This Week in Carbon

In this episode of This Week in Carbon, we speak with Madhur Jain, Co-Founder & CEO, and Ikarus Janzen, Co-Founder & Chief Commercial Officer of Varaha—one of the top 3 global suppliers of high-quality CDR credits in 2025 (per CDR.FYI). They share how Varaha scaled to profitability in just 3.5 years across 4 CDR pathways, delivered 100,000+ tons of biochar, and landed landmark deals with Google and Louis Dreyfus. We explore India’s emergence as a CDR superpower, the insetting revolution for resilient supply chains, and why traction follows traction in smallholder agriculture.We discuss: Founder journeys from VC and agribusiness to building a 200-person CDR powerhouse CDR market segments: legacy avoidance vs. nature-based vs. durable removals (and Varaha’s unique 4-pathway edge) How deep ag expertise + digital MRV unlocked rapid scale amid 6-14% yield drops from climate chaos The Google biochar bombshell: 100K tons by 2030 from India’s 100M tons of waste biomass Louis Dreyfus’ first-of-its-kind insetting deal: 5-year wheat resilience + premiums for sustainable cotton (15¢/t-shirt) Buyer pressures: Shareholder ESG targets + consumer premiums fueling food/textile insetting Farmer realities: Droughts, geopolitical food crises, and turning mitigation funds into adaptation wins India’s 2030 vision: Vast land, cheap solar, and basalt riches positioning it as the world’s CDR hub

In this episode of This Week in Carbon, host Edward Smith and co-host Rene Velasquez are joined by Sebastian Manhart, Senior Policy Advisor at Carbon Future and co-host of the CDR Policy Scoop podcast, to explore the rapidly evolving world of Carbon Dioxide Removal (CDR). Sebastian shares his journey from social entrepreneurship to advising Angela Merkel’s chancellery, highlighting Carbon Future’s mission to build trust infrastructure for a scalable CDR market through robust monitoring, reporting, and verification (MRV). The discussion dives into record-breaking CDR market growth, Europe’s delayed climate targets, and groundbreaking national policies, offering a deep dive into the numbers, politics, and future of CDR. We discuss:• The CDR market’s historic Q2 2025, driven by Microsoft’s mega-deals and growing corporate demand• Risks of market concentration and the need for compliance markets to ensure long-term stability• Europe’s 2040 climate target delays and the significant role of international offsets under Article 6• The UK’s 15-year Contracts for Difference (CFDs) and Germany’s €500M CDR investment by 2033• Overcoming environmentalist skepticism and the mainstreaming of CDR as a critical climate solution

In this episode of This Week in Carbon, host Rene Velasquez sits down with Renat Heuberger and Steve Zwick to discuss their new book, The Carbon Paradox, and its unique approach to unraveling the complexities of carbon markets. Recorded ahead of New York Climate Week 2025, this conversation delves into the power of storytelling to make the nuanced challenges of climate finance accessible and engaging.Key Highlights:• The genesis of Carbon Paradoxes, sparked by Renat’s reflections in Bali amidst 2023’s carbon market controversies.• How the book’s fictional narrative brings to life 25 paradoxes, from ethical dilemmas to control tensions, making complex concepts resonate emotionally.• The collaborative writing process, where characters took on lives of their own, guiding the authors to an authentic and impactful story.• Upcoming book launches at the Brooklyn Book Festival (September 21, 2025) and a “Cocktails and Carbon” event in Manhattan (September 22, 2025), plus university talks at Columbia and Johns Hopkins.Topics Discussed:• The importance of storytelling in bridging the gap between technical carbon market debates and public understanding.• The control paradox: balancing governance and autonomy in carbon projects, and why it’s a universal challenge in climate finance.• Addressing the “Groundhog Day” cycle of recurring controversies by openly confronting paradoxes and fostering constructive dialogue.• Inspiring the next generation of climate leaders through relatable characters and a hopeful vision for scaling carbon markets.Join us for an insightful discussion on how Carbon Paradoxes aims to break the cycle of criticism, engage a broader audience, and spark a rebirth of the carbon market dream. Perfect for anyone interested in climate solutions, storytelling, or the future of sustainable finance! Amazon link for those interested in purchasing the book:https://www.amazon.com/Carbon-Paradox-Renat-Heuberger/dp/1637777507/ref=sr_1_1?crid=4PVT6T2THI50&dib=eyJ2IjoiMSJ9.vWXYbnAfKTU0r-yGOhe6DNRbEDz6OhBXKdCrfqGCYmdDISuk6Amc6lWm5_Hp6nzHEJKcZLJy1G3kAyAnOh8rqlHptwdDxh4DhBrA25EgzlZsoEJhkTm3Ve_AZSRZ7bXUCkdzG4vXBUN59G3WpUF2flG3VNELogt0suqsfFq4B4xcWQkfSQUCet9ebGVLbxvwtOJ2F9quE7NFmVteYHawxwttad5JrG13j4CdU7NqYwY.KXs0uvRJiTUqj3RoWy_W31QoBTdh3f-ccMMs2nT_b0c&dib_tag=se&keywords=carbon+paradoxes&qid=1758221490&sprefix=carbon+paradoxes%2Caps%2C319&sr=8-1 More information on the upcoming launches can be found below:https://carbonparadox.org/book/events/

In this episode of This Week in Carbon, host Edward Smith engages in a compelling discussion with Phoebe Scott from Climate Asset Management (CAM) about the evolving landscape of natural capital and carbon markets. Edward explores Phoebe’s expertise in climate finance and her leadership in fostering inclusivity in the industry.Key Highlights:• Phoebe’s journey from investment banking to CAM, driven by a passion for ESG and natural capital investing.• CAM’s dual strategies: a nature-based carbon strategy generating credits in the Global South and a natural capital strategy focusing on agriculture and forestry in the Global North.• The role of blended finance in de-risking projects to attract institutional capital and scale nature-based solutions.• The rapid growth of Women in Carbon, a global initiative co-founded by Phoebe, now spanning over 10 chapters worldwide.Topics Discussed:• The challenges of scaling natural capital as an institutional asset class, including market fragmentation and liquidity issues.• How carbon markets enhance the bankability of nature-based projects by diversifying revenue streams and mitigating climate risks.• The importance of voluntary market initiatives like ICBCM and VCMI in building trust and ensuring credit and claim integrity.• The impact of Women in Carbon in empowering women through networking, knowledge sharing, and global community-building.Join us to discover how CAM is seeking to drive institutional capital into natural solutions and how Phoebe’s leadership is shaping a more inclusive carbon industry.

Joe Dell'Orfano from Verra, a leader in carbon standards, and Wes Geisenberger from the HBAR Foundation, discuss a transformative partnership reshaping carbon markets. They explore how blockchain enhances transparency, eliminating reliance on static documents and ensuring real-time data insights. The duo dives into Verra's innovative Project Hub, which leverages AI for improved visibility and tracking. Their insights reveal the potential of standardized data to bolster market confidence and address double counting in compliance systems.

In this episode of This Week in Carbon, we sit down with Stuart Rowland, CEO of Revalue, to unpack why the voluntary carbon market needs a radical shift in how we think about credit quality.Stuart shares his journey from physics to climate entrepreneurship and explains why treating all credits as “the same” undermines trust, value, and impact. Instead, he argues for a new mental model: one where credits are judged on rigor, outcomes, and integrity.You’ll learn about:- Why carbon credits vary so widely in quality — and why that matters.- What it will take to build real trust and confidence in outcomes.- How ecosystem-based credits can scale responsibly without sacrificing integrity.

In this episode of This Week in Carbon, we explore the evolving voluntary carbon market (VCM) with insights from experts in carbon credit ratings, Donna Lee and Duncan van Bergen. The VCM is shifting from heuristic-based to data-driven decisions, with ratings agencies enhancing transparency and integrity. Despite challenges like baseline accuracy, embodied emissions, and a focus on in-setting, the market is maturing through better methodologies, digital tools, and education. By 2030, the VCM should be a robust, digitised climate tool, prioritising impact over perfection.We discuss:• The role of transparent, data-driven ratings in assessing carbon credit quality and impact• The shift from heuristic-based to evidence-based decision-making in the VCM• The growing price premium for high-quality credits and challenges with baseline accuracy in nature-based projects• The importance of balancing corporate emissions reduction with carbon credit purchases• The potential of digitised infrastructure and market maturity to drive climate impact by 2030

Margaret Morales, Director of Carbon at Trellis Group, guides corporate sustainability efforts in the carbon market, while Matt Udberg, Partner at Valterra, offers insights on market trends. They discuss the unprecedented rise in corporate buyers, exemplified by Microsoft’s massive carbon removal investment. Challenges in financing early-stage carbon projects are addressed alongside the critical role of policy regulations. The importance of quality in carbon credits is emphasized, highlighting a shift towards durable removals over traditional methods.

In this episode of This Week in Carbon, we speak with Mike Korchinsky, founder of Wildlife Works and a pioneer of REDD+.Mike shares the remarkable origin story of Wildlife Works, how it became the first REDD+ project certified under Verra, and what it took to bring market-based conservation to life—long before carbon finance was mainstream. We explore the early conflicts between wildlife and communities in Kenya, the role of the private sector in scaling solutions, and the current state of the carbon market.We discuss:- How human-wildlife conflict led to a market-based solution- The creation of the first REDD+ methodology under Verra- Why philanthropy and government alone won’t solve deforestation- Market criticism, reform, and what went wrong with baselines- The rise of Equitable Earth and what comes next for forest finance

What happens when the most powerful standard-setter in carbon markets tries to reform the system from the inside?In this episode, we speak with Mandy Rambharos, the new CEO of Verra, at a pivotal moment for the voluntary carbon market. Public trust is low, market rules are under pressure, and project developers are struggling to navigate layers of complexity.Mandy reflects on what she found when she joined Verra, the hard questions she’s asking internally, and where real change is actually possible.In this episode:- Why Verra needs to listen more to people on the ground- What’s broken about the way methodologies are made- The growing gap between buyers’ expectations and project realities- Why the system became more about consultants than communities- What a fairer, simpler, and more effective carbon market could look like