What to expect from carbon markets in 2025

Carbon markets will be a big focus of sustainability discussions in 2025 after making headlines at COP29, the UN climate conference that took place in Baku, Azerbaijan in late 2024. 

In this week’s ESG Insider podcast, we dive into the topic of carbon markets with coverage from the sidelines of the S&P Global Commodity Insights Global Carbon Markets Conference.  

We sit down with Andrea Bonzanni, International Policy Director at the International Emissions Trading Association (IETA). Andrea talks about the outlook for carbon markets after parties at COP29 finalized key rules and guidelines for international carbon trading under Article 6 of the Paris Agreement on climate change. 

We speak to Marieke Franssen, Managing Director and Head of Commodity Carry Solutions at French investment bank Natixis, who says generating confidence in the market will be a key driver of demand.  

“Companies need to be incentivized to buy, and they need to be given the confidence that the credits that they're buying can be put to use,” she tells us. 

We also talk to: 

• Chris Slater, CEO and Founder of Oka, The Carbon Insurance Company, who explains how the insurance sector can contribute to the development of the carbon markets;  

• Linda Rivera Macedo, Head of Safeguards and Sustainable Development at Calyx Global, who discusses the role of carbon ratings agencies in building confidence in the market;  

• and Robin Pedroza, Head of Sustainability Transformation at thyssenkrupp Materials Services, part of German industrial and steel giant thyssenkrupp. Robin talks to us about the impact the EU’s carbon border adjustment mechanism (CBAM) is having on the steel industry.  

Listen to our coverage of COP29 carbon markets outcomes: https://www.spglobal.com/esg/podcasts/after-cop29-what-s-next-for-carbon-markets    

Listen to our explainer podcast series on carbon markets:   

Exploring the role of carbon markets in reaching climate targets: https://www.spglobal.com/esg/podcasts/exploring-the-role-of-carbon-markets-in-reaching-climate-targets   

What’s next for voluntary carbon markets: https://www.spglobal.com/esg/podcasts/what-s-next-for-voluntary-carbon-markets  

Learn more about the 2025 Global Carbon Markets Conference from S&P Global Commodity Insights: https://commodityinsights.spglobal.com/Global-Carbon-Markets.html  

This piece was published by S&P Global Sustainable1, a part of S&P Global.         

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