The Earthshot Podcast

Robbie Miles spent much of his career in sustainable investment, including running major sustainability funds at Allianz Global Investors. He eventually left finance to join the Live and Let Live Foundation, where his work now sits at the intersection of law, individual freedom and environmental protection.

In this episode, Robbie and Troy explore some big and occasionally uncomfortable questions about how humans relate to one another and the natural world.

They debate the role of regulation and private property in protecting nature, whether pollution can be approached as a violation of others’ rights, and where carbon markets fit within that thinking. Troy pushes the conversation further into the limits of individual freedom, our responsibilities toward other species, and whether human progress can continue without treating nature as expendable.

The discussion eventually moves beyond economics and law into agency, courage and spirituality: why people who care deeply about nature often struggle to express those beliefs within companies and institutions, and what might change if more people did.

https://liveandletlive.org/https://www.linkedin.com/in/robbie-miles/

Many climate, agriculture, and development projects begin with strong science, committed funding, and good intentions.

Yet years later, practices are abandoned, participation fades, and the outcomes that once looked promising begin to unravel.

Why?

In this episode, Troy Carter sits down with Ina Walter and Corné de Louw to explore one of the most overlooked dimensions of permanence: people.

Drawing on decades of experience across carbon markets, regenerative agriculture, rural finance, coffee supply chains, and community development, Ina and Corné argue that lasting change depends on something many projects still underestimate: whether the people expected to sustain a system had any hand in shaping it.

The conversation explores:

• Why participation and ownership are not the same thing
• What carbon markets can learn from decades of development experience
• How household dynamics influence project outcomes
• Why trust matters as much as methodology
• The tension between speed, scale, and meaningful engagement
• How banks, funders, and project developers can build systems that endure

At the heart of the discussion is a simple but challenging question: Did the people expected to sustain the system have any hand in building it?

Whether you work in carbon markets, conservation, agriculture, climate finance, or systems change more broadly, this conversation offers a perspective that is often missing from discussions about scale, permanence, and impact.

🔗 Ina Walter: https://www.linkedin.com/in/inawalter/

🔗 Corné de Louw: https://www.linkedin.com/in/cornedelouw/

🎙️ The Earthshot Podcast

What if the biggest barrier to solving climate change isn’t technology — but the way we finance it?

In this conversation, Troy Carter sits down with Dr. Delton Chen, founder of the Global Carbon Reward, to explore a radically different approach to funding climate and ecological action at the scale the problem demands.

Delton’s idea starts with a simple observation: there is a massive global shortfall in climate finance. Projects struggle to get off the ground, and current market structures rely on fragmented standards, voluntary demand, and complex chains of intermediaries.

The Global Carbon Reward proposes something different — a system where:

• Climate-positive actions are directly rewarded through a new financial asset (XCR)
• Central banks act as guarantors of a long-term price floor
• Private capital is mobilised by treating climate action as an investable, low-risk asset
• Carbon is no longer traded for offsetting, but accounted for and retired at the point of impact

They go deep into:

• Why the world faces a multi-trillion dollar climate finance gap

• How current carbon markets compare to a reward-based system
• The role central banks could play in stabilising long-term climate investment
• Whether this kind of system can realistically emerge — and where it might begin
• The deeper challenge: how to price and manage systemic risk to the Earth’s carbon cycle

This is a wide-ranging conversation that steps back from day-to-day project work and asks a more fundamental question:
If we were designing the system from scratch, how would we fund the transition to a stable climate?

🔗 Dr. Delton Chen: https://www.linkedin.com/in/deltonchen/🌐 Global Carbon Reward: https://globalcarbonreward.org/

🎙️ Listen on Spotify / Watch on YouTube: The Earthshot Podcast

Greg Adams - CFO of Chestnut carbon (Greg's Linkedin: https://www.linkedin.com/in/greg-adams-0ba79a5/)

https://chestnutcarbon.com/

What does it actually take to finance nature at scale — not in theory, but in practice?

In this episode, Troy Carter speaks with Greg Adams, about what it took to turn large-scale reforestation in the U.S. into something banks, buyers, and long-term capital could support.

Greg walks through Chestnut’s journey from early land acquisition to signing long-term offtake agreements with Microsoft, and ultimately closing one of the most significant project finance deals the nature-based carbon market has seen to date. The conversation goes deep into why contract structure matters, why land ownership changes the risk profile, and how lessons from energy and infrastructure finance can be applied to forests.

They explore:

• Why long-term offtake agreements are foundational for scaling nature projects

• What made Chestnut’s reforestation projects bankable to major lenders

• How quality, integrity, and cost discipline have to coexist

• The role of registries and standards in building buyer confidence

• Why carbon markets need fewer “snowflakes” and more common structure

• How conservation can be both high-integrity and financially durable

This is a candid, practical conversation for developers, financiers, buyers, and anyone trying to understand what it will take for restoration and reforestation to move from pilot projects to real infrastructure.

In this episode, Troy Carter sits down with Anthony Stevens, who leads innovation across digital assets and financial markets at Northern Trust, to talk about the less-visible work that determines whether carbon markets can really grow up: the systems that make credits trackable, transferable, and trustworthy at institutional scale.

Anthony brings a capital-markets perspective to a practical question: what has to be true for large financial institutions to participate with confidence?

They explore:

• What “trust” looks like in practice: custody, controls, auditability, and clean data

• Where today’s carbon markets still create friction and risk

• How registries, standards, and market participants can better align

• What digital rails and tokenization can help with (and what they can’t)

• What it would take for carbon markets to become stable enough for long-term capital

If you’re following the evolution of carbon markets, this one gets into the details that shape everything downstream.

🔗 Anthony Stevens: https://linkedin.com/in/anthony-stevens-933147/?skipRedirect=true
🌐 Northern Trust: https://www.northerntrust.com

🎙️ Watch on YouTube: https://youtu.be/_NxN6lxB9A8

Diego's Linkedin: https://www.linkedin.com/in/diego-justiniano-aa92a09/

In this episode, Troy Carter speaks with Diego Justiniano, CEO of Exomad Green, about how Bolivia is building one of the most ambitious climate operations on the planet — and what it means for a nation to lead from its forests, not its factories.Exomad Green transforms what was once forest waste into biochar — a stable form of carbon that locks CO₂ away for centuries while restoring soil health. But this conversation isn’t just about biochar. It’s about the rise of a new kind of industry — one that’s circular, restorative, and deeply local.Troy and Diego discuss:- How Exomad Green built one of the world’s largest carbon removal operations- Why Bolivia’s forests can anchor a new era of regenerative industry- The challenges of scaling climate infrastructure in the Global South- What partnership and trust really mean in high-integrity carbon markets- How climate action can create jobs, dignity, and resilience — not just offsetsThis is a story about transformation - where industrial power meets ecological wisdom.From the heart of South America, Diego offers a vision of what a truly regenerative economy could look like when it begins with community, courage, and the forest itself.

🎙️ Listen on Spotify and YouTube: The Earthshot Podcast

Overview of Exomad

Exomad Green specializes in biochar production, transforming sustainable forestry waste—otherwise incinerated by sawmills—into biochar, a valuable resource that supports a circular economy and reduces environmental impact. Our biochar production plays a crucial role in carbon removal by sequestering CO2, aligning with global climate goals. With the support of the CDR market, we are able to donate our biochar production to local farmers and communities, enhancing agricultural yields and driving extensive research to advance sustainable farming practices. Exomad Green is committed to environmental stewardship, fostering local economic growth, and creating lasting benefits for communities and ecosystems.

Website - www.exomadgreen.com

Marcelo Behar on Brazil’s Bioeconomic Revolution Ahead of COP30

A special pre-COP30 conversation.

Marcelo's LinkedIn: https://www.linkedin.com/in/marcelo-behar-0b5b5744/

As the world turns its attention to COP30 in Belém, this episode features Marcelo Behar - sociologist, lawyer, and Special Envoy for COP30, representing Brazil’s emerging bioeconomy movement.

Marcelo joins Troy Carter to explore how Brazil is redefining climate leadership through bioeconomy, sociobioeconomy, and forest-based value creation. Together, they discuss the initiatives that could shift the global economy toward valuing standing forests and traditional knowledge - from the Tropical Forest Forever Facility (TFFF) to new models of carbon finance and circularity.

This episode dives into:

• Why COP30 in the Amazon marks a historic turning point for climate diplomacy.

• How bioeconomic innovation is reshaping agriculture, finance, and energy.

• The role of traditional communities as stewards of biodiversity and cultural heritage.

• The design of the TFFF, a mechanism to channel lasting investment into tropical forests.

• The spirit of mutirão: Brazil’s idea of collective action - as the soul of regeneration.

Marcelo reminds us that the answers to the climate crisis may not come from new technologies alone, but from reconnecting with the people and places that have always lived in balance with the Earth.

🎙️ Listen now on Spotify and YouTube :

https://youtu.be/BOadr879Rvo

Eron Bloomgarden: The Era of Free Emissions Is Over

Eron's Linkedin: https://www.linkedin.com/in/eron-bloomgarden-4406183/

In this episode, Troy Carter sits down with Eron Bloomgarden, founder and CEO of Emergent—the organization behind the LEAF Coalition and one of the leading voices in global climate finance.

Eron shares his journey from the early days of carbon markets to designing multi-billion-dollar initiatives that protect forests and accelerate corporate climate action. Together, they unpack how we can move beyond fragmented efforts and build a social movement around one simple truth:

“Every ton should be paid for.”

This conversation explores:

• The creation of the LEAF Coalition and its vision for large-scale forest protection.

• How carbon markets evolved—and what they must become next.

• Why climate finance needs cultural momentum, not just capital.

• The role of companies, governments, and investors in ending the era of free pollution.

• What it takes to turn climate conviction into real, coordinated demand.

Eron’s message is both clear and urgent: to protect what remains and restore what’s been lost, pollution can no longer be free.

Luke's Linkedin: https://www.linkedin.com/in/luke-oliver-3054787/

Description:

What happens when carbon markets are treated like any other commodity?

In this episode, Troy Carter speaks with Luke Oliver, Head of Climate Investments at KraneShares, about the evolution of carbon as an asset class—and what that means for climate action.

Luke shares his journey from managing some of the world’s largest commodity ETFs to leading carbon market strategy at KraneShares. Together, they unpack:

• Why compliance carbon markets (Europe, California) are maturing into powerful price signals.

• The volatility and “dot-com bubble” moments of voluntary markets—and what might survive the shakeout.

• The convergence challenge: when and how voluntary credits could integrate into compliance systems.

• Why capital flows depend on predictable demand signals and clear standards.

• A vision for scaling climate finance so it becomes “boring”—stable, investable, and massive in scale.

If you want to understand where finance meets carbon markets - and why liquidity and trust are the missing links—this is an episode not to miss.

Chapters:

00:00 Introduction to Climate Investments

05:56 The Evolution of Carbon Markets

12:02 Compliance vs. Voluntary Carbon Markets

17:45 The Future of Carbon Pricing and Market Dynamics

23:53 Understanding Market Dynamics in Carbon Trading

26:02 Navigating Early Stage Project Investments

27:39 The Role of Compliance in Carbon Markets

30:41 The Future of Carbon Investment Strategies

31:48 Envisioning a Sustainable Future

36:24 Innovative Solutions for Climate Action

39:38 The Economic Case for Ecological Restoration

Stacy's Linkedin: https://www.linkedin.com/in/stacy-kauk-p-eng/

https://isometric.com/

In this episode, Troy Carter sits down with Stacy Kauk, Chief Science Officer at Isometric and former Head of Sustainability at Shopify, to explore how the carbon markets can regain trust and scale responsibly.

Stacy shares her journey from UN climate negotiations to building Shopify’s pioneering carbon removal program, founding Frontier, and now shaping a new kind of registry at Isometric. She and Troy dig into:

• Why speed and responsibility must go hand-in-hand in carbon markets.

• How dynamic baselines, tech-enabled verification, and transparent methodologies can rebuild trust in nature-based credits.

• The role of community engagement and FPIC as the true foundation of durable projects.

• The tension between today’s patchwork of registries and the need for convergence and clear quality bars.

• Why persistence—and intention—matter as much as science in this fight against climate change.

This is a thoughtful, candid conversation on how to make carbon markets work for both people and planet.