Making peace with risk in carbon markets with Flora Ji from Rubicon Carbon

Everyone in carbon markets talks about risk like it’s the enemy. Flora Ji thinks that’s the wrong instinct. After nearly two decades at Shell and now leading Rubicon Carbon’s push into Asia, she makes the case that there’s no such thing as a perfect, risk-free credit — and that chasing one is a trap. The real job is to understand the risk, price it, and manage it over time, the way an investor would.

Murray and Flora get into why the market froze up, why buyers got smart and cautious at the same time, and why the credit you buy today is almost guaranteed to look worse in a few years. She also lays out why the market keeps stalling — demand, financing and supply all working in silos — and why she thinks Asia, with Singapore as the hub, is where those pieces finally come together.