The voluntary carbon market has grown up. What was once a speculative corner is now a market with standards bodies, registries and institutional participants.
That does not make it simple. The difference between a compliance-grade credit and a junk one is the difference between an asset and a donation. Investors need to know which they are buying.
The early market — including the one Tullett Brown operated in — was speculative, but speculative is not the same as fake. Every mainstream institution now active in carbon was once told the same thing about the whole market.
Business stories are about decisions: where the money comes from, what gets built and what happens next.