Episode 58 is with Marc Roston (Stanford’s Precourt Institute for Energy) and Peter Minor (Absolute Climate)

This episode features Marc Roston, senior research scholar at Stanford’s Precourt Institute for Energy, and Peter Minor, co-founder of Absolute Climate. They explore fundamental flaws undermining voluntary carbon markets, focusing on how carbon credits are accounted and valued. Mark explains challenges like the “original sin” of credit retirement, custody issues, and fungibility differences among carbon removal types. Together, they discuss a new concept of carbon delivery companies as long-term counterparties to enhance accountability and trust. The dialogue highlights the urgent need to align carbon market practices with the realities of durable climate impact and robust financial frameworks.

In this episode, Na’im, Peter, and Marc discuss:

* The problems with current carbon accounting and credit retirement;

* The distinction between emissions reductions and carbon removals;

* The concept of carbon delivery companies and long-term liabilities, and the need for fungibility in carbon credit markets;

* Solutions for aligning short-term and long-term carbon liabilities;

* Emission liability management as a core concept to improve carbon markets

* The necessity of differentiating between avoidance and removal credits in trading markets

* Experimentation in policy and trading to create a reliable market infrastructure for carbon removal

Relevant links:

* The Market That Won’t Trade: Fixing Structural Failures in the Spot Market for Carbon Removals - Paper

* What’s next after carbon accounting? Emissions liability management - PaperAccounting for Climate Change - Article

* Sustainable Finance Initiative - Website

* Absolute Climate - Website

About Marc:

Marc Roston is a Senior Research Scholar at the Precourt Institute for Energy in the Stanford Doerr School of Sustainability where he leads research efforts in carbon accounting and carbon markets, financial institution transitions and climate-related insurance markets. He’s also a Senior Fellow at the E-ledgers Institute, where he’s been helping to define the concept of E-liabilities. Prior to joining Stanford in 2020, Roston spent 25 years in the asset management industry where he held senior investment positions in quantitative finance, private equity, and advisory services. He earned a PhD in Economics from the University of Chicago and a B.S. in Economics at Carnegie Mellon University.

About Peter:

Peter Minor is a co-founder of Absolute Climate, which is building independent standards that apply universal assessment criteria to all CDR pathways. A veteran of the carbon removal industry, he previously served as the Director of Science & Innovation at Carbon180. While there, he contributed to the development of key programs like the DOE Regional DAC Hubs, and pioneered core principles required for high-accountability MRV. A UC Berkeley Mechanical Engineering PhD by training, he applies his expertise in sensors, numerical modeling, and carbon removal science towards building the MRV solutions needed to unlock gigaton scale.

This episode was made possible thanks to the generous support of the Consecon Foundation.

This episode was created and published by Na’im Merchant. Episode production and content support provided by Tank Chen.

Na’im Merchant is the co-founder and Executive Director of Carbon Removal Canada, a policy initiative focused on scaling carbon removal in Canada. He is on the advisory board of the Carbon Removal Standards Initiative and Terraset, and a former policy fellow with Elemental Impact. He previously ran carbon removal consulting practice Carbon Curve, and publishes The Carbon Curve newsletter and podcast. Every two weeks, Na’im will release a short interview with individuals advancing the policies, technologies, and collective action needed to scale up carbon removal around the world.

Tank Chen is the Head of Content and Community at CDR.fyi, a public benefit corporation dedicated to accelerating carbon removal through transparency. He is also the co-founder of CDRjobs, a career platform for the carbon removal industry. Based in Taiwan, Tank is a carbon removal advocate focused on educating policymakers, corporate leaders, and the public on the importance of carbon removal, using data-driven insights to support communication and policy advocacy.

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