Carbon Exposure

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.

Carbon Exposure is a news podcast hosted by Unknown Host, with 66 episodes on record and a Required Pod Score of 80. PitchCentric scores this show on Booking Probability, Listen Score, and live audience signals refreshed every 24 hours.

Unknown Host hosts Carbon Exposure, a news show with 66 episodes published.

Our AI reads these to draft pitches. Use them as grounding for a pitch that cites a real guest and a specific topic.

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  Episode #10

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

  Aug 12, 202651 minS4

  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

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  Episode #9

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

  Jul 29, 202642 minS4

  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

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  Episode #8

  Rebuilding the World's Largest Carbon Standard - Mandy Rambharos (CEO, Verra)

  Jul 15, 202659 minS4

  In Episode 8 of Season 4 of the Carbon Exposure Podcast, we sit down with Mandy Rambharos, CEO of Verra — the largest carbon crediting standard in the world, with more than 4,000 projects across 100+ countries and over a billion tonnes issued.Mandy took over Verra in August 2024, at the toughest moment in the standard's history. Two years on, the transformation is substantial. Verra swung from a $19 million loss in her first year to a $1 million loss in her second. Twelve methodologies now hold ICVCM approval. Twenty-four methodologies have been digitized. Six DMRV pilots are running, with completed cycles cutting review time by 70%.Mandy's background is unusual for the role: a scientist by training, she spent decades at Eskom — Africa's largest utility, 88% coal at the time — leading its shift toward renewables. She went on to co-chair the Article 6.4 negotiations in Glasgow, helped design South Africa's $8.5 billion Just Energy Transition Partnership, and worked at EDF before taking the Verra job.In this conversation, we explore what the transformation at Verra has actually meant — not just the finances and the methodologies, but the mindset shift. Why Mandy says integrity is now "DNA, not something we strive for." Why speed and integrity are not opposing concepts. Why "capital is like a shy deer." And why the real story of Verra isn't a methodology or a registry — it's the young girl in Guatemala who got educated because of a REDD+ project.In this episode, we cover:- Mandy's journey from Eskom to UN negotiator to Verra CEO- Co-chairing Article 6.4 in Glasgow and the human effort behind the rule book- The financial turnaround: $19M loss to $1M loss in a year- Why "integrity is DNA now" and what the market's next task is- How Verra digitized 24 methodologies and cut review times by 70%- Why speed and integrity are not opposing concepts- "Capital is like a shy deer" — and what makes it stop running- Dropping the V: the unification of carbon markets- The "horses for courses" logic behind different credit use cases- Compliance recognition in Singapore, South Africa, Colombia, and Peru- Why the EU should allow international credits- The impact stories that keep Mandy in the CEO seatIf you work in carbon markets, climate finance, project development, sustainability, or policy, this is a must-listen episode.Chapters[00:00] Intro[00:37] From Eskom to UN Negotiator[05:44] Co-Chairing Article 6.4 in Glasgow[10:28] Taking Over Verra — The First Month[13:20] The Turnaround: $19M to $1M Loss[16:27] What "Integrity" Actually Means Now[19:20] Speed vs Integrity — A False Trade-off[21:27] Digitization: 24 Methodologies, DMRV Pilots[24:39] The Cyclical Interdependency of the Market[28:24] Capital Is Like a Shy Deer[30:29] Dropping the V: One Unified Carbon Market[34:03] Compliance Markets and Verra Fungibility[38:35] The EU Debate on International Credits[44:34] Impact on the Ground[50:45] The Farmer, the Family, and the Mangrove#CarbonMarkets #ClimateFinance #CarbonCredits #Verra #Article6 #ICVCM #REDD #CarbonExposurePodcast

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  Episode #7

  Inside a $1 Billion Nature Investment Strategy - Tripurari Prasad (Climate Asset Management)

  Jul 1, 20261h 5mS4

  In Episode 7 of Season 4 of the Carbon Exposure Podcast, we sit down with Tripurari Prasad, Deputy Head of Carbon, Investments at Climate Asset Management (CAM) — the joint venture between HSBC and Pollination that has committed over US$1 billion to nature as an institutional asset class. Tripurari's path to carbon is unusual: a decade in oil and gas, then South Pole (where he worked on one of the first Article 6.2 discussions, with Switzerland's KliK Foundation and the Thai government), then HSBC's carbon trading desk, and now leading capital deployment for CAM's emerging markets strategy. That seat — at the intersection of carbon, nature-based solutions, and institutional finance — gives him a perspective most carbon practitioners don't have. One that prompts this counter-intuitive line: "Carbon is not the core part of the story. It is always a side benefit." We explore what it actually takes to make nature an investable asset class, why most carbon projects fail on operations rather than methodology, how institutional capital is bifurcating between offtake-led and project-equity-led approaches, and where the next wave of demand is going to come from. In this episode, we cover: - Tripurari's path from oil and gas, through South Pole and HSBC, to CAM - How CAM is structured: natural capital strategy vs emerging markets carbon strategy - Why 10,000 hectares is the institutional minimum for nature investments - Why "carbon is the catalyst, not the destination" reframes the entire investment thesis - How CAM stacks carbon with coffee, cacao, and bamboo supply chains - Why 90% of project failures are operational, not methodological - The split between offtake-led and project-equity-led financing - Capital stacking, priority rights, and the maturing of carbon as infrastructure - Why capital is not finite — and what's needed to unlock it (15–18% IRR expectations for emerging markets) - Why Isometric freezing protocols is a model for the certainty institutional capital requires - Whether 2030 net zero commitments are hard targets or soft targets - The standardization gap and why the market needs an ISDA equivalent for carbon contracts - The talent gap and cross-pollination from infrastructure and finance If you work in carbon markets, climate finance, nature-based solutions, project finance, or institutional investment in climate, this is a must-listen episode. Chapters [00:00] Intro [02:06] From Oil & Gas to Carbon Markets [07:33] South Pole and Article 6.2 [09:13] Inside Climate Asset Management (CAM) [13:22] Why "10,000 Hectares" Is the Floor [14:20] "Carbon Is Not the Core of the Story" [16:02] Stacking Carbon With Coffee, Cacao & Bamboo [21:49] Why 90% of Projects Fail on Operations [27:38] Offtake-Led vs Project-Equity Financing [32:11] Capital Stacking & Priority Rights [34:37] Why Capital Is Not Finite [44:18] The Case for Certainty in Carbon Markets [46:16] Where the Demand Is Actually Coming From [49:25] 2030: Hard Target or Soft Target? [54:26] The Standardization Gap [59:56] The Talent & Cross-Pollination Problem #CarbonMarkets #ClimateFinance #NatureBasedSolutions #CarbonCredits #NBS #InstitutionalCapital #ProjectFinance #CarbonExposurePodcast

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  Episode #5

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

  Jun 3, 20261h 7mS4

  <p>In Episode 5 of Season 4 of the Carbon Exposure Podcast, we sit back down with Patrick Greenfield, biodiversity reporter at The Guardian.</p><p><br /></p><p>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.</p><p><br /></p><p>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. Pric...

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