Carbon Credit Ratings and Market Integrity: A Conversation on the Calyx Global Case
In this bonus episode of Climate Rising, we share an episode from Harvard Business School’s Cold Call podcast, featuring HBS professor Mike Toffel and Duncan van Bergen, Co-Founder of Calyx Global. The discussion focuses on Mike’s recent HBS case study, Calyx Global: Rating Carbon Credits, which explores how the company is helping improve transparency and credibility in the voluntary carbon market. Mike and Duncan join host Brian Kenny to unpack how Calyx Global evaluates carbon credit quality, how the company maintains independence in a space vulnerable to conflicts of interest, and how data and technology—from satellite sensing to AI—are transforming how carbon credits are verified and rated. The conversation also highlights key themes in the voluntary carbon market, including the tension between financial models and credibility, the challenges of measuring impact, and the broader implications for corporate climate action.
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Investing in Carbon Markets: A Conversation with Luke Leslie of Key Carbon
Luke Leslie, Co-Founder and CEO of Key Carbon, joins Climate Rising as part of our series on voluntary carbon markets. Luke has spent over 20 years in carbon markets and finance, working in investment banking, private equity, and structured finance.
Luke explains how Key Carbon is financing high-integrity carbon projects and how new overlaps between the voluntary and compliance carbon markets are at the center of their investment strategy. He provides a “climate finance 101” introduction and discusses the role of investors in the carbon credit space, how structured finance can scale climate solutions. Luke also describes how investors source and evaluate carbon projects, the risks of over-crediting, and the future role of biodiversity markets. Finally, he offers career advice for those interested in climate finance.
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Navigating Carbon Markets: A Conversation with Alexia Kelly of High Tide Foundation
Alexia Kelly, Managing Director of the Carbon Policy and Markets Initiative (CPMI) at theHigh Tide Foundation, joins host Mike Toffel for the fifth episode in our series on voluntarycarbon markets. Alexia has worked for nearly two decades atthe intersection of carbonmarkets, policy, and finance, with roles spanning government, private industry, andnonprofits.
In this episode, Alexia discusses how voluntary carbon markets are evolving, the criticalrole of policy in shaping carbon finance,and how standards and governance can improvemarket integrity. She also explores how advances in digital technology, data transparency,and AI-driven monitoring are transforming carbon credit verification and marketconfidence. Additionally, she shares herperspective on the integration of voluntary andcompliance markets, including recent developments in Article 6 of the Paris Agreement.Alexia also offers career advice for those looking to enter the field and shares resources forstaying informed on carbon markets and climate finance.
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Enhancing Integrity Standards in Carbon Markets: A Conversation with Amy Merrill of ICVCM
Amy Merrill, CEO of the Integrity Council for the Voluntary Carbon Market (ICVCM) joins host Mike Toffel in this fourth episode of the Climate Rising series on voluntary carbon markets. Amy has extensive experience in carbon markets, including leading negotiations on Article 6 of the Paris Agreement and advising on global carbon finance.
Amy explains how ICVCM uses a multi-stakeholder approach to enhance the integrity of carbon credits, including by developing ten Core Carbon Principles (CCPs) and using them to evaluate and strengthen carbon credit programs and methodologies. She discusses the challenges in ensuring credit quality and how the boundary is evolving between voluntary and compliance markets. Amy also shares her insights into the latest trends in carbon markets and offers advice for those interested in learning more about these topics.
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Strengthening Carbon Claims via the Voluntary Carbon Markets Integrity Initiative (VCMI): A Conversation with Mark Kenber
This episode, the third in our series on Voluntary Carbon Markets, features Mark Kenber, Executive Director of the Voluntary Carbon Markets Integrity Initiative (VCMI). Mark has worked in carbon markets and climate finance for nearly three decades, with experience at organizations like WWF, The Climate Group, and Fundación Natura in Ecuador.
Mark describes VCMI’s mission to provide guidance for companies and other non-state actors on how to credibly use carbon credits as part of their climate commitments. He discusses the current challenges and opportunities in voluntary carbon markets, the role of businesses and governments in ensuring integrity, and how emerging trends—such as the blurring lines between voluntary and compliance markets—will shape the future. Mark also shares career advice for those interested in working in carbon markets and climate finance.
Climate Rising is about the impact of climate change on business. It brings business and policy leaders and Harvard Business School faculty together to share insights about what businesses are doing, can do, and should do to confront climate change. It explores the many challenges and opportunities that climate change raises for managers, such as decisions about where they choose to locate, the technologies they develop and use, their strategies with respect to products, marketing, customer engagement, and policy—in other words, the full spectrum of business concerns.
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