Episode 11: Resilience and transformation: where emissions trading systems stand in 2026, with Iryna Holovko and Victor Alejandro Ortiz Rivera
In this episode of ICAP’s Carbon Market Conversations, host Trevor Laroche-Theune is joined by ICAP Carbon Market Experts Iryna Holovko and Victor Alejandro Ortiz Rivera for a wide-ranging discussion on the state of emissions trading systems worldwide in 2026. Drawing on findings from ICAP's latest Status Report, the conversation charts the continued growth and resilience of carbon markets globally, from headline statistics and rising ETS revenues to the entry into force of new systems in Japan, India, and Vietnam. The episode examines how established systems such as those in California, the UK, and the EU have proven resilient. This episode also explores the emergence of next-generation hybrid and intensity-based ETS designs, before tackling cross-cutting issues shaping the field today, including competitiveness and carbon leakage risks, public acceptance and the use of ETS revenues, and international alignment. The episode closes with our guests and host sharing their perspectives on the developments to watch most closely in the year ahead.
Access the full ICAP ETS Status Report 2026 here.
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Breakdown of topics covered:
0:55 – Introduction to today’s topic and our guests
3:00 – ETS growth: key global statistics
4:50 – Increased ETS revenue
5:40 – New systems in force in Japan, India, and Vietnam
10:00 – Resilience of existing ETSs highlighting California, the UK, and the EU
12:20 – Next-generation ETS designs and the uptake of hybrid and intensity-based ETSs
14:40 – ETS uptake in G20 countries
16:30 – Managing competitiveness and carbon leakage risks,
19:20 – Public acceptance and the use of ETS revenues
20:55 – International alignment
22:50 – Areas to watch closely in the year ahead
26:15 – Closing remarks
