Carbon Market Conversations: A Podcast by ICAP

• Episode 9: Brazil ETS Deep-Dive with José Pedro Neves

  In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into carbon pricing developments in Brazil with expert guest, José Pedro Neves, General Coordinator for Sustainable Finance at the Secretariat for Economic Policy of Brazil’s Ministry of Finance. This conversation focuses on the ongoing development of Brazil’s ETS, how the system will be tailored to the country context, lessons other jurisdictions can learn from Brazil’s experience, and what we can expect heading into COP30. A more detailed breakdown of the topics explored and where you can listen to them is listed below.Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests2:40 - Overview of Brazil’s ETS development process and the factors that were influential in the Brazilian government moving forward with the system5:00 - How Brazil’s system is significant in advancing climate policy goals in the country7:40 - System design elements and challenges that remain before full implementation9:40 – Adapting the ETS to Brazil’s country context12:30 - Expected economic and social impacts including in the Amazon region and others with high LULUCF emissions16:10 - Lessons other countries can learn from Brazil’s experience19:20 - Expectations for the role carbon pricing will play at COP3022:50 - Key challenge that must be properly addressed in the coming years in the world of carbon pricing and what steps can be taken toward their resolution25:20 - Closing remarks

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• Episode 8: Washington State Cap-and-Invest Program Deep-Dive with Joel Creswell and Isaac Kastama

  In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the Washington State Cap-and-Invest Program with expert guests Joel Creswell, Climate Pollution Reduction Program Manager at the Washington State Department of Ecology, and Isaac Kastama, Director, Government Relations for Clean & Prosperous. This conversation focuses on what has made Washington’s program particularly successful, how the Washington public reaffirmed the state’s commitment to climate action choosing to keep the program in place in a 2024 ballot vote, the status of linkage prospects with carbon markets in California and Québec, and key lessons other jurisdictions can take away from Washington’s experience. A more detailed breakdown of the topics explored and where you can listen to them is listed below.Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests3:15 - Overview of Washington’s program and what has made it successful7:20 - What was at stake in the 2024 ballot vote12:00 - Communication strategies (and the ballot vote campaign)16:40 - Showing people what they are voting for: the result of including financial impacts on the ballot card18:45 - Key lessons from Washington’s experience for other jurisdictions26:50 - Importance of transparency in climate policy29:45 - Status of linkage discussions with programs in California and Québec 32:00 - Potential opportunities and challenges that come with linkage35:15 - California’s reauthorization36:40 - Key challenges that must be properly addressed in the coming years in Washington and what steps can be taken toward their resolution41:15 - Closing remarks 

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• Episode 7: ETS trends and the future of carbon markets, with Iryna Holovko and Victor Alejandro Ortiz Rivera

  In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune is joined by ICAP Carbon Market Experts, Iryna Holovko and Victor Alejandro Ortiz Rivera for an engaging discussion on the latest developments in compliance carbon markets worldwide. Building on insights from ICAP’s latest Status Report, the conversation explores how ETSs have evolved over the past year, delving into key trends, regional highlights, and cross-cutting themes that are shaping the global carbon market landscape. From the latest statistics to emerging system designs and alignment with net-zero targets, this episode unpacks the most significant milestones and challenges facing the carbon market community today. Our guests also share their perspectives on what they see as a critical issue that must be addressed to ensure the continued success of ETSs in the years to come.Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2025Breakdown of topics covered:0:55 - Introduction to today’s topic and our guests3:25 - Highlight statistics related to ETS this year4:45 - ETS revenues6:00 - Carbon credit use in ETSs9:00 - Latest developments in Europe and Central Asia13:15 - Latest developments in Latin America and the Caribbean15:10 - Latest developments in North America19:00 - Latest developments in the Asia-Pacific22:30 - Cross-cutting themes: alignment with net-zero targets23:15 - Cross-cutting themes: emergence of diverse system designs24:30 - Cross-cutting themes: scope expansion25:30 - Cross-cutting themes: carbon border adjustment mechanisms26:45 - A key challenge that must be properly addressed in the coming years in the compliance carbon market space and what steps can be taken toward its resolution30:30 - Closing remarks

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• Episode 6: Exploring Carbon Pricing Revenues: Insights and Opportunities with Diana Cárdenas Monar

  In this episode of ICAP’s Carbon Market Conversations, we dive into the crucial role of carbon pricing revenues in advancing climate action, economic resilience, and social equity. Host Trevor Laroche-Theune is joined by Diana Cárdenas Monar, Research Fellow at the Institute for Climate Economics, to reflect on why carbon pricing revenue use is so important and explore how governments worldwide are strategically allocating these revenues. From California to the EU, South Korea, and beyond, they discuss best practices, emerging trends, and the challenges of ensuring carbon revenues support a just transition.Diana also shares key insights from her recent work, Maximising benefits of carbon pricing through carbon revenue use: A review of international experiences, which outlines a four-step approach to maximizing the impact of carbon revenues. Read the full report here: https://www.i4ce.org/en/publication/maximising-benefits-carbon-pricing-through-carbon-revenue-use-review-international-experiences-climate/Tune in for expert perspectives on revenue recycling, policy design, and the future of carbon pricing as a key tool for climate finance.Breakdown of topics covered:0:55 - Introduction to today’s topic and our guest, Diana Cárdenas Monar2:45 - Introduction to how carbon pricing instruments accrue revenue and why revenue recycling is an important concept and practice5:00 - How revenues can affect environmental and economic objectives6:35 - How revenues can contribute to a just transition and the social acceptability of carbon pricing10:30 - The most common ways that jurisdictions allocate carbon pricing revenues and differences by country profile15:00 - Further jurisdiction-specific examples that stand out19:10 - A four-step approach to making the most of carbon pricing revenues25:10 - Notable lessons from jurisdictions that have successfully implemented strategic revenue use27:30 - Potential pitfalls or unintended consequences of revenue use and compensation measures and how policymakers can avoid such issues29:50 - Future developments in carbon pricing revenue use strategies32:45 - How global climate finance discussions influence revenue allocation35:45 - A key challenge that must be properly addressed in the coming years of financing the transition to a low-carbon economy and what steps can be taken toward its resolution38:05 - Closing remarks

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• Episode 5: Carbon Pricing in the Power Sector with Harikumar Gadde and Christophe de Gouvello

  In this episode of ICAP’s Carbon Market Conversations, we explore the critical intersection of climate action and energy development in low- and middle-income countries. Host Trevor Laroche-Theune sits down with Christophe de Gouvello and Harikumar Gadde, Senior Specialists at the World Bank, to discuss the findings of a landmark report jointly published by the World Bank, ICAP, and the International Energy Agency: Carbon Pricing in the Power Sector: Role and Design for Transitioning Toward Net-Zero Carbon Development. Together, they explore how well-designed carbon pricing instruments can drive effective transitions in the power sector, the unique considerations for low- and middle-income countries, and the technical, policy, and stakeholder strategies essential for transforming their power sectors to align with net-zero goals.Breakdown of topics covered0:55 - Introduction to today’s topic and our guests, Christophe de Gouvello and Harikumar Gadde3:55 - Introduction to the recently published report, Carbon Pricing in the Power Sector: Role and design for transitioning toward net-zero carbon development and the impetus behind it6:50 - Positive results that a well-designed carbon pricing instrument can achieve in the power sector10:00 - How carbon pricing can align with development needs in low- and middle-income countries13:00 - Rationale behind four selected case studies—China, Colombia, Kazakhstan, and South Africa—and the lessons that can be learned from them16:10 - Critical questions that can guide policymakers in designing carbon pricing instruments for the power sector in low- and middle-income countries16:40 - (1) When introduced in the power sector, would a carbon pricing instrument need to cover other sectors as well?21:00 - (2) Who are the stakeholders along the value chain that can respond most effectively to a carbon pricing instrument?26:00 - (3) What side effects can result from the interaction of a carbon tax or an ETS with existing sector regulations and other policy instruments? And how can these interactions be addressed to ensure consistency and effectiveness?34:30 - Key challenges that must be properly addressed in the coming years of carbon pricing implementation in different global power sector contexts and what steps can be taken toward their resolution42:10 - Closing remarks You can find the carbon pricing in the power sector report here: https://icapcarbonaction.com/en/publications/carbon-pricing-power-sector-role-and-design-transitioning-toward-net-zero-carbon

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