Leveraging Voluntary Carbon Markets to Fund Nature-based Solutions.
2025 was a turnaround year for the voluntary carbon market (VCM), entering a period of stabilization following the sharp contraction that began in 2022. While overall market value declined in 2024 amid falling issuances, pricing for transacted credits remained relatively resilient, indicating that demand is consolidating around a narrower subset of higher-quality credits, rather than leaving the market entirely.
Affordability Is All You Need
The U.S. power system is entering a period of rapid load growth driven by electrification, economic expansion, and AI-related data center development. Simultaneously, high cost-of-living is a central regulatory and political issue that constrains rate cases, limiting new build.
In this environment, affordability has become a binding constraint, selecting which capacity resources scale and earn durable returns.
Defining an investment agenda for nature
Nature is at a critical crossroads. Nature regulates our biosphere and provides society with tangible natural resources, regulating services, and intangible cultural assets that form the basis of human welfare.