Carbon Market Conversations: A Podcast by ICAP

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune sits down with Robert Jeszke (Deputy Director for Emissions Management at the Institute of Environmental Protection – National Research Institute (IOŚ-PIB), and Head of Poland’s National Centre for Emissions Management (KOBiZE)) for a grounded look at how EU carbon pricing lands in Poland. Building on the EU ETS reform agenda and the rollout of EU ETS 2, the discussion explores how policy design translates into practice in Poland, from price signals and competitiveness to revenue use for the energy transition and cushioning social impacts. Robert sheds light on KOBiZE’s policy and operational work, the role of complementary measures, and what a “just transition” means in the Polish context. The conversation also examines deployment of EU funds, the significance of the Social Climate Fund, and how public acceptance is managed. We close with lessons other countries can draw from Poland’s experience and why reframing carbon pricing as a credible transformation contract may be key to the years ahead.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guest

3:10 – How EU ETS reforms translate to the Polish context

5:45 – Poland’s preparation for EU ETS 2

8:00 – KOBiZE’s role and the kinds of policy and operational questions Robert works on

11:05 – How the EU ETS price signal lands in the polish context given the economy and energy system structures

14:00 – Economic competitiveness

17:50 – ETS revenue allocation in Poland, including toward the energy transition and cushioning economic impacts

20:00 – Complementary policies

23:40 – Just transition in the Polish context

26:45 – Deployment of EU funds and examples of meaningful change taking shape

29:35 – Significance of the Social Climate Fund

33:40 – Managing the question of public acceptance

36:00 – Lessons other countries can learn from Poland’s engagement with the EU ETS

38:00 – Most important challenge for Poland, or countries in comparable situations, will face in the years ahead, and steps to confront it

38:00 – Shifting perception of carbon pricing to that of a credible transformation contract

42:10 – Closing remarks

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 a wide-ranging discussion on the state of emissions trading systems worldwide in 2026. Drawing on findings from ICAP's latest Status Report, the conversation charts the continued growth and resilience of carbon markets globally, from headline statistics and rising ETS revenues to the entry into force of new systems in Japan, India, and Vietnam. The episode examines how established systems such as those in California, the UK, and the EU have proven resilient. This episode also explores the emergence of next-generation hybrid and intensity-based ETS designs, before tackling cross-cutting issues shaping the field today, including competitiveness and carbon leakage risks, public acceptance and the use of ETS revenues, and international alignment. The episode closes with our guests and host sharing their perspectives on the developments to watch most closely in the year ahead.

Access the full ICAP ETS Status Report here: https://icapcarbonaction.com/en/publications/emissions-trading-worldwide-icap-status-report-2026

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guests 

3:00 – ETS growth: key global statistics

4:50 – Increased ETS revenue

5:40 – New systems in force in Japan, India, and Vietnam

10:00 – Resilience of existing ETSs highlighting California, the UK, and the EU

12:20 – Next-generation ETS designs and the uptake of hybrid and intensity-based ETSs

14:40 – ETS uptake in G20 countries

16:30 – Managing competitiveness and carbon leakage risks, 

19:20 – Public acceptance and the use of ETS revenues

20:55 – International alignment

22:50 – Areas to watch closely in the year ahead

26:15 – Closing remarks

In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune takes listeners on a deep-dive into the carbon pricing and climate policy landscape in India with expert guest, Saurabh Diddi, Director at the Bureau of Energy Efficiency within the Ministry of Power. This conversation focuses on the development and implementation of India’s Carbon Credit Trading Scheme (CCTS), specifically touching on how the system fits into India’s broader climate and energy strategies, key design features, and lessons other jurisdictions can learn from India’s experience. A more detailed breakdown of the topics explored and where you can listen to the episode is listed below.

Breakdown of topics covered:

0:55 – Introduction to today’s topic and our guests 

2:40 – Overview of India’s carbon market development journey

4:35 – How India’s Perform, Achieve, and Trade (PAT) Scheme experience informed the Carbon Credit Trading Scheme (CCTS) development

8:00 – The goals of the CCTS and how it fits into India’s broader climate and energy strategies incentivizing industry and voluntary market participation 

9:30 – CCTS approach to scope 2 and scope 3 emissions and ensuring system integrity

12:20 – Relationship between the compliance market and the voluntary offset market

13:25 – Emissions targets

14:35 – Lessons emerging economies can learn from India’s experience developing the CCTS

18:20 – Benefitting from existing MRV infrastructure

19:50 – Energy auditing and verification

22:40 – Key challenges that must be properly address in the Indian climate policy context

24:25 – Closing remarks

More information about the India CCTS can be found here.

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 guests

2:40 - Overview of Brazil’s ETS development process and the factors that were influential in the Brazilian government moving forward with the system

5:00 - How Brazil’s system is significant in advancing climate policy goals in the country

7:40 - System design elements and challenges that remain before full implementation

9:40 – Adapting the ETS to Brazil’s country context

12:30 - Expected economic and social impacts including in the Amazon region and others with high LULUCF emissions

16:10 - Lessons other countries can learn from Brazil’s experience

19:20 - Expectations for the role carbon pricing will play at COP30

22:50 - 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 resolution

25:20 - Closing remarks

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 guests

3:15 - Overview of Washington’s program and what has made it successful

7:20 - What was at stake in the 2024 ballot vote

12:00 - 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 card

18:45 - Key lessons from Washington’s experience for other jurisdictions

26:50 - Importance of transparency in climate policy

29:45 - Status of linkage discussions with programs in California and Québec 

32:00 - Potential opportunities and challenges that come with linkage

35:15 - California’s reauthorization

36:40 - Key challenges that must be properly addressed in the coming years in Washington and what steps can be taken toward their resolution

41:15 - Closing remarks