Carbon Exposure Project
Carbon Exposure Project
Podcast Description
Welcome to the Carbon Exposure Project! A platform for peer-to-peer conversations with people who are driving forward the carbon markets of tomorrow.
Join your host Rene Velasquez we get to discuss topics at the intersection of ESG and finance over cocktails, with the amazing backdrop of the lion city, Singapore.
Podcast Insights
Content Themes
The show explores a variety of themes at the intersection of environmental, social, and governance (ESG) criteria and finance, discussing topics such as carbon market investment strategies, the complexities of compliance vs. project-based markets, and the impact of carbon credits on global decarbonization efforts. Episodes feature insights on emerging trends like the role of blue carbon, insurance in carbon markets, and the influence of public capital on market de-risking.
Carbon Exposure is a carbon-native production studio specialising in carbon markets — and this podcast sits at the centre of what we do.
Carbon markets are complex, technical, and often misunderstood. Much of the conversation is fragmented, buried in policy language, or disconnected from how the market actually operates.
This podcast is designed to close that gap.
Through conversations with the people shaping the market — policymakers, standard setters, developers, investors, and corporates — we unpack how things work in practice, across policy, project development, and finance.
We cover the full spectrum of carbon markets, but always with the same objective: clarity.
Carbon Exposure extends beyond the podcast into film, digital content, and strategic storytelling — helping organisations communicate more effectively and position themselves for market access.
But it starts here.
Because in carbon markets, understanding the landscape is the first step to participating in it.
In Episode 2 of Season 4 of the Carbon Exposure Podcast, we sit down with Ingo Puhl, Co-founder of South Pole and one of the original pioneers of global carbon markets.
With nearly three decades of experience in climate finance, project development, and environmental markets, Ingo offers a rare perspective on how carbon markets were built, where they went wrong, and what needs to change next.
This is not just a conversation about the past.
It’s a bold discussion about the future structure of carbon markets.
We explore why the current market model may no longer be fit for purpose, how sovereignty and national registries are reshaping the landscape, and why new infrastructure will be needed to scale environmental markets globally.
In this episode, we cover:
• The early days of carbon markets and the creation of South Pole
• Lessons from the CDM boom, collapse, and trust crisis
• Why developing countries want more sovereignty over carbon assets
• How Thailand became a leader in Article 6 and market innovation
• Why standards, registries, and verification models need to evolve
• The role of ratings agencies, satellite data, and technology
• What renewable energy certificates (RECs / I-RECs) get right
• Tokenization, interoperability, and future market infrastructure
• Why ASEAN could become a major carbon market growth region
Timestamps
00:00 Intro
03:10 Carbon Market Origins
08:47 CDM Boom & Bust13:16 Trust, Trauma & Sovereignty
18:25 Thailand as Blueprint
27:25 Broken Market Infrastructure
33:29 Ratings, Innovation & Integrity
43:04 Tech, Data & Verification
47:42 Why RECs Work52:28 Rebuilding Market Design
58:12 Tokenization & Liquidity
01:02:22 ASEAN Carbon Opportunity
01:06:45 Future Market Vision
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Disclaimer
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