Carbon Trading Chronicles

Season 4 has been anything but quiet, and the same can be said for the EU carbon market.

With the EU ETS review fast approaching, we invited Lewis Unstead from ICIS to help us navigate one of the most consequential debates facing European climate policy. Is the
With the EU ETS review fast approaching, we invited Lewis Unstead from ICIS to help us navigate one of the most consequential debates facing European climate policy. Is the EU ETS really to blame for industry's competitiveness challenges? Can the upcoming review address those concerns, or are policymakers looking in the wrong place? And when it comes to reform, who ultimately holds the pen?EU ETS really to blame for industry's competitiveness challenges? Can the upcoming review address those concerns, or are policymakers looking in the wrong place? And when it comes to reform, who ultimately holds the pen?

From political red lines and carbon price expectations to the often-overlooked technical details that can move the market, this episode explores the questions shaping the future of the EU ETS, and why the answers matter far beyond the carbon market itself.

• Riham Wahba - Senior Market Analyst at Vertis Environmental Finance.
• Lewis Unstead - Senior analyst at ICIS

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In this episode of Carbon Trading Chronicles, we take a practical deep dive into the Carbon Border Adjustment Mechanism (CBAM), moving beyond theory to explore how it works in real business environments.

Together with Sarah Hay, Climate Policy Lead at Norsk Hydro, and Bjorn Bojesen, Manager, Structured Products & Team Lead at Vertis, we unpack who is responsible for what under CBAM, how covered companies are integrating carbon costs into production strategies, and the key regulatory challenges companies face amid ongoing uncertainty. We also explore exemptions, the treatment of carbon prices paid abroad, and what obligated entities should be preparing for next.

Hosted by Riham Wahba, Senior Analyst at Vertis, this conversation offers practical insights for companies navigating one of the most consequential developments in compliance carbon markets today.

• Riham Wahba - Senior Market Analyst at Vertis Environmental Finance.
• Bjorn Bojesen - Manager Structured Products at Vertis Environmental Finance.
• Sarah Hay - Climate Policy Lead at Norsk Hydro.

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In the final 2025 episode of Carbon Trading Chronicles, we sit down with Julia Elmgren from Lattis to reflect on a year that was notably stable in carbon and energy markets. Together, we explore investor profit-taking signals, and whether gas has been pushed too far into oversold territory.

We also lay out the potential areas for the 2026 ETS reforms, and discuss hidden supply pockets. A clear, insightful conversation to close out the year.

• Stefan Feuchtinger - Head of R&A at Vertis Environmental Finance.
• Riham Wahba - Senior Market Analyst at Vertis Environmental Finance.
• Julia Elmgren - Partner, Carbon Investments at Lattis LP.

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In this Season 3 opener of The Carbon Trading Chronicles, we’re joined by Eric Stein, Lead Trading Meteorologist at E.ON, to dive into the powerful role weather plays in shaping the EU ETS. From shifting weather patterns to the rise of advanced forecasting technologies, climate conditions are becoming an increasingly important driver of carbon prices. We explore the direct influence of weather renewable generation, the indirect effects via gas market, and how funds consider weather as driver for carbon price  Tune in and find out if forecasting tomorrow’s weather could mean forecasting tomorrow’s carbon price.

• Stefan Feuchtinger - Head of R&A at Vertis Environmental Finance.

• Riham Wahba - Senior Market Analyst at Vertis Environmental Finance.
• Eric Stein - Lead Trading Meteorologist at E.ON

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In this episode of Carbon Trading Chronicles, we sit down with carbon trader Oliver Triton to unpack the ripple effects of rising tariffs on EU and UK carbon markets.  Triton offers sharp insights into how market participants are recalibrating strategies in the face of protectionist trends and regulatory uncertainty.

 We also dive into the potential of carbon trading at €60 or €80. Which outcome is likely more viable? And what other price horizons are more likely to be reached by the end of 2025?

Tune in as we connect the dots between macroeconomic stressors and the EU ETS in a rapidly evolving landscape.

• Stefan Feuchtinger - Head of R&A at Vertis Environmental Finance.

• Riham Wahba - Senior Market Analyst at Vertis Environmental Finance.
• Oliver Tritton - Co-Founder at Carbon Insights

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In this episode of Carbon Trading Chronicles, we dive deep into the intricate relationship between the gas and carbon markets, featuring insights from Seb Kennedy, energy journalist and creator of the  newsletter Energy Flux. Seb and Riham offer a unique perspective on how geopolitical tensions have amplified risk premiums in gas markets and, in turn, influenced European carbon pricing. They also explore the growing correlation between gas prices and carbon markets, the opaque nature of hedge fund activity, and the strategic maneuvering of gas storage operators seeking to balance regulatory mandates with market realities.

*Energy Flux: https://www.energyflux.news/

Welcome to the final episode of 2024! This year has been a rollercoaster marked by unexpected twists and steady patterns in EU ETS trading. In this special year-end review, Vertis analysts and Alessandro Vitelli, aka The Carbon Reporter, dissect the pivotal moments that shaped the EU ETS market. Together, they reflect on a year that left market participants caught between exasperation, anxiety, and cautious hope. Stay tuned for 2025!

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In this episode, we examine the EU and UK ETS at a pivotal period, with analysts offering diverging price forecasts. Some anticipate a decline to €50, while others foresee long-term growth. Are these projections realistic or merely market conjecture? Join us for insights from Stefan Feuchtinger and Riham Wahba.