Carbon Market Conversations: A Podcast by ICAP

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Mette Quinn (Deputy Director for Carbon Markets and Clean Mobility at the European Commission, DG Climate Action) to unpack the European Commission’s review of the EU ETS proposed in July 2026. This timely conversation outlines the key design elements that have been proposed and the policy logic behind each of them. This ranges from adjustments to the cap trajectory and market stability reserve to proposed changes to balance the objectives of decarbonization incentivization and carbon leakage protection. Mette also sheds light on potential extensions to the ETS scope, both in terms of sector expansion and the developing role of permanent carbon removals and international carbon credits. A more detailed breakdown of the individual aspects of the conversation is provided below.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guest

3:00 – High-level objectives of this EU ETS Review, and timing rationale

5:00 – Key developments that influenced the EU Commission approach to this review

8:15 – ETS cap trajectory 

10:00 – Market Stability Reserve 

14:00 – Free allocation, EU CBAM, Innovation Fund, and the Industrial Decarbonization Bank

17:40 – Carbon removals

22:15 – International carbon credits

25:00 – Expansion to municipal waste incineration coverage

28:45 – Extended aviation coverage

30:00 – Most challenging elements of the ETS Review to design

31:45 – Next steps for the revision

33:30 – The guiding message behind this EU ETS Review

34:30 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Dr. Theresa Wildgrube (ICAP Senior Carbon Market Expert) for a behind-the-scenes conversation on ICAP’s recently published paper Scope Expansion of Emissions Trading Systems: Design and Policy Challenges, co-authored by Trevor, Theresa, and ICAP colleague Andrés Olarte. As emissions trading systems continue to mature and expand across the globe, a growing number of jurisdictions are asking what comes after launch, and for many, the answer involves broadening or deepening the scope of their ETS. This episode walks through the paper's core findings: the concrete design challenges jurisdictions face when expanding ETS boundaries, and the political and policy dynamics that shape whether expansion happens at all, and how. Drawing on conversations with ICAP members actively navigating these questions, Theresa and Trevor reflect on the process of developing this work and the conclusions of the research.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guest

3:00 – Why a paper on scope expansion of ETS is particularly relevant at this time

4:25 – Scope and structure of the paper 

5:50 – Broadening vs. deepening classifications and examples of scope expansion

6:55 – Design vs. policy challenges

8:45 – Discussion of design-side challenges and cases including considering design effects on existing covered entities and how to prevent double regulation

11:40 – Discussion of policy-side challenges and cases including political opposition from multiple angles and price effects on existing covered entities

17:40 – The role of clear and careful planning

19:35 – The importance of early implementation of MRV infrastructure

20:20 – Benefits of stakeholder consultations

21:40 – Upcoming ICAP work on ETS scope expansion

23:10 – Closing remarks

Link to the ICAP paper Scope Expansion of Emissions Trading Systems: Design and Policy Challenges: https://icapcarbonaction.com/en/publications/scope-expansion-ets-design-and-policy-challenges

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Robert Jeszke (Deputy Director for Emissions Management at the Institute of Environmental Protection – National Research Institute (IOŚ-PIB), and Head of Poland’s National Centre for Emissions Management (KOBiZE)) for a grounded look at how EU carbon pricing lands in Poland. Building on the EU ETS reform agenda and the rollout of EU ETS 2, the discussion explores how policy design translates into practice in Poland, from price signals and competitiveness to revenue use for the energy transition and cushioning social impacts. Robert sheds light on KOBiZE’s policy and operational work, the role of complementary measures, and what a “just transition” means in the Polish context. The conversation also examines deployment of EU funds, the significance of the Social Climate Fund, and how public acceptance is managed. We close with lessons other countries can draw from Poland’s experience and why reframing carbon pricing as a credible transformation contract may be key to the years ahead.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guest

3:10 – How EU ETS reforms translate to the Polish context

5:45 – Poland’s preparation for EU ETS 2

8:00 – KOBiZE’s role and the kinds of policy and operational questions Robert works on

11:05 – How the EU ETS price signal lands in the polish context given the economy and energy system structures

14:00 – Economic competitiveness

17:50 – ETS revenue allocation in Poland, including toward the energy transition and cushioning economic impacts

20:00 – Complementary policies

23:40 – Just transition in the Polish context

26:45 – Deployment of EU funds and examples of meaningful change taking shape

29:35 – Significance of the Social Climate Fund

33:40 – Managing the question of public acceptance

36:00 – Lessons other countries can learn from Poland’s engagement with the EU ETS

38:00 – Most important challenge for Poland, or countries in comparable situations, will face in the years ahead, and steps to confront it

38:00 – Shifting perception of carbon pricing to that of a credible transformation contract

42:10 – Closing remarks

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 a wide-ranging discussion on the state of emissions trading systems worldwide in 2026. Drawing on findings from ICAP's latest Status Report, the conversation charts the continued growth and resilience of carbon markets globally, from headline statistics and rising ETS revenues to the entry into force of new systems in Japan, India, and Vietnam. The episode examines how established systems such as those in California, the UK, and the EU have proven resilient. This episode also explores the emergence of next-generation hybrid and intensity-based ETS designs, before tackling cross-cutting issues shaping the field today, including competitiveness and carbon leakage risks, public acceptance and the use of ETS revenues, and international alignment. The episode closes with our guests and host sharing their perspectives on the developments to watch most closely in the year ahead.

Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2026

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guests 

3:00 – ETS growth: key global statistics

4:50 – Increased ETS revenue

5:40 – New systems in force in Japan, India, and Vietnam

10:00 – Resilience of existing ETSs highlighting California, the UK, and the EU

12:20 – Next-generation ETS designs and the uptake of hybrid and intensity-based ETSs

14:40 – ETS uptake in G20 countries

16:30 – Managing competitiveness and carbon leakage risks, 

19:20 – Public acceptance and the use of ETS revenues

20:55 – International alignment

22:50 – Areas to watch closely in the year ahead

26:15 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the carbon pricing and climate policy landscape in India with expert guest, Saurabh Diddi, Director at the Bureau of Energy Efficiency within the Ministry of Power. This conversation focuses on the development and implementation of India’s Carbon Credit Trading Scheme (CCTS), specifically touching on how the system fits into India’s broader climate and energy strategies, key design features, and lessons other jurisdictions can learn from India’s experience. A more detailed breakdown of the topics explored and where you can listen to the episode is listed below.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guests 

2:40 – Overview of India’s carbon market development journey

4:35 – How India’s Perform, Achieve, and Trade (PAT) Scheme experience informed the Carbon Credit Trading Scheme (CCTS) development

8:00 – The goals of the CCTS and how it fits into India’s broader climate and energy strategies incentivizing industry and voluntary market participation 

9:30 – CCTS approach to scope 2 and scope 3 emissions and ensuring system integrity

12:20 – Relationship between the compliance market and the voluntary offset market

13:25 – Emissions targets

14:35 – Lessons emerging economies can learn from India’s experience developing the CCTS

18:20 – Benefitting from existing MRV infrastructure

19:50 – Energy auditing and verification

22:40 – Key challenges that must be properly address in the Indian climate policy context

24:25 – Closing remarks

More information about the India CCTS can be found here.

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into carbon pricing developments in Brazil with expert guest, José Pedro Neves, General Coordinator for Sustainable Finance at the Secretariat for Economic Policy of Brazil’s Ministry of Finance. This conversation focuses on the ongoing development of Brazil’s ETS, how the system will be tailored to the country context, lessons other jurisdictions can learn from Brazil’s experience, and what we can expect heading into COP30. A more detailed breakdown of the topics explored and where you can listen to them is listed below.

Breakdown of topics covered:

0:55 - Introduction to today’s topic and our guests

2:40 - Overview of Brazil’s ETS development process and the factors that were influential in the Brazilian government moving forward with the system

5:00 - How Brazil’s system is significant in advancing climate policy goals in the country

7:40 - System design elements and challenges that remain before full implementation

9:40 – Adapting the ETS to Brazil’s country context

12:30 - Expected economic and social impacts including in the Amazon region and others with high LULUCF emissions

16:10 - Lessons other countries can learn from Brazil’s experience

19:20 - Expectations for the role carbon pricing will play at COP30

22:50 - Key challenge that must be properly addressed in the coming years in the world of carbon pricing and what steps can be taken toward their resolution

25:20 - Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the Washington State Cap-and-Invest Program with expert guests Joel Creswell, Climate Pollution Reduction Program Manager at the Washington State Department of Ecology, and Isaac Kastama, Director, Government Relations for Clean & Prosperous. This conversation focuses on what has made Washington’s program particularly successful, how the Washington public reaffirmed the state’s commitment to climate action choosing to keep the program in place in a 2024 ballot vote, the status of linkage prospects with carbon markets in California and Québec, and key lessons other jurisdictions can take away from Washington’s experience. A more detailed breakdown of the topics explored and where you can listen to them is listed below.

Breakdown of topics covered:

0:55 - Introduction to today’s topic and our guests

3:15 - Overview of Washington’s program and what has made it successful

7:20 - What was at stake in the 2024 ballot vote

12:00 - Communication strategies (and the ballot vote campaign)

16:40 - Showing people what they are voting for: the result of including financial impacts on the ballot card

18:45 - Key lessons from Washington’s experience for other jurisdictions

26:50 - Importance of transparency in climate policy

29:45 - Status of linkage discussions with programs in California and Québec 

32:00 - Potential opportunities and challenges that come with linkage

35:15 - California’s reauthorization

36:40 - Key challenges that must be properly addressed in the coming years in Washington and what steps can be taken toward their resolution

41:15 - Closing remarks 

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-2025


Breakdown of topics covered:

0:55 - Introduction to today’s topic and our guests

3:25 - Highlight statistics related to ETS this year

4:45 - ETS revenues

6:00 - Carbon credit use in ETSs

9:00 - Latest developments in Europe and Central Asia

13:15 - Latest developments in Latin America and the Caribbean

15:10 - Latest developments in North America

19:00 - Latest developments in the Asia-Pacific

22:30 - Cross-cutting themes: alignment with net-zero targets

23:15 - Cross-cutting themes: emergence of diverse system designs

24:30 - Cross-cutting themes: scope expansion

25:30 - Cross-cutting themes: carbon border adjustment mechanisms

26:45 - 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 resolution

30:30 - Closing remarks

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 Monar

2:45 - Introduction to how carbon pricing instruments accrue revenue and why revenue recycling is an important concept and practice

5:00 - How revenues can affect environmental and economic objectives

6:35 - How revenues can contribute to a just transition and the social acceptability of carbon pricing

10:30 - The most common ways that jurisdictions allocate carbon pricing revenues and differences by country profile

15:00 - Further jurisdiction-specific examples that stand out

19:10 - A four-step approach to making the most of carbon pricing revenues

25:10 - Notable lessons from jurisdictions that have successfully implemented strategic revenue use

27:30 - Potential pitfalls or unintended consequences of revenue use and compensation measures and how policymakers can avoid such issues

29:50 - Future developments in carbon pricing revenue use strategies

32:45 - How global climate finance discussions influence revenue allocation

35:45 - 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 resolution

38:05 - Closing remarks

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 covered

0:55 - Introduction to today’s topic and our guests, Christophe de Gouvello and Harikumar Gadde

3:55 - 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 it

6:50 - Positive results that a well-designed carbon pricing instrument can achieve in the power sector

10:00 - How carbon pricing can align with development needs in low- and middle-income countries

13:00 - Rationale behind four selected case studies—China, Colombia, Kazakhstan, and South Africa—and the lessons that can be learned from them

16:10 - Critical questions that can guide policymakers in designing carbon pricing instruments for the power sector in low- and middle-income countries

16:40 - (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 resolution

42:10 - 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