5 August 2025
Students from the University of Edinburgh Business School had the unique opportunity to attend the IETA European Climate Summit 2025 in Lisbon, representing both the MSc Climate Change, Finance and Investment (CCFI) and B-CCaS.
They have provided their thoughts on the Summit, highlighting their personal experiences, the knowledge they gained, and the connections they made. These reflections offer a glimpse into the valuable impact such forums can have on emerging professionals in the field of climate finance.
Read on to discover how this event has influenced and inspired our students in their academic and professional journeys.
Jacqueline Glaser
Attending the 2025 IETA European Climate Summit in Lisbon provided a unique opportunity to see how the concepts of my MSc in Climate Change Finance and Investment play out in real-world developments and current policy debates. Marking the 20th anniversary of the EU Emissions Trading System (EU ETS), this year’s summit took place at a critical juncture in the evolution of European carbon markets, offering a valuable chance to observe how industry executives, policymakers, and financial experts are navigating the upcoming transitions.
The summit featured a dynamic range of panels, from building the integrity of voluntary carbon markets to forthcoming reforms within compliance-based systems, such as the EU ETS. In preparation for my dissertation, I was especially drawn to sessions focused on how the phase-out of free allowances and the implementation of the Carbon Border Adjustment Mechanism (CBAM) will shape the strategic and financial outlook for energy-intensive industries (EIIs). Given my paper’s focus on the implications of these changes for European steel producers, the discussions were both timely and highly relevant. It was interesting to hear directly from experts grappling with the challenge of maintaining industrial competitiveness while meeting increasingly ambitious climate targets. A recurring theme across panels was the tension between using the EU ETS as an effective driver of decarbonization and the increased risk faced by sectors with high carbon exposure.
The design of CBAM is intended to prevent carbon leakage and create a level playing field for European producers. However, as many panelists pointed out, the removal of free allowances for EIIs introduces a new wave of compliance cost pressures. EU steel producers, historically shielded by a surplus of free allowances, are now entering a phase where they must pay a carbon price if they have not maintained a sufficient reserve of allowances. Industry representatives at the summit discussed that although CBAM seeks to prevent carbon leakage and maintain European competitiveness, it does not negate the immediate financial impact of allowance elimination, ultimately making firms without robust decarbonization plans or sufficient reserves more at risk.
Some panels discussed the potential for investment in carbon credit projects to serve as transition tools for energy-intensive sectors. While not a long-term substitute for emissions reduction, these mechanisms may offer temporary relief as firms look to increase their share of renewable energy and adopt low-carbon technologies. It is becoming especially important for firms to finalize long-term decarbonization plans, as several industry representatives at the summit expressed concerns that the rate of regulatory change may be quicker than their ability to adapt.
Beyond the panels, the summit provided an environment for high-level collaboration across sectors and networking. Although the atmosphere was one of urgency, there was a shared sense of innovation and purpose. Having the opportunity to engage with a range of professionals not only broadened my understanding of the current policy and market landscape but also helped me think more critically about the assumptions underlying my dissertation research.
One of the main messages I took from the summit was the importance of striking a balance between ambitious climate policy and practical firm-level adaptation. While policy must be rooted in economic feasibility, firms also bear the responsibility to proactively manage their carbon exposure and invest in decarbonization strategies. Several industry representatives emphasized that mechanisms like the EU ETS and CBAM must present a compelling business case to effectively enact a viable transition for carbon-intensive sectors operating on tight margins. However, this cannot serve as an excuse for inaction.Achieving Net Zero by 2050 will require firms to move beyond just meeting compliance and make substantial, forward-looking investments in low-carbon technologies and processes. The summit made clear that policy and industry must evolve in tandem: effective climate regulation must create clear incentives and pathways for transformation, while firms must step up with credible, timely action.
As I return to Edinburgh and begin drafting my dissertation, I have a much deeper appreciation for the complexity and urgency of this policy transition. The summit not only reinforced the relevance of my academic work but also brought its implications to life. I am incredibly grateful to the University of Edinburgh and the IETA for facilitating this opportunity.
Amelia Lowe
I recently had the privilege of volunteering at the International Emissions Trading Association’s (IETA) European Climate Summit in Lisbon, Portugal. The conference was an opportune transition between the end of classes for the Climate Change Finance and Investment (CCFI) course and the beginning of the dissertation period. IETA provided a unique opportunity for my fellow volunteers and I to attend conference sessions and network, in addition to our volunteering duties. It was a fascinating experience that exposed me to the businesses and individuals fueling carbon markets.
While the entire event was impactful, the EU Working Group meeting was a particularly unique experience. The closed-door session provided an opportunity for working group members to give updates on progress related to the EU Emissions Trading Scheme (ETS). The roundtable discussion revealed the immense efforts that have been dedicated to creating an effective ETS, along with the remaining challenges. The debates on potential solutions and the rationale behind the diversified priorities of the working group’s members were thought-provoking.
I also appreciated the range of topics covered at the conference. I attended sessions that aligned with my experience and interests, including a session on the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), as well as panels that introduced me to new topics, such as Philip Lee’s session on the legalities of climate project finance. The material presented complemented the knowledge I obtained from the CCFI courses, enhancing my overall understanding of carbon markets.
In between conference panels and volunteering duties, we had time to network with individuals and businesses within the field of carbon markets. It was fascinating to hear about the career trajectories of senior professionals and inspiring to learn about the people and projects that keep them motivated within the industry. The Women in Carbon breakfast was a significant networking opportunity during the conference. I enjoyed meeting women in the industry, especially younger professionals who were involved in the founding of the Women in Carbon networking group. It was encouraging to learn about their experience and hear their advice regarding the pursuit of a career in climate finance.
I would like to thank the IETA team for providing this opportunity and the UEBS for making this experience possible!
Rory Mitchell
Attending the IETA European Climate Summit in Lisbon was an incredible experience that brought to life the concepts we have studied throughout the MSc in Climate Change Finance and Investment.
Over the three-day conference, sessions covered a wide range of topics including the carbon pricing outlook, policy developments, and the role of the voluntary carbon markets in delivering net zero. Panellists expressed a mix of optimism for the future, with a note of caution that greater clarity and accountability is needed.
I found the panels on the future of emissions trading systems to be particularly illuminating. My main takeaway is that while there is no single right answer, a shift towards “net negative” rather than net zero seems likely. Including carbon removals will be essential to deal with residual emissions and achieve decarbonisation goals. Panellists also asked for a clear vision and targets for 2040, and complementary policies to support decarbonisation efforts.
The opportunity to interact with leaders in the field was another key highlight. Through my conversations with delegates I gained first-hand insights into the emergence of new carbon accounting methods and the reality of implementing projects at the ground level. I am sure that these lessons and connections will be invaluable in guiding my future career, and I am truly grateful to B-CCaS and the University of Edinburgh Business School for providing this opportunity.
Tanner Looney
Attending the IETA European Climate Summit (ECS) 2025 in Lisbon was an incredibly insightful and timely experience, especially as I pursue my MSc in Climate Change Finance & Investment. The summit brought together a diverse array of global leaders, policymakers, and industry experts, all dedicated to advancing market-based solutions for climate action. It was fascinating to witness the real-world application and high-level discussions surrounding the theoretical frameworks and policy instruments we've been studying, providing a practical dimension to concepts like emissions trading systems, carbon pricing, and regulatory development.
The conference covered a wide spectrum of pressing topics, from the complexities surrounding Europe's CBAM and the implementation of the new EU ETS2 for buildings and transport, to the crucial harmonization of the Voluntary Carbon Market (VCM). A particular highlight for me was the "CORSIA: Navigating Through Turbulence to Smoother Skies" session. I was thrilled to meet and hear from Ruben Schuster of Lufthansa. His perspective on the challenges and realities facing the aviation industry was exceptionally illuminating. He articulated how emissions regulations, while necessary, can inadvertently create competitive advantages for non-EU airlines within the EU, and why EU airline groups therefore support mechanisms like CBAM to level the playing field. What particularly resonated was his pragmatic view on Sustainable Aviation Fuels (SAF); while acknowledging their importance, he candidly noted they often receive disproportionate attention relative to their current emission reduction potential, suggesting that more emphasis should be placed on fleet renewal, which offers more substantial immediate emissions reductions.
Beyond this specific interaction, the summit highlighted the dynamic nature of climate policy. Discussions on Europe's Carbon Border Adjustment Mechanism were prominent. While the ambition for CBAM is high, stakeholders voiced concerns about the need for predictable rulemaking and managing the administrative burden before its 2026 start. Concerns regarding the new EU ETS2 for buildings and transport were also evident. Delegates expressed worries about potential delays and consumer impacts, illustrating the practical challenges of extending carbon pricing to these sectors. A recurring theme in VCM sessions was the need to harmonize the market and strengthen its governance, including integrating mechanisms like Article 6.4 of the Paris Agreement to ensure integrity as carbon pricing expands.
Observing these discussions offered valuable insight into the practical application of climate finance principles from our studies. This experience has not only broadened my professional network but also significantly enriched my academic journey, providing a robust foundation as I prepare to contribute to the field of climate finance. I am very grateful for the opportunity to have been a part of ECS 2025.
Suvd Baasandorj
As both a volunteer and participant, and a current MSc student in Climate Change Finance and Investment at the University of Edinburgh, it was a privilege to take part in the European Climate Summit 2025, supporting the behind-the-scenes work while engaging in conversations on the future of carbon markets, sustainable finance, and climate resilience.
Amidst global market volatility and geopolitical shifts, the summit was a powerful reminder that momentum is still building. From discussions on the EU ETS, Article 6, and carbon removals in compliance markets, to the complexities of CBAM and the socioeconomic implications of EU ETS 2, the agenda was both relevant and thought-provoking.
It was also especially interesting to discuss the evolving Carbon Removal Certification Framework, a key initiative designed to certify high-quality carbon removals, with the potential to bridge compliance and voluntary carbon markets, and support the EU’s long-term climate targets.
I also heard from many industry professionals about how growing uncertainty, especially around policy timelines, market integration, and price signals, is making it more challenging to plan and invest confidently in carbon projects. These candid exchanges were a valuable reminder of the real-world challenges and urgency driving innovation in this space.
Cyro Alberto Duarte
As a professional who aimed to transition into the world of Climate Finance, the concept of a Carbon Market was an especially interesting topic.
We had the opportunity to learn about both the mandatory and voluntary markets through lectures and speakers in the Business School but I welcomed any opportunity to see how these dynamics play out in projects and between different practicioners who are working in the field.
Volunteering for IETA’s European Climate Summit gave me the unique opportunity to participate in different panels and discussions and also to sit down and converse with other professionals who, like me, were keen on exploring this field further. Some highlights included a session held by Valitera - a company that was represented by an alumnus of the CCFI programme and highlighted the stories of the farmers that they were assisting in Nigeria, even bringing a representative from a project to speak on his experience. Another session focused on the dynamics surrounding carbon market regulations, with crediting bodies like Verra addressing concerns and criticisms regarding the stringent methodologies they enforce in the VCM, and some participants advocating for a convergence between the mandatory and voluntary markets - a notion that is understandably divisive.
I came to the conference seeking to deepen my knowledge on the Carbon Market further but quickly realised that I’ve only scratched the surface. I’m grateful that I came away with new questions to explore, an expanded network of experts to guide me on answers, and some inspiration on how I can find my place in these efforts to drive financing towards Climate Change.
Firdowsa Mohamed
I had the privilege of attending the European Climate Summit in Lisbon, organized by IETA. Participating and volunteering allowed me to attend sessions of interest and engage with diverse stakeholders at the carbon market lounge for networking sessions.
It was fascinating to see classroom concepts applied practically, particularly with discussions on the emerging Europe Emissions Trading System (ETS) 2.0. Key topics included:
- Integration of Permanent Carbon Removals into the ETS: Engineered solutions like Direct Air Carbon Capture and Storage (DACCS) and biochar are under consideration for inclusion, including those funded by the ETS Innovation Fund. However, the current ETS does not cover removals, and the supply of permanent carbon dioxide removal (CDR) is expected to fall short post-2030. Discussions on what was considered permanent vs temporary were also underway with the key question being whether permanent removals would be included.
- Article 6 and Offsets: Discussions focused on the role of carbon offsets under Article 6 and their application in the next phase of the ETS and whether companies should use these for short term climate commitments.
My highlight was the connection with MSCI Carbon, which now provides data for my dissertation on the impact of carbon credit retirement on firm volatility, specifically focusing on risk-adjusted returns. I also gained practical insights from Shell, which annually values its carbon credit retirements to meet internal carbon intensity targets being the largest retiree of credits in 2024.
The summit also focused on carbon accounting highlighting the importance of insetting within corporate supply chains, where companies purchase credits from their own supply chains rather than offsetting through external companies. Use cases demonstrated insetting would be effective with the rising costs of carbon offsets and could be more impactful and credible in decarbonizing supply chains as companies have direct contact with project development.
I also gained insights into REDD+ credits, particularly in African markets. While these credits are often criticized for blanket integrity issues, many are of high quality. The primary concerns lie in social aspects, such as ensuring fair community engagement and equitable benefit-sharing. The summit emphasized nature-based solutions to enhance the credibility and impact of these credits. This experience deepened my understanding of carbon markets and their critical role in climate finance. Having interacted with diverse stakeholders and explored the distinct career paths within various industries, I am now considering a career in the carbon markets space. The connections made and insights gained will guide my thesis research and future professional journey as I transition post the masters.