Carbon Exposure podcast debates carbon credit as commodity versus bond

The Carbon Exposure podcast concluded its fourth season with a debate on whether carbon credits function more as a commodity or a bond. Moderated by Daniel Lee of the Carbon Markets Academy of Singapore at NTU, the discussion featured Rene Velasquez, who argued for the commodity case, and Tommy Ricketts, CEO of BeZero Carbon, who presented the risk-based bond case. The debate explored how differing perspectives on carbon credit nature influence market structure, pricing, and liquidity. Key topics included the role of ratings as a quality proxy and the implications of standardisation versus inherent probabilistic complexity for market scalability.