# Carbon Risk
> Helping investors navigate 'The Currency of Decarbonisation'!
Public Ghost content for AI and LLM tooling. Use `/llms-full.txt` for consolidated page and post context.
Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`).

## Pages
- [About this site](https://www.carbonrisk.world/about.md) - Hi, I’m Peter Sainsbury, and I’m the founder of Carbon Risk. I am an economist who is passionate about the role environmental markets can have in making the world a better place. Leveraging my experience working for governments and in commodity market analysis I like to share knowledge and insights…
- [My books](https://www.carbonrisk.world/my-books.md) - Commodities: 50 Things You Need To Know “Commodity speculators and armchair economists alike will love Peter Sainsbury’s hugely informative book, ‘Commodities’.” – 5 star Amazon review “Mine of information from a very well informed writer.” – 5 star Amazon review “A really great book – written in a…
- [Table of contents [Start here]](https://www.carbonrisk.world/table-of-contents-start-here-2.md) - Welcome to the Table of contents for Carbon Risk. If you’re not sure how to navigate this publication, you’re now in the right place. From A (Asia-Pacific) to V (verified carbon market) this is your jumping-off point. I’ll update this post every month so you can always stay on top of things. Rememb…

## Posts
- [The hidden cost of keeping cool](https://www.carbonrisk.world/cold-comfort.md) - Everyone should have access to cooling, but its vital we purge this superpollutant
- [Tackling carbon wealth inequality](https://www.carbonrisk.world/tackling-carbon-wealth-inequality.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. Polluters impose costs on everyone else – a 'negative externality' in the economic jargon. The symptoms of climate change are expected to intensify as the Earth continues to warm: extreme heat, wildfires, flo…
- [Repost: Blue sky thinking](https://www.carbonrisk.world/repost-blue-sky-thinking.md) - As climate policy splutters, governments should sell the benefits of clean air
- [Strings attached](https://www.carbonrisk.world/strings-attached.md) - The European Commission's proposals fail to counter systemic issues deterring investment in industrial decarbonisation
- [Curb your enthusiasm](https://www.carbonrisk.world/curb-your-enthusiasm.md) - Investment funds step back as EU ETS review nears
- [Scorchio!](https://www.carbonrisk.world/scorchio.md) - The hot take on Europe's extreme heatwaves, why the ECB is worried but knows how to fix it, and why decarbonisation requires deeper Single Market integration
- [No such thing as a free allowance](https://www.carbonrisk.world/no-such-thing-as-a-free-allowance.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. The European Commission is set to publish its EU ETS review on Friday (17th July). While there have been a few notable leaks to the media, the contents of the review remains speculation. Whatever emerges, it'…
- [Putting a price on superpollutants](https://www.carbonrisk.world/putting-a-price-on-superpollutants.md)
- [The Polluter Pays (in) Principle](https://www.carbonrisk.world/the-polluter-pays-in-principle.md) - Or, one rule for me, another for thee
- [United states of net zero](https://www.carbonrisk.world/united-states-of-net-zero.md)
- [How to survive CDR's "Death Valley"](https://www.carbonrisk.world/how-to-survive-cdrs-death-valley.md)
- [Britain's green credibility gap](https://www.carbonrisk.world/will-andy-burnham-close-britains-green-credibility-gap.md)
- [Losing steam](https://www.carbonrisk.world/losing-steam.md) - Europe's carbon capture and storage ambitions are starting to flag
- [Under-rated](https://www.carbonrisk.world/under-rated.md) - Should we be pricing the compliance carbon risk curve?
- [Wall Street has not turned its back on climate change](https://www.carbonrisk.world/wall-street-has-not-turned-its-back-on-climate-change.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. Read this article and more. Take 60% off your first year. Claim this limited time offer In January 2025 the Net Zero Asset Managers (NZAM) initiative, the flagship coalition setup in 2020 to align the asset m…
- [The decarbonisation bargain](https://www.carbonrisk.world/the-decarbonisation-bargain.md)
- [Repost: California's 'energy transition' will not be linear](https://www.carbonrisk.world/repost-californias-energy-transition-will-not-be-linear.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. Read this article and more. Take 60% off your first year. Claim this limited time offer Gasoline prices in California have surged by around 30% since the start of the US-Israeli conflict with Iran, and now st…
- [EUAs reaching critical turning point](https://www.carbonrisk.world/euas-reaching-critical-turning-point.md) - Despite the noise, EU ETS reform discussions are yet to start in earnest
- [Article 6 and the EU ETS, lessons from Japan](https://www.carbonrisk.world/article-6-and-the-eu-ets-lessons-from-japan.md)
- [CORSIA-correction required](https://www.carbonrisk.world/corsia-correction-required.md) - UN carbon offset scheme likely to be superseded in Europe by the EU ETS
- [Setting the standard](https://www.carbonrisk.world/pricing-methanes-low-hanging-plumes.md) - A market-led approach to pricing methane emissions
- [What constitutes an “effectively paid” carbon price?](https://www.carbonrisk.world/what-constitutes-an-effectively-paid-carbon-price.md)
- [Hammer time](https://www.carbonrisk.world/hammer-time.md) - Financial institutions are bidding for a role in how permits are allocated
- [Low hanging plumes](https://www.carbonrisk.world/low-hanging-plumes.md) - Methane abatement suffers from opportunity costs and misaligned incentives
- [His father's son](https://www.carbonrisk.world/his-fathers-son.md) - Flávio Bolsonaro spells trouble for Brazil's climate policies
- [Priming the pump](https://www.carbonrisk.world/priming-the-pump.md) - The price of fossil fuel subsidies is high: carbon emissions, air pollution, and energy insecurity
- [The state we're in](https://www.carbonrisk.world/the-state-were-in.md) - How carbon pricing policy has evolved amidst America's "affordability crisis"
- [Persistent UKA-EUA spread reveals deep political paralysis](https://www.carbonrisk.world/persistent-uka-eua-spread-reveals-deep-political-paralysis.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. Last week the UK government announced that the Carbon Pricing Scheme (CPS) is to be abolished from April 2028. To recap, the CPS is an additional carbon price paid by fossil-fired power generators. Crucially,…
- [No carbon copy](https://www.carbonrisk.world/no-carbon-copy.md) - Emissions trading schemes are ploughing their own furrow, and that's a risk to future growth
- [CDR "moonshot" aborted, for now](https://www.carbonrisk.world/cdr-requires-a-reboot.md) - Reboot needed as Microsoft allegedly suspends carbon removal purchases
- [No company is a net zero island](https://www.carbonrisk.world/no-company-is-a-net-zero-island.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. "A decade after the 2015 Paris Agreement articulated the “stretch goal” of limiting global temperature rise to 1.5°C above preindustrial levels, it has become clear that achieving this goal is no longer plaus…
- [Greener growing still in the red](https://www.carbonrisk.world/green-in-the-black.md) - From the Strait of Hormuz to Hauts-de-France, Europe's response to the fertiliser crisis must tackle 'green' profitability
- [Europe readies armoury for carbon market endgame](https://www.carbonrisk.world/europe-readies-armoury-for-carbon-market-endgame.md) - Early reform proposal is not without trust issues
- [Repost: Spread bets](https://www.carbonrisk.world/repost-spread-bets.md) - Why "energy transition assets" could drive commodity trading returns
- [In search of lost revenue](https://www.carbonrisk.world/in-search-of-lost-revenue.md) - Europe's transition to a low carbon, energy secure economy may succumb to debt-laden paralysis
- [Carbon's "lemon" dilemma](https://www.carbonrisk.world/carbons-lemon-dilemma.md)
- [Mind the carbon price gap](https://www.carbonrisk.world/mind-the-gap-2.md) - A 'Currency of Decarbonisation' crisis could be on the cards
- [Electric avenue](https://www.carbonrisk.world/electric-avenue.md) - Europe set to outline its path to electrification and energy security
- [Signals amidst the noise](https://www.carbonrisk.world/signals-amidst-the-noise.md) - EUAs consolidate, awaiting direction from policymakers
- [Gunboat climate diplomacy ratchets up a notch](https://www.carbonrisk.world/gunboat-climate-diplomacy-ratchets-up-a-notch.md) - Trump administration seeks to torpedo carbon price on shipping, once and for all
- [Rule it in](https://www.carbonrisk.world/rule-it-in.md) - Adjusting the emissions cap according to a fixed formula could be a good idea
- [Pushing back on EU ETS myopia](https://www.carbonrisk.world/for-industry-the-eu-ets-is-a-delicate-balancing-act.md) - For Europe's most influential lobby group, carbon pricing is a delicate balancing act
- [KAU-pop!](https://www.carbonrisk.world/kau-pop.md) - Korean carbon price jumps 50% as government gets serious about climate, but AI clean energy conundrum awaits
- [Climate policy under a new world order](https://www.carbonrisk.world/clim.md) - Retracement, evolution, or revolution?
- [Refund policy](https://www.carbonrisk.world/refund-policy.md) - Industry compensation for indirect carbon costs must be conditional
- [Australia needs a 'climate competitiveness strategy'](https://www.carbonrisk.world/australia-needs-a-climate-competitiveness-strategy.md) - Phasing out the Diesel Fuel Tax Credit to mining companies would be a good start
- [Mixed signals](https://www.carbonrisk.world/mixed-signals.md) - Last years crash in the New Zealand carbon price holds lessons for policymakers everywhere
- [When Europe sneezes, Britain catches a cold](https://www.carbonrisk.world/uk-carbon-price-down-40.md) - UK carbon price down ~40% since mid-January
- [Cap-and-Invest](https://www.carbonrisk.world/cap-and-invest.md) - Europe set to leverage its carbon markets to boost investment in decarbonisation
- [Repost: Whose carbon?](https://www.carbonrisk.world/whose-carbon-2.md) - Emerging economies struggle to balance climate finance and carbon sovereignty
- [No tree grows to heaven](https://www.carbonrisk.world/no-tree-grows-to-heaven.md) - EUAs caught in cross-commodity liquidation
- [Europe's new joule order](https://www.carbonrisk.world/europes-new-joule-order.md)
- [Return of the MACC](https://www.carbonrisk.world/return-of-the-macc.md)
- [Carbon credits 2.0](https://www.carbonrisk.world/carbon-credits-2-0.md) - The verified carbon market climbs the slope of enlightenment
- [Northern Lights the way](https://www.carbonrisk.world/northern-lights-the-way.md) - Europe's CO2 network is being bult in the North Sea, but for now it remains fragile
- [€100 carbon draws near](https://www.carbonrisk.world/eu100-co2-draws-near.md) - Europe's cornerstone climate policy shrugs off the gloom
- [Trading hazes](https://www.carbonrisk.world/trad.md)
- [A green and level playing field?](https://www.carbonrisk.world/a-green-and-level-playing-field.md) - The European Commission faces a tortuous task refereeing CBAMs winners and losers
- [#EUAPredict 2026](https://www.carbonrisk.world/euapredict-2026.md) - What's your forecast for the EU carbon price in 2026?
- [Carbon pricing doesn't have to be taxing](https://www.carbonrisk.world/carbon-pricing-doesnt-have-to-be-taxing.md)
- [A statement of intent](https://www.carbonrisk.world/a-statement-of-intent.md) - What Mark Carney's 'variable geometry' approach reveals about the future of carbon pricing in Canada
- [Repost: A uniform global carbon price is unworkable, and unnecessary](https://www.carbonrisk.world/repost-a-uniform-global-carbon-price-is-unworkable-and-unnecessary.md)
- [Committed traders](https://www.carbonrisk.world/committed-traders.md)
- [Carbon Risk 2025 year in review](https://www.carbonrisk.world/carbon-risk-2025-year-in-review.md) - A look back at year four of the Carbon Risk newsletter
- [What now for America's state carbon markets?](https://www.carbonrisk.world/what-now-for-americas-state-carbon-markets.md)
- [Walking the torque](https://www.carbonrisk.world/walking-the-torque.md)
- [Join the club](https://www.carbonrisk.world/join-the-club.md)
- [An article of faith](https://www.carbonrisk.world/an-article-of-faith.md)
- [Eyes on the prize](https://www.carbonrisk.world/eyes-on-the-prize.md) - Revised SBTi standard amplifies role of internal carbon prices, carbon credits, and Environmental Attribute Certificates (EACs)
- ["Affordability" narrative weighs on California's carbon market](https://www.carbonrisk.world/why-affordability-now-trumps-climate-in-california.md) - A 'Blue Wave' may need a greyer shade of green in the Golden State
- [New Zealand's carbon price slumps as confidence cracks](https://www.carbonrisk.world/new-zealands-carbon-price-slumps-as-confidence-cracks.md) - Government announces it will break link with net zero target
- [Softening the blow](https://www.carbonrisk.world/softening-the-blow.md)
- [The Green Premium chimera](https://www.carbonrisk.world/the-green-premium-chimera.md)
- [Amping up](https://www.carbonrisk.world/amping-up.md) - Electrification of oil and gas production is controversial, but necessary
- [Escaping hells kitchen](https://www.carbonrisk.world/escaping-hells-kitchen.md) - Advanced cookstove methodologies offer a promising recipe to slash emissions and cut air pollution
- [Nature for sale](https://www.carbonrisk.world/biodiversity-credits-and-offsets-are-a-distraction.md) - Biodiversity credits and offsets are a distraction from the real problem
- [Looking through it](https://www.carbonrisk.world/looking-through-it.md) - Climate policy trade-offs complicate the outlook for eurozone monetary policy
- [Climate change is showing its claws - it's time to adapt](https://www.carbonrisk.world/climate-change-is-showing-its-claws-its-time-to-adapt.md)
- [Gas pains](https://www.carbonrisk.world/methane-2.md) - A super-pollutant gets the cold shoulder
- [Repost: Coming of age](https://www.carbonrisk.world/coming-of-age-2.md) - The evolution of carbon credits fits a pattern of financial innovation
- [Full disclosure returns](https://www.carbonrisk.world/full-disclosure-2.md) - The $500 billion Scope 3 opportunity
- [All in](https://www.carbonrisk.world/all-in.md) - Investment funds race to stack EUA futures as price breakout looms
- [Up in the air](https://www.carbonrisk.world/up-in-the-air.md)
- [Flattening the curve](https://www.carbonrisk.world/flattening-the-curve.md) - Economic development coupled with climate policies is the pathway to lower emissions
- ['Big Carbon'](https://www.carbonrisk.world/big-carbon.md) - Is this the next trillion dollar market?
- [CBAMs 'domino effect' on global carbon pricing could be about to get even stronger](https://www.carbonrisk.world/cbams-domino-effect-on-global-carbon-pricing-could-be-about-to-get-even-stronger.md)
- [California strikes back](https://www.carbonrisk.world/california-strikes-back.md) - Decision to reauthorise Cap-and-Invest Program an inflexion point for carbon markets in North America
- [Could transition credits solve Asia's coal dilemma?](https://www.carbonrisk.world/could-transition-credits-solve-asias-coal-dilemma.md)
- [In search of carbon alpha](https://www.carbonrisk.world/in-search-of-carbon-alpha.md)
- [Batteries not included](https://www.carbonrisk.world/batteries-not-included.md)
- [Dawn breaks for Europe's beleaguered manufacturers](https://www.carbonrisk.world/dawn-breaks-for-europes-battered-manufacturers.md)
- [Call of duties](https://www.carbonrisk.world/call-of-duties.md) - Mozambique demonstrates how CBAM could redraw global commodity trade flows
- [Cracking under pressure](https://www.carbonrisk.world/cracking-under-pressure.md)
- [Taxing times as Australia looks to secure its energy transition](https://www.carbonrisk.world/taxing-times-as-australia-looks-to.md) - Consensus builds for an expansion in 'target-consistent' carbon pricing
- [A chaotic patchwork of inconsistent incentives](https://www.carbonrisk.world/a-chaotic-patchwork-of-inconsistent.md) - The UK is a carbon pricing pioneer, but it's system of taxes and subsidies makes it more expensive to reach net zero
- [Repost: Copper-bottomed](https://www.carbonrisk.world/repost-copper-bottomed.md) - Efforts to cut the carbon intensity of copper are at risk from climate change
- [Cleaning up](https://www.carbonrisk.world/cleaning-up.md) - UK carbon market to incentivise greenhouse gas removal
- [Cap and fade, or golden opportunity?](https://www.carbonrisk.world/cap-and-fade-or-golden-opportunity.md) - It's crunch time for California's cap-and-trade program
- [Known unknowns](https://www.carbonrisk.world/darkest-before-dawn.md) - Climate policy uncertainty appears to have peaked
- [Long and variable lags](https://www.carbonrisk.world/long-and-variable-lags.md)
- [Readying for the descent](https://www.carbonrisk.world/readying-for-the-descent.md) - Proposed reforms to China's emissions trading system suggest the government is preparing for peak emissions
- [Hot and bothered](https://www.carbonrisk.world/hot-and-bothered.md)
- [Loss of the methane hunter](https://www.carbonrisk.world/loss-of-the-methane-hunter.md) - MethaneSAT goes dark, imperilling global methane emission accountability
- [Has Europe learnt from its great carbon price debasement?](https://www.carbonrisk.world/has-europe-learnt-from-its-great.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. If you want to know more about how carbon markets combat climate change, what this burgeoning market means for investors, and the latest trends affecting decarbonisation then please consider upgrading your su…
- [The carbon abatement return on investment](https://www.carbonrisk.world/the-carbon-abatement-return-on-investment.md) - Emerging markets offer the highest rewards, and China knows it
- [Building blocs](https://www.carbonrisk.world/building-blocs.md) - As global carbon pricing grows and becomes more fragmented, regional carbon markets offer a solution
- [Straight and narrow](https://www.carbonrisk.world/straight-and-narrow.md) - Europe's polluters comply with the EU ETS, despite the low risk of a penalty
- [It's all political](https://www.carbonrisk.world/its-all-political.md)
- [Repricing the 'Tragedy of the Horizon'](https://www.carbonrisk.world/repricing-the-tragedy-of-the-horizon.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. If you want to know more about how carbon markets combat climate change, what this burgeoning market means for investors, and the latest trends affecting decarbonisation then please consider upgrading your su…
- [A port in the storm](https://www.carbonrisk.world/a-port-in-the-storm.md) - Cruise ships face carbon pricing, fuel intensity targets, and penalties for idling while docked
- [Emissions trading: past, present, and future](https://www.carbonrisk.world/emissions-trading-past-present-and.md)
- [Down to earth](https://www.carbonrisk.world/down-to-earth.md) - Putting a value on biodiversity has consequences, and not all good
- [Carbonomics returns](https://www.carbonrisk.world/carbonomics-returns.md) - Hydrogen headwinds, a fragmenting world order, and new energy frontiers
- [California's 'energy transition' will not be linear](https://www.carbonrisk.world/californias-energy-transition-will.md)
- [Repost: Biomethane is the killer application Europe needs to decarbonise](https://www.carbonrisk.world/repost-biomethane-is-the-killer-application.md)
- [All-in on Brexit reset](https://www.carbonrisk.world/all-in-on-brexit-reset.md) - Funds betting on early agreement to link UK and EU carbon markets may be disappointed
- [New Zealand needs a market stability reserve](https://www.carbonrisk.world/new-zealand-needs-a-market-stability.md) - Climate Change Commission's advice fails to achieve "predictable and stable market"
- [The battery that lies beneath](https://www.carbonrisk.world/the-battery-that-lies-beneath.md)
- [America's carbon border tariff isn't credible](https://www.carbonrisk.world/americas-carbon-border-tariff-isnt.md)
- [Smoke on the water](https://www.carbonrisk.world/smoke-on-the-water.md)
- [The Kaya identity](https://www.carbonrisk.world/the-kaya-identity.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭. If you want to know more about how carbon markets combat climate change, what this burgeoning market means for investors, and the latest trends affecting decarbonisation then please consider upgrading your su…
- [America's state carbon markets are under siege](https://www.carbonrisk.world/americas-state-carbon-markets-are.md)
- [Safeguarding Australia's climate policies](https://www.carbonrisk.world/safeguarding-australias-climate-policies.md) - The trifecta of carbon market sensitive elections is almost over
- [Forward guidance](https://www.carbonrisk.world/forward-guidance.md) - EU climate ministers may soon begin to “mumble with great incoherence.”
- [Full steam ahead, or steady as she goes?](https://www.carbonrisk.world/full-steam-ahead-or-steady-as-she.md)
- [Step on the gas](https://www.carbonrisk.world/step-on-the-gas.md) - Donald Trump may have ditched the methane fee, but energy producers are still under pressure to cut emissions
- [Canada's industrial carbon pricing system should be protected](https://www.carbonrisk.world/canadas-industrial-carbon-pricing.md)
- [Spread bets](https://www.carbonrisk.world/spread-bets.md) - Why "energy transition assets" could drive commodity trading returns
- [A tactical retreat](https://www.carbonrisk.world/a-tactical-retreat.md) - Mark Carney axes Canada's consumer carbon tax
- [US 'energy dominance' will depend upon CO2](https://www.carbonrisk.world/us-energy-dominance-will-depend-upon.md) - Billions of barrels of oil could be unlocked, but only if thousands of miles of CO2 pipeline are laid
- [Vollgas](https://www.carbonrisk.world/vollgas.md)
- [Repost: A battle for global carbon pricing supremacy is brewing](https://www.carbonrisk.world/repost-a-battle-for-global-carbon.md) - Why you need to pay more attention to China's carbon market
- [How to hedge long-term carbon risk](https://www.carbonrisk.world/how-to-hedge-long-term-carbon-risk.md) - Carbon contracts for difference are the instrument of choice
- [Blue sky thinking](https://www.carbonrisk.world/blue-sky-thinking.md) - As climate policy splutters, governments should sell the benefits of clean air
- [Carbon dioxide removal and the buyer of first resort](https://www.carbonrisk.world/carbon-dioxide-removal-and-the-buyer.md) - The window for high cost, novel CDR technologies is closing fast
- [Hot property](https://www.carbonrisk.world/hot-property.md) - The long-term outlook for the ETS2 carbon price is tethered to heat pumps
- [Europe is no longer in control of its destiny](https://www.carbonrisk.world/europe-is-no-longer-in-control-of.md) - What a ceasefire in Ukraine means for the EU carbon market
- [Striking first](https://www.carbonrisk.world/striking-first.md) - Why Canada could beat Europe to a carbon border levy
- [The Carbon Laffer Curve](https://www.carbonrisk.world/the-carbon-laffer-curve.md)
- [Power play](https://www.carbonrisk.world/power-play.md) - Norway is not Europe's battery, and it never will be
- [Energy emergence at the frontier](https://www.carbonrisk.world/energy-emergence-at-the-frontier.md) - Jevons Paradox, the Khazzoom-Brookes Postulate, and DeepSeek
- [The Fear Index](https://www.carbonrisk.world/the-fear-index.md)
- [Eco-Friendly or Eco-Shady?](https://www.carbonrisk.world/eco-friendly-or-eco-shady.md)
- [Britain's green credibility gap](https://www.carbonrisk.world/britains-green-credibility-gap.md) - UK carbon price slumps to record low, 50% below the EU
- [What's in a [carbon market] name?](https://www.carbonrisk.world/whats-in-a-carbon-market-name.md) - Why governments should adopt the 'Cap-and-Invest' nomenclature
- [ETS2 carbon price could rapidly breach €100](https://www.carbonrisk.world/ets2-carbon-price-could-rapidly-breach.md) - Europe's second carbon market is expected to be very sensitive to emission allowance scarcity
- [Repost: Fight Fire With Fire](https://www.carbonrisk.world/repost-fight-fire-with-fire.md) - The case for controlled burning carbon credits
- [The future of California's cap-and-trade program beyond 2030 is now in doubt](https://www.carbonrisk.world/the-future-of-californias-cap-and.md) - Clean hydrogen production tax credit rules complicate the legislative process
- [Europe's greener cost of capital under threat as monetary policy eases](https://www.carbonrisk.world/europes-greener-cost-of-capital-under.md)
- [Five books that made me think differently in 2024](https://www.carbonrisk.world/five-books-that-made-me-think-differently.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [Repost: Weighing the value of carbon price predictions](https://www.carbonrisk.world/repost-weighing-the-value-of-carbon.md)
- [The climate tech emissions-funding mismatch](https://www.carbonrisk.world/the-climate-tech-emissions-funding.md)
- [Coming of age](https://www.carbonrisk.world/coming-of-age.md) - The evolution of carbon credits fits a pattern of financial innovation
- [Demystifying Japan's climate policy riddle](https://www.carbonrisk.world/demystifying-japans-climate-policy.md)
- [A uniform global carbon price is unworkable, and unnecessary](https://www.carbonrisk.world/a-uniform-global-carbon-price-is.md)
- [Running of the bulls](https://www.carbonrisk.world/running-of-the-bulls.md) - Investment funds position for higher EUA prices
- [Brazil's carbon market gets the green light](https://www.carbonrisk.world/brazils-carbon-market-gets-the-green.md) - Policy secures the nation's climate leadership among world's biggest oil producers
- [Three carbon markets facing electoral turbulence in 2025](https://www.carbonrisk.world/three-carbon-markets-facing-electoral.md) - Opposition parties paint carbon pricing as inflations 'pantomime villain'
- [Ukraine's biomethane opportunity](https://www.carbonrisk.world/ukraines-biomethane-opportunity.md) - The war torn nation could become a major exporter of 'renewable natural gas' to Europe
- [Hedging your portfolio against carbon price risk](https://www.carbonrisk.world/hedging-your-portfolio-against-carbon.md) - 12 exchange traded products (ETPs) with exposure to carbon allowances
- [Free rider](https://www.carbonrisk.world/free-rider.md) - Carbon border levies could trump US withdrawal from Paris
- [Escaping the Euro doom loop](https://www.carbonrisk.world/escaping-the-euro-doom-loop.md) - A new steady state, the power of narrative economics, and the mispricing of consensus expectations
- ['Single European Sky' cleared for take off](https://www.carbonrisk.world/single-european-sky-cleared-for-take.md) - More efficient air traffic management should counteract expected growth in emissions
- [Repost: Protection money](https://www.carbonrisk.world/repost-protection-money.md) - Halting deforestation will come with a hefty price tag
- [Pricing carbon at its social cost](https://www.carbonrisk.world/pricing-carbon-at-its-social-cost.md) - Carbon markets will increasingly be influenced by the social cost of carbon
- [Resolving the emerging endgame](https://www.carbonrisk.world/resolving-the-emerging-endgame.md) - Charting a path towards net-negative emissions with carbon removal
- [It's the climate, stupid!](https://www.carbonrisk.world/its-the-climate-stupid.md)
- [Good green derivatives](https://www.carbonrisk.world/good-green-derivatives.md) - A peek beneath the hood of the EU carbon market
- [The emerging endgame](https://www.carbonrisk.world/the-emerging-endgame.md)
- [Book and claim - Part 2](https://www.carbonrisk.world/book-and-claim-part-2.md) - How SAF and green H2 are harnessing the power of Energy Attribute Certificates
- [A new political trilemma](https://www.carbonrisk.world/a-new-political-trilemma.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [China's carbon credit market takes off](https://www.carbonrisk.world/chinas-carbon-credit-market-takes.md)
- [Copper-bottomed](https://www.carbonrisk.world/copper-bottomed.md) - Efforts to cut the carbon intensity of copper are at risk from climate change
- [Repost: 'Green' lithium](https://www.carbonrisk.world/repost-green-lithium.md)
- [How to power up Europe's industrial decarbonisation](https://www.carbonrisk.world/how-to-power-up-europes-industrial.md) - Closing the spark spread would be a good start
- [Britain makes coal history](https://www.carbonrisk.world/britain-makes-coal-history.md) - Unique approach to carbon pricing instrumental to securing coal's fate
- [Carbon capture and storage (CCS) is misunderstood](https://www.carbonrisk.world/carbon-capture-and-storage-ccs-is.md)
- [Beware false prophets](https://www.carbonrisk.world/beware-false-prophets.md) - The EUA forward curve is not a forecast of future carbon prices
- [Germany's manufacturing malaise set to curb demand for EUAs](https://www.carbonrisk.world/germanys-manufacturing-malaise-set.md)
- [New Zealand's carbon market is close to resolving its commitment issues](https://www.carbonrisk.world/new-zealands-carbon-market-is-close.md)
- [Book and claim - Part 1](https://www.carbonrisk.world/book-and-claim.md) - Energy Attribute Certificates play a vital but controversial role in the energy transition
- [Divining reality from the hype](https://www.carbonrisk.world/divining-reality-from-the-hype.md)
- [Transformers - A supply chain problem in disguise](https://www.carbonrisk.world/transformers-a-supply-chain-problem.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [Know your onions](https://www.carbonrisk.world/know-your-onions.md) - Concern over the role of speculators in Europe's energy markets is overplayed
- [UK-EU ETS linkage trade turns sour](https://www.carbonrisk.world/not-in-my-lifetime.md) - Prime Minister Starmer pledges never to re-join the EU
- [Why Canada should reform its carbon tax](https://www.carbonrisk.world/why-canada-should-reform-its-carbon.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [Repost: The EU carbon market and its stock-to-flow ratio](https://www.carbonrisk.world/repost-the-eu-carbon-market-and-its-e1d.md)
- [California's emissionary zeal begins to crack](https://www.carbonrisk.world/californias-emissionary-zeal-begins.md) - Carbon market tumbles as climate policies are delayed
- [Putting a price on contrails](https://www.carbonrisk.world/putting-a-price-on-contrails.md) - The 'low-hanging fruit of aviation’ emission abatement
- [The Time Value of Carbon](https://www.carbonrisk.world/the-time-value-of-carbon.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [Back to the futures](https://www.carbonrisk.world/back-to-the-futures.md) - Three factors will determine whether ASX's new environmental futures contracts are a success
- [Frequent fryer](https://www.carbonrisk.world/frequent-fryer.md) - Demand for biofuels made from used cooking oil is soaring, but could there be a sting in the tail?
- [The burning question](https://www.carbonrisk.world/the-burning-question.md) - What climate legacy will Trump 2.0 leave in his wake?
- [Bringing home the bacon, sustainably](https://www.carbonrisk.world/bringing-home-the-bacon-sustainably.md) - Denmark's carbon tax on agriculture allays fears of a European green backlash
- [The carbon moonshot](https://www.carbonrisk.world/the-carbon-moonshot.md) - Microsoft dominates the market for carbon removal
- [Europe's green backlash was priced in a long time ago](https://www.carbonrisk.world/europes-green-backlash-was-priced.md)
- [Why CDR regulation could deter climate mitigation](https://www.carbonrisk.world/why-cdr-regulation-could-deter-climate.md) - The risk of 'moral hazard' tends to increase when governments intervene
- [Repost: Resolving The Green Paradox](https://www.carbonrisk.world/repost-resolving-the-green-paradox.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 4,000 people who already read Carbon Risk. Check out wha…
- [The RGGI power grab](https://www.carbonrisk.world/the-rggi-power-grab.md) - The underappreciated beneficiary of surging electricity demand in the US northeast
- [India's catch-22](https://www.carbonrisk.world/indias-catch-22.md) - How to balance adapting to extreme temperatures, slowing the growth in emissions, while also alleviating poverty
- [The knock-on effect: The curious case of California's LCFS program](https://www.carbonrisk.world/the-knock-on-effect-the-curious-case.md)
- [The Currency of Decarbonization](https://www.carbonrisk.world/the-currency-of-decarbonization.md)
- [The carbon footprint fallacy](https://www.carbonrisk.world/the-carbon-footprint-fallacy.md) - Why green investors need to get their hands dirty
- [Backing BECCS](https://www.carbonrisk.world/backing-beccs.md) - Demand for sustainable bioenergy with CCS set to intensify
- [It's the carbon price, stupid!](https://www.carbonrisk.world/its-the-carbon-price-stupid.md)
- [Repost: Aluminium's climate paradox](https://www.carbonrisk.world/repost-aluminiums-climate-paradox.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Check out wha…
- [A bear market rally, or the start of a new bull run?](https://www.carbonrisk.world/a-bear-market-rally-or-the-start.md)
- [France's focus on 'energy sovereignty' is starting to payoff](https://www.carbonrisk.world/frances-focus-on-energy-sovereignty.md)
- [A battle for global carbon pricing supremacy is brewing](https://www.carbonrisk.world/a-battle-for-global-carbon-pricing.md) - Why you need to pay more attention to China's carbon market
- [Ready mixed](https://www.carbonrisk.world/ready-mixed.md) - How Europe's largest cement producers are rapidly cutting their Scope 1 emissions
- [Table of contents [Start here]](https://www.carbonrisk.world/table-of-contents-start-here.md) - A complete directory of every article on Carbon Risk
- [A bump in the road](https://www.carbonrisk.world/a-bump-in-the-road.md) - Network effects suggest that any EV growth slowdown will be brief
- [Nature's 'black gold' rush](https://www.carbonrisk.world/natures-black-gold-rush.md)
- [Biomethane is the killer application Europe needs to decarbonise](https://www.carbonrisk.world/biomethane-is-the-killer-application.md)
- [Shifting the narrative](https://www.carbonrisk.world/shifting-the-narrative.md) - Common sense prevails as SBTi approves credits for Scope 3 abatement
- [Carbon intensity: The key to an economically sustainable green transition](https://www.carbonrisk.world/carbon-intensity-the-key-to-an-economically.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Check out wha…
- [Pegger thy neighbour](https://www.carbonrisk.world/pegger-thy-neighbour.md) - Why smaller carbon markets link up with larger cap-and-trade schemes
- [The spectre of 'gilets jaunes' returns](https://www.carbonrisk.world/revolt-over-gasoline-price-hike-could.md) - Revolt over gasoline price hikes could lead to carbon price rebellion
- [Repost: The signal and the noise](https://www.carbonrisk.world/repost-the-signal-and-the-noise.md) - Pricing the carbon credit risk curve
- [Energy efficiency is undervalued and misunderstood](https://www.carbonrisk.world/energy-efficiency-is-undervalued.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Check out wha…
- [Over-hedged](https://www.carbonrisk.world/over-hedged.md) - One of Europe's most active players in the carbon market has gone conservative
- [A carbon floor price is a bad idea](https://www.carbonrisk.world/a-carbon-floor-price-is-a-bad-idea.md) - Meddling in markets built on trust is rarely successful.
- [No Turkish delight](https://www.carbonrisk.world/no-turkish-delight.md) - Cheap Russian coal, macroeconomic disarray, and the EU's carbon border levy
- [Deciphering nickels green premium](https://www.carbonrisk.world/the-illusory-green-premium.md)
- [How modularity will supercharge growth in Direct Air Capture (DAC)](https://www.carbonrisk.world/how-modularity-will-supercharge-growth.md)
- [Short covering brings carbon market bulls out of hiding](https://www.carbonrisk.world/short-covering-brings-carbon-market.md)
- [Picking the ‘low hanging fruit’: Technology key to North Sea methane abatement](https://www.carbonrisk.world/picking-the-low-hanging-fruit-technology.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. Subscribe now By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Yo…
- [Through the looking glass](https://www.carbonrisk.world/through-the-looking-glass.md) - Country level emissions data are (probably) not what they seem
- [Repost: Is a repeat of 2021 on the cards for California's carbon market?](https://www.carbonrisk.world/repost-is-a-repeat-of-2021-on-the.md)
- [Climate change - A tragedy in three parts](https://www.carbonrisk.world/the-three-tragedies.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. Subscribe now By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Yo…
- [Japan's 'Green Transformation' receives a welcome shot of credibility](https://www.carbonrisk.world/japans-green-transformation-receives.md)
- [Mind the behaviour gap](https://www.carbonrisk.world/mind-the-behaviour-gap.md) - How to avoid losing money investing in the energy transition
- [Following in LNG's wake](https://www.carbonrisk.world/following-in-lngs-wake.md) - First shipment of liquefied CO2 could be a prelude to a global marketplace
- [Scope 3 forces mining companies into rethink](https://www.carbonrisk.world/scope-3-forces-mining-companies-to.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. Subscribe now By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Yo…
- [UK carbon market nadir has passed](https://www.carbonrisk.world/uk-carbon-market-nadir-has-passed.md)
- [Second-best climate policy](https://www.carbonrisk.world/second-best-climate-policy.md) - When political economy trumps economic efficiency
- [Whose carbon?](https://www.carbonrisk.world/whose-carbon.md) - Emerging economies struggle to balance climate finance and carbon sovereignty
- [Deflationary expectations](https://www.carbonrisk.world/deflationary-expectations.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. Subscribe now By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Yo…
- [Nitrogen fix](https://www.carbonrisk.world/solving-fertilisers-nitrogen-fix.md) - Curbing excess use is key to solving synthetic fertiliser emissions
- [Canada shows how NOT to use Carbon Contracts for Difference](https://www.carbonrisk.world/a-powerful-tool-to-leverage-energy.md)
- [Repost: The emergence of the carbon economy](https://www.carbonrisk.world/repost-the-emergence-of-the-carbon.md) - Why construction materials are likely to dominate future CO2 demand
- [Scope creep](https://www.carbonrisk.world/scope-for-improvement.md) - Mandatory climate disclosures target under-reported carbon risk
- [Canada's oil and gas cap-and-trade scheme does not go far enough](https://www.carbonrisk.world/canadas-oil-and-gas-cap-and-trade.md)
- [Caution! Net zero scenarios are not forecasts](https://www.carbonrisk.world/caution-net-zero-scenarios-are-not.md) - Why the blurring of the normative and the predictive is leading to a misallocation of capital
- [Europe must learn from Canada's 'price on pollution' debacle](https://www.carbonrisk.world/a-cautionary-tale.md)
- [The climate casino](https://www.carbonrisk.world/the-climate-casino-68a6f6241c3290001bf25255.md)
- [Interview with Clémentine Serey of emissions tracking firm Kayrros](https://www.carbonrisk.world/interview-with-clementine-serey-of.md) - As corporations, financial institutions and governments begin to realise they are sitting on a big uncovered short position on carbon, demand for data and analytics that helps them manage that carbon risk (and take advantage of any opportunities in carbon markets) is growing fast. I recently had th…
- [The rate of change](https://www.carbonrisk.world/the-rate-of-change.md) - Gaining an edge in any market comes not from paying attention to absolute levels, but rather by focusing on the rate of change (ROC) in prices, fundamentals, and how they intersect. Over the past twelve months, the EU carbon market has been buffeted by strong growth in renewable generation (particu…
- [Carbonomics 2023](https://www.carbonrisk.world/carbonomics-2023.md) - Chinese EV battery deflation offsets offshore wind cost inflation
- [To catch a falling knife](https://www.carbonrisk.world/to-catch-a-falling-knife.md)
- [The green methanol economy is emerging in Denmark](https://www.carbonrisk.world/the-green-methanol-economy.md) - Off-take agreements signal an industry ripe for growth
- [An underappreciated climate change risk](https://www.carbonrisk.world/an-underappreciated-climate-change.md)
- [Climate policy uncertainty is on the rise](https://www.carbonrisk.world/climate-policy-uncertainty-is-on.md)
- [No free lunch](https://www.carbonrisk.world/no-quick-win.md) - Cutting global methane emissions from oil and gas is more difficult than it seems
- [Repost: How the other half cooks](https://www.carbonrisk.world/repost-how-the-other-half-cooks.md) - Carbon credits with co-benefits
- [Celebrating two years of Carbon Risk](https://www.carbonrisk.world/celebrating-two-years-of-carbon-risk.md) - "Don’t judge each day by the harvest you reap but by the seeds that you plant" - Robert Louis Stevenson Writing a newsletter is a strange business. I read hundreds of articles, capture loads of charts and pictures, listen to several podcasts a week to learn what experts are thinking, and brainstorm…
- [Dead cat bounce](https://www.carbonrisk.world/dead-cat-bounce.md) - European industrial gas demand yet to reach rock bottom
- [The clouds silver lining](https://www.carbonrisk.world/clouded-judgement.md) - Why data centre emissions are the least of our worries
- [An iron will](https://www.carbonrisk.world/an-iron-will.md) - Sweden's first mover advantage in green steel will be tough to replicate
- [Smoke signals](https://www.carbonrisk.world/smoke-signals.md) - Why Europe's policymakers should take heed to its carbon market
- [Carbon market convergence does not mean a single global carbon price](https://www.carbonrisk.world/carbon-market-convergence-does-not.md)
- [Not in my backyard](https://www.carbonrisk.world/not-in-my-backyard.md) - Deadly pipeline ruptures. The risk of groundwater contamination. An excuse for fossil fuel producers to continue. These are just some of the environmental and safety concerns expressed by landowners and residents in parts of the Midwest to the development of new carbon dioxide (CO2) pipelines. The…
- [Boiling over](https://www.carbonrisk.world/boiling-over.md)
- [Repost: The EU carbon market and its stock-to-flow ratio](https://www.carbonrisk.world/repost-the-eu-carbon-market-and-its.md)
- [Alternative proteins climb the slope of enlightenment](https://www.carbonrisk.world/alternative-proteins-hit-the-slope.md)
- [Breaking the bottleneck](https://www.carbonrisk.world/breaking-the-bottleneck.md) - The Rhine is a microcosm of the climate challenges facing Europe and other parts of the world. The river is a crucial 800-mile transport artery stretching through the centre of Germany from the Alps to the North Sea. The world’s largest integrated industrial complexes depend on the Rhine, to feed t…
- [Carbon border risk](https://www.carbonrisk.world/carbon-border-risk.md) - EUAs offer a tradeable hedge against future CBAM exposure
- [The net zero fiscal trilemma](https://www.carbonrisk.world/the-net-zero-fiscal-trilemma.md)
- [The other side of the table](https://www.carbonrisk.world/the-other-side-of-the-table.md)
- [Testing long term support](https://www.carbonrisk.world/testing-long-term-support.md) - The EU carbon price needs a cold winter and renewed political support to stop prices falling below a critical level
- [Carbon markets are going global](https://www.carbonrisk.world/carbon-markets-are-going-global.md) - “The answer to the global climate crisis is carbon pricing.” - Kurt Vandenberghe, the European Commission’s Directorate-General for Environment (DG ENV) Carbon pricing plays a number of roles including internalising the cost of negative externalities resulting from greenhouse gas (GHG) emissions an…
- [A volatile gas](https://www.carbonrisk.world/hydrogen-hype-cycle-not-over-yet.md) - Hydrogen's latest hype cycle still suffers from overinflated expectations
- [Repost: Commitment issues](https://www.carbonrisk.world/repost-commitment-issues.md)
- [Full disclosure](https://www.carbonrisk.world/full-disclosure.md)
- [Is the VCM a trillion dollar business opportunity?](https://www.carbonrisk.world/a-one-trillion-dollar-business.md) - Welcome to Carbon Risk — helping investors navigate 'The Currency of Decarbonisation'! 🏭 If you haven’t already subscribed please click on the link below, or try a 7-day free trial giving you full access. By subscribing you’ll join more than 3,000 people who already read Carbon Risk. Check out wha…
- [France's nuclear risk premium has faded, for now](https://www.carbonrisk.world/frances-nuclear-risk-premium-has.md)
- [Fight Fire With Fire](https://www.carbonrisk.world/fight-fire-with-fire.md) - The case for controlled burning carbon credits
- [The Green Swan](https://www.carbonrisk.world/fat-tails.md) - Conventional approaches to pricing carbon fail to capture risk of climate catastrophe
- [Tipping point](https://www.carbonrisk.world/passing-the-batton.md)
- [Scope 4 emissions: Unlocking low-carbon innovation](https://www.carbonrisk.world/scope-4-emissions-unlocking-innovation.md) - We typically think of an individual company’s greenhouse gas (GHG) emissions being pigeonholed into one of three categories, or scopes as they are known. Scope 1 covers direct emissions from a company’s own operations. Scope 2 covers indirect emissions resulting from the generation of energy that a…
- [Repost: Everything you need to know about China's national carbon market](https://www.carbonrisk.world/repost-everything-you-need-to-know.md)
- [Playing with fire](https://www.carbonrisk.world/playing-with-fire.md)
- ['Greenflationary' expectations revisited](https://www.carbonrisk.world/greenflationary-expectations-revisited.md)
- [Carbon market vigilantes](https://www.carbonrisk.world/the-carbon-bond-vigilantes.md) - The case for carbon-linked bonds
- [Everything you need to know about enhanced weathering](https://www.carbonrisk.world/everything-you-need-to-know-about-a66.md) - Over the past few months I have created a number of deep dives into the most important engineered carbon removal technologies: biochar, bio energy with carbon capture and storage (BECCS) and direct air capture (DAC) - see here, here and here if you missed them or want to remind yourself how they co…
- [Thermal coal's Coasian bargain](https://www.carbonrisk.world/coals-coasian-bargain.md) - Paying coal plants to retire early is a viable route to net zero
- [Consumer carbon offset market faces a knowledge gap](https://www.carbonrisk.world/consumer-carbon-offsets-faces-a-knowledge.md)

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