The Future of Finance Carbon Credits
Event 2025

Building Integrity, Innovation and Institutionalisation

11th September, 2025
Half Day Event: 13.30 to 20.30

The voluntary carbon market is at a pivotal moment: legal and compliance structures are evolving rapidly, but fragmented regulations and political interests hinder standardisation. Key frameworks like Article 6 and ICVCM are beginning to shape best practices, yet challenges remain in harmonising rules across regions. Overcoming political and structural barriers will require multilateral coordination, incentives for alignment, and the development of trusted governance structures. Standardisation is essential for scale, integrity, and investor confidence — and will define the next phase of market maturity.

Topics:

How can we restore trust in carbon markets by addressing greenwashing, project validation, and post-trade efficiencies?
What role do partnerships play in a Carbon Ecosystem? How do they reshape market transparency and efficiency? How can we best utilise AI and data-driven verification to improve the credibility of carbon offset projects?
What will it take for carbon credits to become a standardised asset class for institutional investors given current and potential future pricing and liquidity?
What will the evolving legal and compliance landscape for voluntary markets look like? How best to overcome the political and structural barriers to standardisation?

Venue:

CMS London, Cannon Place, 78 Cannon Street, London EC4N 6AF

Keynote Speaker

Michael Sheren

Fellow, University of Cambridge Institute for Sustainability Leadership

Speakers

Anthony Stevens

Head of Product Innovation, Digital Assets & Financial Markets at Northern Trust

Harriet Hunnable

Strategy Advisor – Cambridge Zero & Policy Forum at Cambridge University

Scott Eaton

CEO of Carbonplace

Scott is the CEO of Carbonplace, having joined the company in February 2023. He has held a number of senior leadership roles in financial technology and capital markets, having previously been at capital markets fintech firm Nivaura where he served as CEO. Prior to Nivaura, he was CEO of Algomi from 2018 until its sale to BGC in 2020. From 2015 – 2018, Scott was COO at fixed income trading platform provider MarketAxess. He spent the bulk of his career prior to tech as a structured credit trader at a variety of banks. Scott holds a Juris Doctor degree from Georgetown University and a BA (Econ) from Colorado College.

Hirander Misra

CEO at GMEX and ZERO13

Alison Barto

Chief Partnerships Officer at Carbonaires

Alison is a distinguished professional with expertise in leadership, procurement and finance. Having spent the majority of her career at HSBC and more recently moving into financing in the carbon removal market, she is very familiar with the challenges facing organisations in sourcing carbon credits and investing in carbon removal projects.

She has been with Carbonaires over 2 years as the Chief Partnership Officer, as well as undertaking a couple of NED roles, Chair of the Chartered Institute of Procurement & Supplies and non-executive board member at Vodafone Procure & Connect.

Dr Robert Barnes

Co-CEO at BPX Exchange

Henry Waite

COO at Kumo Earth

Nick Andrews

Founder at Strata Global

Lisa McClory

Legal Counsel advising on AI, crypto and innovation at CMS

Alex Wilkinson

COO at Alternatives Derivatives Exchange Group

Natalia Dorfman

CEO and Co-Founder at Kita

Natalia Dorfman is the CEO and co-founder of Kita, the carbon insurance specialist. Kita’s purpose is accelerating investment in high quality carbon sequestration projects with insurance products that reduce transaction risk and safeguard the performance of carbon credit investments. Prior to founding Kita, Natalia spent 15 years as a business development and strategy specialist within the legal sector, with a focus on insurance and climate change. She was named among the “Top 100 Female Entrepreneurs to Watch” by NatWest and the Telegraph in November 2022, is one of the leaders recognised in the 2023 “Meaningful Business 100”, and was named among Fin-Erth‘s ‘101 Leading Women in Climate’ for the Women in Climate Awards 2024.

Alistair Mullen

Senior Vice President of Laconic Global

Rebecca Idell

Global Markets Structuring, Sustainable Finance at UBS

Jim Row

Founder and Managing Partner at Entoro

Moderators

Keith Bear

Fellow at the Centre for Alternative Finance, Judge Business School at the University of Cambridge

Agenda

All timings allow for some run over in time and allowing for questions.

Click the plus signs to read more about each panel.

Keynote speaker: Michael Sheren, Fellow, University of Cambridge Institute for Sustainability Leadership
How can we restore trust in carbon markets by addressing greenwashing, project validation, and post-trade efficiencies?
Topics and Questions:

How can greater transparency in corporate climate claims help reduce greenwashing and improve investor confidence?

Should regulators take a more active role in policing greenwashing, or can market-led initiatives be effective enough?

How can we improve the credibility and integrity of carbon credit projects, especially in terms of additionality and permanence?

What role should third-party verification bodies play in validating projects — and how can their independence be ensured?

Can emerging technologies (e.g., satellite monitoring, blockchain) help make project validation more robust and real-time?

What are the major pain points in the post-trade lifecycle of carbon credits — and how can digitisation address them?

How can better tracking, custody, and retirement systems reduce the risk of double-counting or fraud?

Could standardised registries and interoperable platforms improve efficiency and trust in the carbon credit settlement process?

Panellist:

Dr Robert Barnes – Co-CEO at BPX Exchange
Hirander Misra – CEO at GMEX and ZERO13
Harriet Hunnable – Strategy Advisor Cambridge Zero and Policy Forum at Cambridge University

Jim Row – Founder and Managing Partner at Entoro

Moderated by Keith Bear, Fellow at the Centre for Alternative Finance, Judge Business School at the University of Cambridge.
What role do partnerships play in a Carbon Ecosystem? How do they reshape market transparency and efficiency? How can we best utilise AI and data-driven verification to improve the credibility of carbon offset projects?
Topics and Questions:

How essential are cross-sector partnerships (e.g., between project developers, tech providers, and regulators) in building a robust carbon ecosystem?

What examples demonstrate the impact of strategic alliances on scaling high-integrity carbon markets?

How can partnerships between the Global South and developed markets support equitable climate finance and project development?

What governance or transparency challenges arise in multi-stakeholder carbon market partnerships — and how can they be addressed?

What are the most promising collaborative models for improving transparency across the carbon value chain?

Can standardized disclosure frameworks — supported by partnerships — drive market-wide efficiency?

How can interoperability between registries, platforms, and verifiers be achieved without compromising competition or innovation?

How can AI be applied to automate and improve the monitoring, reporting, and verification (MRV) of carbon offset projects?

What types of data (e.g., satellite imagery, IoT sensors, LIDAR) are proving most effective in validating project claims?

What are the limitations or risks of relying on AI for verification — and how can we ensure algorithmic accountability?

How do we balance the need for sophisticated tech with equitable access for small or indigenous project developers?

Panellist:

Ant Stevens – Head of Product Innovation, Digital Assets and Financial Markets at Northern Trust
Alison Barto – Chief Partnerships Officer at Carbonaires
Rebecca Idell – Global Markets Structuring, Sustainable Finance at UBS

Moderated by Keith Bear, Fellow at the Centre for Alternative Finance, Judge Business School at the University of Cambridge.
What will it take for carbon credits to become a standardised asset class for institutional investors given current and potential future pricing and liquidity?
Topics and Questions:

What are the main barriers preventing carbon credits from being treated as a standardized, investable asset class today?

What role should financial institutions, exchanges, and regulators play in establishing common benchmarks or standards for carbon credits?

How close are we to achieving credit “fungibility” — and what would it take to get there?

How can we improve price transparency and discovery across both compliance and voluntary markets?

What tools (e.g., futures, indices, spot markets) are needed to build confidence in carbon credit pricing for institutional strategies?

Is there a viable path toward central clearing or secondary market trading that could improve liquidity?

What kinds of custody, risk analytics, and valuation tools are required for institutional participation at scale?

How do volatility and the long-term nature of carbon projects affect portfolio integration for asset managers and pension funds?

Could rating agencies or third-party validators play a similar role to credit rating agencies in de-risking carbon assets?

Panellist:

Scott Eaton – CEO at Carbonplace
Nick Andrews – Co-Founder at Strata Global
Alex Wilkinson – COO at Alternatives Derivatives Exchange Group
Henry Waite – COO at Kumo Earth

Moderated by Keith Bear, Fellow at the Centre for Alternative Finance, Judge Business School at the University of Cambridge.
What will the evolving legal and compliance landscape for voluntary markets look like? How best to overcome the political and structural barriers to standardisation?
Topics and Questions:

How is the legal treatment of voluntary carbon credits changing across key jurisdictions (e.g., U.S., EU, Global South)?

To what extent should voluntary markets be brought under the same regulatory umbrella as compliance markets — and what are the risks?

How are initiatives like the Integrity Council for the Voluntary Carbon Market (ICVCM) and Article 6 shaping emerging legal norms?

What due diligence and legal liability considerations are becoming more important for buyers and intermediaries?

Why has global standardisation been so elusive in the voluntary market — and what structural interests are at play?

How can multilateral bodies or public-private partnerships bridge political divides and create globally accepted frameworks?

What incentives (e.g., tax, ESG scoring, capital treatment) could help align governments and markets toward standardisation?

Is regional standardisation a more realistic short-term goal — and can it scale to global alignment over time?

Panellist:

Lisa McClory – Legal Counsel advising on AI, crypto and innovation at CMS
Natalia Dorfman – CEO and Co-Founder at Kita

Moderated by Keith Bear, Fellow at the Centre for Alternative Finance, Judge Business School at the University of Cambridge.