. Before transitioning to academia full-time, he spent close to 18 years in the industry, where he undertook a variety of roles across the Energy and Decarbonization value chains, including Commodity Trading, Acquisitions & Divestments, and Capital Project Delivery.
This episode's discussed topics:
00:00 – Welcome & Introduction
Setting the stage for the conversation and the importance of carbon market education.
01:50 – Daniel’s Journey: From Trading Desks to Academia
A look at Daniel’s professional background, early involvement in carbon markets, and the winding path to teaching.
07:23 – Why Academia? Daniel’s Motivation to Teach
What inspired the transition from industry to education—and why giving back matters.
10:13 – Building the Carbon Market Academy at NTU
How NTU’s new initiative is shaping future talent for the carbon services and trading sector.
21:50 – Evolving Carbon Markets & The Need for Continuous Learning
Insights into the current state of carbon markets and the importance of staying sharp in a transforming space.
30:10 – Why Education is the Backbone of Climate Finance
Exploring the critical role of structured learning in empowering new and existing professionals in the space.
34:52 – What Motivates the Next Generation to Join Carbon Markets?
Understanding the perspectives, anxieties, and hopes of students and young professionals entering the field.
42:25 – Singapore’s Carbon Hub Vision
How Singapore is positioning itself as a global carbon market hub—and what’s driving its rapid ecosystem growth.
Welcome back to the first episode of the Carbon Exposure Project season 3! Our guest for this episode is Alvin Lim, former Executive Director and head of Asia Environmental Products at Morgan Stanley. He is also a Senior Fellow at the NUS Business School.
In this episode, the following topics are discussed:
00:00 – Introduction
Rene welcomes Alvin Lim and sets the stage for a deep dive into carbon markets, investing, and impact.
02:06 – Alvin’s Journey into Climate and CarbonFrom
COP15 in 2009 as a student to building a carbon thesis at a sovereign wealth fund.
09:21 – Understanding the Private Carbon Market
What are ecosystem enablers? Exploring infrastructure, data, and services in the carbon value chain.
11:00 – Compliance vs. Project-Based Markets
How these two market types differ and intersect—and how fungibility is starting to emerge.
17:35 – Article 6.2 and 6.4: The Road Ahead
Alvin breaks down international cooperation, policy trends, and cost-saving potential from the 2019 IETA–Maryland study.
20:30 – What Makes a Carbon Project Bankable?
Alvin outlines three key risks investors look for: country/political, merchant/price, and performance risk.
26:00 – Methodological Shifts & Issuance Uncertainty
How changing methodologies (e.g. REDD+ VM0048) affect future credit issuance and investor confidence.
29:49 – De-risking the Market: The Role of Public Capital
Philanthropy, DFIs, and blended finance mechanisms that help crowd in institutional investors.
31:15 – Assessing Project Performance Risk
Why track record, conservative estimates, and insurance matter in evaluating project reliability.
33:00 – Does Vintage Matter? A Carbon Market Myth
A myth-busting segment on vintage bias and the time value of carbon, including a reflection on how trading norms shaped perceptions.
41:07 – The Power of Mentorship and Education
Alvin shares his personal story, teaching roles at NUS and Columbia, and why giving back is essential.
48:46 – Carbon Markets & the Energy Transition
The role carbon finance plays in enabling large-scale transition—especially in Asia.
50:25 – Accelerating Coal Phase-Out in Emerging Markets
Financing and incentives needed to speed up coal retirement.
53:10 – How Do We Actually Accelerate the Transition?
The importance of investment, innovation, and international alignment.
57:16 – Reflections on Progress and What’s Next
A look at where we stand in the global decarbonization journey—and what it will take to reach net zero.
For this episode, the Carbon Exposure Project traveled to Kuala Lumpur to visit the Bursa Malaysia Carbon Market Forum 2024. We sat down with the head of carbon markets at Bursa Malaysia, Dr. Wei Nee, to talk about ongoing carbon market developments in Malaysia and Asia.
Bursa Malaysia led the development and implementation of a Malaysian carbon market framework, leading to the launch of the Bursa Carbon Exchange, BCX, in December 2022. BCX offers a diverse portfolio of standardized carbon credit products, differentiating between nature-based and technological solutions that mitigate emissions. With two recent auctions for carbon credits and Renewable Energy Certificates (RECs), BCX effectively focuses on these two key verticals, enhancing its market offering.
As Malaysia and other Asian countries prepare for COP, Bursa Malaysia is taking an active role in fostering regional collaboration. Dr. Wei Nee shares insights on how they intend to work with neighboring countries like Thailand, Indonesia, and Singapore to build a unified Asian carbon framework.
Join us as we dive into the evolving landscape of carbon markets in Asia and explore how Malaysia is positioning itself at the forefront of this critical transition.
Timestamps:
00:00 Introduction to Wei Nee, Bursa Malaysia, and BCX
03:02 The Diverse Portfolio of BCX
08:28 Creating an Ecosystem at BCX
11:28 Key Takeaways from the Carbon Market Forum
15:12 Why Are Carbon Markets Not Allowed to Evolve?
17:39 Carbon Collaboration Within the ASEAN Region
23:25 The Domestic Ambitions of BCX
27:55 BCX’s Expectations for COP29
29:30 Advancing Carbon Project Financing as a Multi-Asset Exchange
37:46 End Note
In this episode, we sit down with Peter Zaman, Partner at HFW, to explore the evolving landscape of carbon markets. Peter is one of the foremost legal experts in the carbon markets. We discuss the challenges of implementing the Paris Agreement, the role of voluntary carbon markets in global decarbonization efforts, and the various types of carbon credits, including the differences between voluntary, CORSIA, and Article 6 credits. Peter breaks down these complex topics with clear analogy, providing listeners with a comprehensive understanding of how carbon credits differ and how carbon markets contribute to the fight against climate change.
Timestamps:
00:00 Introduction to Peter and the Carbon Markets 1.0
8:59 Peter’s Role in Carbon Markets 2.0
16:30 The Paris Agreement and its implementation challenges
22:59 The role of the VCM in the global decarbonization strategy
27:32 Different types of carbon approaches and credits
35:15 The difference between voluntary / Corsica / Article 6 credits
37:01 An analogy to explain the difference in credits
For this episode, we invited Ana Haurie, CEO of Respira International. In collaboration with other organizations, Respira launched the Reduce and Invest Campaign in September, encouraging businesses to balance their carbon emissions by simultaneously reducing emissions and investing in climate solutions through the VCM. Their mission is to promote rapid decarbonization while channeling investments to accelerate global net zero. Companies must take immediate action to account for their emissions today, not just in the future. This approach benefits both the planet and businesses, driving long-term value and leadership in climate responsibility. This episode was recorded before the launch of this new campaign, but it highlights the need for such initiatives. In this episode, Rene talks with Ana about Respira, the current state of the VCM, and what is necessary to scale it. Enjoy this episode!
timestamps:
00:00 Introduction to Respira
01:49 Project developers; the demand uncertainty
04:24 The returning VCM support
10:30 Solving market issues
12:30 Nature-based solutions are left behind
16:06 Reducing barriers to entry
19:10 Co-benefits should be rewarded
23:43 Insurance companies
25:26 Institutionalization of the VCM
30:43 Reingaging the demand side to scale
Our guest for this episode is Tin Dalida, Chief Operations Officer at Wovoka. Wovoka's mission is to empower communities to grow sustainable Southeast Asian forests through high-quality, nature-based carbon solutions. They have a growing pipeline of additional upland forest and mangrove restoration and conservation projects in the Philippines. In this episode, Rene and Tin talk about different topics like project development, blue carbon, co-benefits, the importance of mangroves, and the challenges project developers face.
Timestamps:
00:00 Introduction
01:58 Tin’s journey & Wovoka’s work
03:42 Blue carbon and its potential
06:29 The role of mangroves for ecosystems
8:37 Mangrove protection benefits local communities
11:06 Why nature-based solutions?
15:25 Challenges as a project developer
21:33 Financing challenges
24:56 Tin’s motivation to go on with her work
In this episode, we are joined by Murray Collins, CEO and Co-founder of Space Intelligence. Space Intelligence plays a crucial role in advancing nature-based solutions by delivering precise data on forest coverage and carbon storage. This data is essential for ensuring transparency and accountability in nature investment decisions. The episode features a compelling discussion between two experts, each from a different field but united by a common goal: to help develop markets and mechanisms that effectively combat climate change. Timestamps: 00:42: introduction 00:42: Introduction of Murray and Space Intelligence 2:35: 3 types of satellite data 9:45: Digital MRV 11:42: Providing data to enhance insights and confidence 17:53: Murray’s career in Asia and the start of Space Intelligence 23:30: Singapore as carbon center 25:58: Space Intelligence’s part in reaching Net Zero 29:38: The strange anti-nature rhetoric of the press 36:20: A message for the media
This new CXP episode is featured by Dominic Lüdin, Chief Growth Officer at Carbonfuture. Carbonfuture aims to accelerate climate action with the Trust Infrastructure for durable carbon removal. Rene and Dominic discuss the development and growth of CDR, how CDR should be combined with carbon reduction strategies and the durability of CDR projects. Timestamp: 0:00: introduction 0:54: Introduction to Carbonfuture 3:30: Dominic’s career in carbon markets 8:24 :The development and impact of CDR 16:41 :Pioneers of the CDR market 19:55: The Trust infrastructure 22:30: Combining carbon reduction and -removal 26:46: The price of removals in the future 31:07: Durability & the CDR portfolio
The guest for this episode is Dinesh Babu Nithyanandam, Executive Director of Climate Action Data Trust. CAD trust is a decentralized metadata platform that links, aggregates, and harmonizes all major carbon credit registry data to enhance transparent accounting in line with Article 6 of the Paris Agreement. Topics discussed in this episode:
0:00 Introduction
0:40 Introduction of Dinesh and CAD trust
4:26 CAD Trust: Linking, Aggregating, Harmonizing
8:14 CAD Trust’s blockchain technology & benefits
11:21 The Power of Data
18:45 CAD’s funding model
26:57 Challenges
35:37 Plans for this Year
38:08 Mitigating Double Counting Risks
40:34 Evolution of CAD Trust in the Future
Due to the importance of the discussion with Rene, a representative of the VCM, and Patrick, a representative of the media that has been scrutinizing the market, we have created this highlight video. We hope this episode will foster respectful dialogue. Ultimately, both the media and the VCM should play crucial roles in scaling up efforts to address the most pressing issue we face: climate change.
In today's episode, we are joined by Patrick Greenfield, a biodiversity reporter for The Guardian. Over the past two years, Patrick has extensively covered carbon markets and their effectiveness. He has been at the forefront of media scrutiny surrounding the Voluntary Carbon Market. In this episode, Rene talks with Patrick about this media scrutiny, the effectiveness of the scheme, and whether carbon credits are worthless or worthwhile. Enjoy this very engaging discussion! Topics: 00:00 - Introduction 1:25 - Patrick’s job as a reporter and involvement in the VCM 5:50 - Negative story writing and the use of “Worthlessness” 21:20 - The ‘binary’ outcome of the VCM’s functionality 28:50 - Community impacts from carbon projects 35:07 - Scaling the VCM in the future 44:10 - The use of the term ‘worthlessness’ 49:10 - Additionality in forestry projects 55:02 - Enhancing the integrity of credits 59:05 - Solutions for the future 1:03:58 - Ratings and third-party reviews 1:13:02 - Julia’s opinion piece on the West et al. study 1:16:08 - Partnering between the VCM and the media