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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