Global Carbon Markets Conference

• Recap of COP31: Key policy signals shaping carbon markets and international cooperation
• Europe’s direction of travel: balancing decarbonisation, energy security and reduced reliance on hydrocarbons
• How geopolitical instability, trade disruption and fossil fuel volatility are reshaping carbon price formation
• Why carbon markets still matter in an economy defined by security, affordability and economic pressure

• From policy to markets: What this means for carbon pricing and demand
• Policy direction: EU ETS, IMO, FuelEU Maritime and global signals
• Translating policy into carbon price formation and demand
• What changing policy priorities mean for market participants

• How buyers are approaching procurement in uncertain markets
• Demand trends: where activity is increasing, stalling or shifting
• What is still preventing scale in 2026?

Nicole Vadori, Vice President Global Sustainability, TD Bank
Dr. James Robey, Executive Vice President, Global Head of Environmental Sustainability, Capgemini
Paulina Kaczmarek, Head of Sustainability, Danone
Ilyas Muhammad, Head of Green Fuels, Hapag-Lloyd AG

• Can carbon function as a credible, investable asset class?
• Are benchmarks building the market — or getting ahead of trust and liquidity?
• Does carbon need to be fungible, or has that been overstated?
•  How do benchmarking and standardisation drive (or distort) price signals?
• What proves maturity: which signals would confirm carbon has truly become an asset class?

Luke Hanley, CEO and Founder, 1089 Inc.
Martin Berg, Chief Executive Officer, Climate Asset Management 

• Climate change, the social cost of carbon and the case for carbon pricing
• 20 years of the ETS: What has worked, what has not and key lessons learned
• The next wave of carbon markets: New and emerging ETS worldwide
• Carbon as an asset class: Liquidity, volatility and market performance
• Carbon risk premium and where investors see opportunity today

Clément Chaulot, Director, Téthys
Michael Azlen, CEO and CIO, Carbon Cap

• Free allocation phase-out pressures and industrial competitiveness concerns
• Price instability and its impact on long-term capex signals
• How ETS mechanics flow directly into CBAM liabilities and corporate planning
• EU‑UK linkage: What linking emissions trading systems could mean for pricing, liquidity and competitiveness

Alex Rau, General Partner, Environmental Commodity Partners
Cedric De Meeus, Chief Public Policy & Government Relations, Holcim
Paul Voss, Director General, European Aluminium

• How CBAM is affecting sourcing decisions across steel, cement, fertilisers and aluminium
• Trade exposure analysis: Which regions and suppliers are most affected?
• Cash flow, balance sheet planning and CBAM liability management
• What corporates must model now

Aviv Bar Tal, Chief Commercial Officer, OCI
Ronald Joel Magsajo, Head of Industry Affairs and Communications, SteelAsia Manufacturing Corporation

• GHG Protocol revisions: Changes to reporting categories, boundaries and disclosures
• Scope 2 updates: Market‑based vs location‑based accounting and implications for RECs and PPAs
• Scope 3 developments: What’s coming and why it matters for corporates now
• Claims, reporting and credibility: How accounting rules are shaping procurement decisions
• What companies need to prepare for in a fragmented and evolving reporting landscape

• How hyperscalers are using PPAs, RECs and iRECs to meet targets
• Role of removals in corporate strategies: permanence, durability and scaling challenges
• Measurable abatement pathways as alternative approaches
• Emerging solutions: biochar and hybrid removal technologies
• Can corporate decarbonisation goals keep pace with digital infrastructure expansion?

Monica Perez Lobo, VP Sustainability, Toyota

• Critical assessment of CCP labels, ratings and Article 6 benchmarks
• What constitutes a “credible” label in today’s market
• How labels influence buyer behaviour and pricing differentiation
• Can voluntary markets remain meaningful while compliance mechanisms scale?

Pedro Barata, AVP Carbon Markets & Private Sector Decarbonization, EDF
Lorna Ritchie, Director of Public Affairs, ICVCM

• What is actually issuing and trading
• Supply constraints and methodological conservatism
• Interoperability reality check

Hideki Ochiai, Vice President of Sustainability and ESG Promotion, Japan Airlines

• Is multilateralism in carbon markets “dead” — or evolving?
• Has Article 6.2 shifted execution decisively toward bilateral agreements?
• What is happening in bilateral Article 6 deals today
• Where CDRs are being positioned: ETS integration, bilateral pathways, or global mechanisms

Olga Gassan-Zade, Chair, Article 6.4 Supervisory Body

Unlocking corporate buying power to crowd-in finance 

• National vs international systems and how they interact
• Centralised versus decentralised models
• Where convergence is realistic - and where fragmentation persists

Lydia Sheldrake, Director of Policy and Partnerships, VCMI

Rodrigo Lauria, Director, Climate Change & Carbon, Vale

• What is holding back liquidity and price discovery?
• Role of exchanges, registries and market infrastructure
• Standardisation versus fragmentation: What unlocks scale?
• Futures, spot markets and the evolution of tradable carbon products

• Construction progress: current projects moving toward deployment and early commercial operation
• Infrastructure reality and execution risk: Complexity, permitting delays and supply chain constraints
• Cost and scalability: How project size, location and CO₂ concentration Impact economics
• Market challenge: Delayed FIDs, weak offtake signals and uncertain returns slowing deployment
• Path to scale: financing models, policy support and integration into hard‑to‑abate sectors like cement and steel

• The role of removals in EU ETS, CRCF and national systems
• Political constraints on inclusion and integration
• What needs to change for removals to become financeable at scale

Alexander Makela, Chief Policy Officer, Carbon Gap

• Triple‑digit pricing reality
• Who carries long‑term risk?
• Data and insurance as gating factors

• Early‑stage capital gaps and devex risk
• Role of offtakes, SPVs and buyer aggregation
• What banks require to deploy capital

Brian Hong, Director, Environmental Markets, RBC Capital Markets
Charlotte Lehmann, Managing Director, Head of Carbon Solutions, Mirova
Matthew Le Flocq, Managing Director, NextGen CDR AG

• Banking requirements for carbon credit financing
• Risk weighting, collateral and asset classification
• How to make carbon projects bankable

• How corporates are implementing SBTi targets across sectors and geographies
• Practical challenges in Scope 3 reporting and verification
• Interaction between voluntary credits, abatement and disclosure frameworks
• The future of public reporting amid regulatory divergence and market fragmentation
• PCAF methodologies and portfolio-level emissions attribution