IETA is a non-profit organisation representing businesses committed to smart, well-designed and effective carbon markets to help achieve the goals of the Paris Agreement and reach net-zero emissions by 2050.

Our History

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In June 1999, a visionary group of international companies and business associations established IETA. Their objective was to build on the economic mechanisms created by the Kyoto Protocol in order to achieve climate objectives with minimal economic harm.

IETA was the first international, multi-sectoral, purely business group devoted to pricing and trading greenhouse gas reductions. From the start, it had a strong focus on the Kyoto mechanisms and helped members using, hosting and investing in Clean Development Mechanism (CDM) and Joint Implementation (JI) projects by disseminating policy and market information and promoting development and reform. As markets developed, IETA expanded its work to cover the EU ETS, sub-national efforts in North America, China, Korea, New Zealand and emerging markets across Latin America. In more recent years, IETA has also developed work streams on digitisation, aviation, natural climate solutions, voluntary carbon markets, and carbon removals.

IETA has a proud history of convening carbon market participants. In 2004, IETA joined the World Bank and Koelnmesse in co-founding Carbon Expo, the first annual global carbon trade fair and conference. It continues today under the banner of Innovate4Climate, still the largest and most authoritative gathering of carbon market stakeholders. IETA built on this experience to co-organise regional Carbon Forums in Asia, Africa, Latin America and the Caribbean, and North America, offering IETA members platforms to discover new opportunities around the world.

IETA has remained true to its mission through highs and lows in market activity – and through political shifts and economic shocks. It continues to aim for excellence in harnessing market forces to deliver climate protection – to address climate challenges with market solutions and to make net zero possible.

  • IETA’s trusted business voice facilitates carbon markets to be optimised and net zero by 2050 is achieved

  • IETA’s mission is to:

    • Empower business to engage in climate action and pursue net zero ambitions to advance the Paris Agreement’s objectives, and
    • Establish effective market-based trading systems for GHG emissions and reductions that are environmentally robust, fair, open, efficient, accountable and consistent across national boundaries.

    In pursuit of our mission, IETA works in collaboration with other stakeholders to:

    • Develop components of the GHG market and trading systems

    At the international level, IETA focuses on the transparency rules and accounting standards under Articles 5 and 6 of the Paris Agreement, and also for the Carbon Offset and Reduction Scheme for International Aviation (CORSIA) and voluntary markets. At the national and sub-national levels, IETA promotes best practices for offset and allowance markets aligned with the goal of reaching net-zero emissions by 2050.

    • Develop a global GHG market

    IETA is dedicated to the establishment of linked trading systems to ensure efficient and competitive GHG markets. IETA provides thought leadership on the distinct advantages of linked markets by collaborating with deep subject matter experts in academia and think-tanks.

    • Strengthen business capacity and embrace innovation

    IETA brings together experienced carbon market practitioners and stakeholders in new emissions markets to share lessons learned and best practices. IETA seeks continuous improvement in carbon pricing systems, including innovations to advance natural climate solutions.

    • Promote market-based solutions and broad participation in GHG markets

    IETA uses its global reach and reputation to promote the go-to events for market participants, including its many regional carbon fora. These events showcase excellence, explore market insights and offer networking opportunities in every region of the world.

  • Mission Driven

    We are committed to delivering on the IETA Mission through everything we do and the way
    we work.


    We always maintain our authenticity, integrity and remain fact-based.

    Diverse and Inclusive

    We recognise the value that everyone’s diverse experiences, abilities and backgrounds can bring and are fully committed to ensuring our policies, processes and behaviours promote equality and an inclusive culture.


    We work well with others, towards a common goal, learning from one another and solving problems through our collective experience and skills.


    We are open and honest with others, no matter how challenging it might be. We welcome the benefits that come from being straightforward.


Why emissions trading?

Emissions trading is one of the principal policy instruments available to manage industrial greenhouse gas (GHG) emissions by encouraging operational excellence and the deployment of new and existing technologies. Emissions trading is effective because:

  • It is economically efficient
  • It is specifically designed to deliver an environmental objective
  • It delivers a clear price signal

How it works

A central objective of climate change policy should be the efficient direction of capital within the market towards low and zero carbon emission investment. To achieve this an emissions market requires:

  • Scarcity of emission allowances to create the price signal
  • Long-term clarity and predictability of rules and targets

Growth and linking

In the longer term the market should grow and evolve to provide wide sectoral, geographic and GHG coverage, leading to a global trading regime. This will require:

  • Similar rules and enforcement within an array of approaches
  • Mechanisms to link different approaches
  • An offset mechanism based on verifiable emission reduction projects and programmes
    • Offset based mechanisms offer the opportunity for countries yet to introduce an allowance based approach to participate in the market
    • Offset mechanisms should be created through a transparent process that recognizes business decision-making realities and is both environmentally effective and economically efficient
    • The use of offset mechanisms should not be unduly constrained


IETA aims to ensure that system design, implementation and review delivers a functioning, efficient market. Key aspects of our approach include:

  • Transparency of design and operation
  • Sufficient scale to operate and deliver emissions reduction
  • No artificial barriers to access or participation
  • Low transaction costs and limited bureaucracy
  • Delivery without intervention (i.e. no price caps or price floors, no artificial supply barriers such as limits on the use of reduction units from projects)
  • Adequate offset availability
  • A fair and equitable allowance allocation process that does not withdraw capital from the firms and industries covered by the scheme, nor grants windfall profits
  • Recognition of the important link between the holder of allowances and the initiation of actions that create the reductions
  • The need for trading systems to recognise all verifiable key abatement technologies, including Carbon Capture and Storage
  • That the release of market data is well managed

IETA upholds its principles by acting as a think tank, a convenor of dialogues, an advocate, a market promoter and acting as a body that is able to drive market standards.

Our Team

  • Andrea Abrahams

    Managing Director, VCM

    London, UK

  • Awagbé Antille

    Conference & Operations Manager

    Geneva, Switzerland

  • Lynne Backhouse

    Communications Manager

    Bristol, UK

  • Lukasz Biernacki

    Director, CAD Trust Communications

    Geneva, Switzerland

  • Anna Bonutto

    EU Policy Assistant

    Paris, France

  • Andrea Bonzanni

    Director, International Policy

    New York, USA

  • Franco D’Aprile

    Program Coordinator, ICROA

    Geneva, Switzerland

  • Claire Davis-Reddy

    Programme Director, Carbon Markets, South Africa

    Cape Town, South Africa

  • Antoine Diemert

    Accreditation and VCM Policy Director

    Geneva, Switzerland

  • Mark Downes

    Global Director of Communications

    London, UK

  • Ben Feldman

    Director of Voluntary Carbon Market Formation

  • Björn Fondén

    International Policy Advisor


  • Dirk Forrister

    President & CEO

    London, UK

  • Will Gifford

    NCS Policy Analyst

    London, UK

  • Charlotte Glossop

    Interim COO

    London, UK

  • Samuel Grootelaar


    Calgary, Canada

  • Simon Henry

    Director, Carbon Market Development

    Geneva, Switzerland

  • Joseph Hoekstra


    Edmonton, Canada

  • Justin Johnson

    RGGI Representative

    Montpellier, USA

  • Su Ling Khoo

    Singapore Representative


  • Evan Kong

    Technical Director, CAD Trust


  • Katie Kouchakji

    Communications Advisor & ANZO Lead

    Auckland, New Zealand

  • Morgane Kundert

    International Policy Assistant

    Geneva, Switzerland

  • Tom Lawler

    Washington Representative

    Washington, DC, USA

  • Min Li

    China Representative

    Beijing, China

  • Ellen Lourie

    NCS & Aviation Director

    Bristol, UK

  • Kyle Lynch

    Research Analyst

    Geneva, Switzerland

  • Rebecca Lynch

    Membership Programme Assistant

    Toronto, Canada

  • Badr Mallem

    Conference Manager

    Geneva, Switzerland

  • Julia Michalak

    EU Policy Director

    Brussels, Belgium

  • Meg Miller

    Membership Programme Assistant

    Toronto, Canada

  • Takashi Morishima

    Japan Representative

    Tokyo, Japan

  • Christian Mosquera

    Conference & Operations Assistant

    Geneva, Switzerland

  • Dinesh Nithyanandam

    Executive Director, CAD Trust


  • Svea Nyberg

    EU Policy Officer

    Brussels, Belgium

  • Stephanie Olegario

    Director, Global Membership & Operations

    Toronto, Canada

  • Lisa Spafford

    Managing Director

    Geneva, Switzerland

  • Katie Sullivan

    Managing Director

    Toronto, Canada

  • Terence Tan

    Student Volunteer, CAD Trust

  • Camilo Trujillo

    Technical Analyst


  • Pedro Venzon

    International Policy Advisor

    Geneva, Switzerland

  • Alessandro Vitelli

    Communications Advisor

    London, UK

  • Mikela Waldman

    Associate for Voluntary Carbon Market Formation

    Washington, DC, USA

  • Chris Winch

    People Operations

    London, UK

  • Amy Zell

    Technical Director, Voluntary Carbon Markets

    Calgary, Canada

  • Hannes Zimmermann

    Programme Manager for Voluntary Carbon Market Formation

    Programme Manager, ICVCM


IETA received legal non-profit status from the government of Switzerland in June 2000, and received United Nations Framework Convention on Climate Change non-governmental organisation accreditation in October 2000.

IETA is a membership organisation where all members have one vote, used at the Annual General Meeting and any Extraordinary General meetings. Half of IETA’s 18 Board members are elected each year.

IETA’s articles and bylaws are available online. IETA’s competition policy and internal guidance for developing position papers are also available.


  • Finance Committee

    Paul Dawson, Chair
    Enric Arderiu
    Liv Rathe

  • Governance Committee

    Lisa DeMarco, Chair
    Rick Saines
    Arthur Lee
    Daniele Agostini

  • Membership Committee

    Jonathan Shopley, Chair
    Jonathan Grant
    Daniele Agostini
    Federico Di Credico

  • Lisa DeMarco

    Senior Partner and CEO
    Resilient LLP

    Lisa DeMarco is a Senior Partner and CEO at Resilient LLP. She is recognised as one of the world’s leading climate change lawyers with over 25 years of experience in all aspects of climate change and clean energy law. Lisa regularly advises on renewable power project development, energy storage projects, sustainable and climate finance transactions, carbon capture and storage, climate-related financial disclosure, corporate climate risk, ESG, green bonds, and sustainable business strategy. Lisa plays an active role for Fortune 500 companies in corporate ESG, climate change, and transition strategy, target setting, and compliance. Lisa is a director of the boards of the Advanced Energy Centre at MaRS, Chair of IETA, and member of Climate Economy Strategic Council.

  • Enric Arderiu Serra

    Global Head of
    Environmental Products

    Enric is the Global Head of Environmental Products at Mercuria. He leads a global team covering a wide range of environmental products both in compliance and voluntary markets. The Environmental Products team manages carbon pricing for customers and helps develop carbon emission reduction and removal projects across the world. Prior to joining Mercuria, Enric was heading Low Carbon Trading in bp. Enric has been active in environmental markets since 2005 when he joined EcoSecurities. Enric holds a Bachelor’s degree in Economics, a Master in Finance by London Business School and speaks four languages.

  • Mary Grady

    Executive Director
    American Carbon Registry

    Mary Grady is President and CEO of Environmental Resources Trust (ERT), a wholly owned nonprofit subsidiary of Winrock International. She has been active in environmental markets for 30 years including 15 years at Winrock where she serves as the Executive Director of ACR, responsible for the strategic leadership of ACR’s operations in global regulated and voluntary carbon markets, and as the Executive Director of the Architecture for REDD+ Transactions (ART). Mary secured approval of both ACR and ART to supply credits to ICAO’s CORSIA. She leads Winrock’s delegation to the UNFCCC and serves as Vice-Chair of the Board of IETA. Prior to working in carbon markets, Mary worked for 16 years in the renewable energy industry.

  • Daniele Agostini

    Head of Low Carbon Policies & Carbon Regulation

  • Paul Dawson

    Head of Regulatory Affairs
    RWE Supply & Trading

  • Federico Di Credico

    Managing Director
    ACT Financial Solutions

  • Leslie Durschinger

    Founder & CEO
    Terra Global Capital

  • Belinda Ellington

    Managing Director, General Counsel
    Citigroup Global Markets Limited

  • Jonathan Grant

    Chief Advisor, Climate Change

  • Takashi Hongo

    Senior Fellow
    Mitsui Global Strategic Studies Institute

  • Abyd Karmali OBE

    Managing Director,
    ESG & Sustainable Finance
    Bank of America Merrill Lynch

  • Arthur Lee

    Fellow and Principal Advisor,
    Environmental & Climate Change

  • Kerry Liebenberg


  • Ingrid Parramon

    VP Low Carbon Trading

  • Liv Rathe


  • Hendrik Rosenthal

    Director – Group Sustainability
    CLP Holdings Limited

  • Rick Saines ONM

    Pollination Group

  • Jonathan Shopley

    Managing Director, External Affairs
    Climate Impact Partners

  • Andrei Marcu

    Former IETA President & CEO

  • Angela Churie Kallhauge

    Angela Churie Kallhauge was named a fellow to recognise her contribution to driving climate action momentum in the private sector via her role as head of secretariat for the Carbon Pricing Leadership Coalition, based at the World Bank. Before the Bank, Angela worked for the Swedish Energy Agency on carbon market development issues. She is currently an executive vice-president for impact at Environmental Defense Fund.

  • John Scowcroft

    One of the leading pioneers of emissions trading, John Scowcroft was heavily involved with early pilot programmes and trading simulations in Europe during his lengthy tenure at Eurelectric. His posthumous fellowship is to honour the legacy of his work and thought-leadership, and vast contributions to the energy and climate policy space.

  • Hugh Sealy

    Born in Canada, Hugh Sealy was a Special Envoy of the Government of Barbados for climate change and was a senior negotiator for AOSIS om carbon markets. He was named a fellow posthumously in recognition of his vast contributions particularly to the Clean Development Mechanism and development of rules for Article 6 mechanisms under the Paris Agreement, including as a member of and chair of the CDM Executive Board and co-chair of the Article 6 negotiations.

  • Jos Delbeke

    Jos led the development and operation of the EU ETS during his time as Director General of the European Commission’s Directorate General of Climate. He is recognised as a fellow for his leadership in market-based climate policies.

  • Mary Nichols

    Mary was the longstanding Chair of the California Air Resources Board, where she led the development and implementation of California’s climate law and emissions trading programme, including its market linkage with Quebec. She has been a leader in the development of market-based climate policies.

  • Kelley Kizzier

    Kelley served as co-chair of the UNFCCC’s Article 6 negotiations during her tenure at the European Commission and is now director of corporate action and markets at the Bezos Earth Fund, a position that continues to draw on her deep expertise, contagious enthusiasm and consensus-building skills.

  • Frances Seymour

    Frances Seymour is a Distinguished Senior Fellow at the World Resources Institute, focusing on realising the potential of tropical forests to contribute to climate change mitigation and adaptation, including mobilising REDD+ finance from public and private sources. She has provided years of expert advice on the formation of incentives for forest protection in carbon market designs, building a reputation as a role model for young women who want to be drivers of change by way of environmental leadership.

  • Karen Degouve

    Karen is a former board member of IETA and led the growth of Natixis’ climate finance business from the outset of the carbon market in 2005. She managed the pioneering European Carbon Fund at Natixis, which was one of the first private-sector led investment initiatives focused on delivering emissions reductions under the Kyoto Protocol.

  • Dan Dudek

    For most of the past 20 years, Dan has worked to build EDF’s programme in China that explores how market-based approaches can advance its emissions objectives. Dan is widely credited with developing the cap-and-trade model that the Bush Administration adopted in the early 1990’s to control sulfur dioxide in the United States. That programme succeeded in reducing emissions below target levels and at a fraction of the predicted costs. More recently, he was a member of California’s advisory committee on the cap-and-trade program for greenhouse gases, which is now in operation and delivering climate benefits.

  • Vikram Widge

    Vikram served as the Global Head of Climate Finance and Policy at the International Finance Corporation (IFC), the private sector focused arm of the World Bank Group. During his 25-year tenure, he developed and managed IFC’s carbon finance business, including delivering products like the Carbon Delivery Guarantee to bridge credit risk between emerging market sellers and European buyers, and the award-winning Forests Bond that linked interest payments to forestry carbon credits. For a period, he oversaw the Group’s cross-cutting carbon market development work, including the Partnership for Market Readiness (supporting countries preparing carbon pricing programmes), the initiative on the next generation of Networked Carbon Markets, and the Pilot Auction Facility.

  • James Cameron

    James, founder of Climate Change Capital, is one of the pioneering climate finance institutions in the early days of the global carbon market. James has been involved in climate change and carbon market issues for many years, as an advisor to the Alliance of Small Island States and to two COP Presidencies, and an advisor to the EU on the creation of the EU Emissions Trading System. He also established Baker & McKenzie’s Global Climate Change and Clean Energy Practice. 

  • Christina Figueres

    Christiana is former Executive Secretary of the UN Framework Convention on Climate Change – and an early supporter of IETA’s work. Christiana was instrumental in the negotiations leading to the signing of the Paris Agreement in 2015. Before being appointed Executive Secretary, Christiana held a number of key roles in the governance of the UNFCCC, including the Clean Development Mechanism Executive Board. 

  • Richard Sandor

    Richard is one of the original contributors to the UN Conference on Trade and Development’s Carbon Forum series that led to the creation of IETA. In addition to being a pioneer in financial markets, Richard founded the Chicago Climate Exchange and the European Climate Exchange.

  • Jean-Yves Caneill

    Jean-Yves joined Electricité de France (EDF) and launched the first project devoted to the climate issue in 1990 and was head of climate policy from 2005 to 2016. He was heavily involved in the design of the EU ETS directive (organising with Eurelectric real carbon trading simulations and taking an active part in the official consultation launched by EC) and respective compliance efforts at EDF. He started working with IETA when the latter was formed in 1999.

  • Jack Cogen

    Jack was the founder and CEO of Natsource, which as an asset manager of carbon credit projects had over $1.2 billion in assets under management and in capital committed during the first Kyoto Protocol investment period. Jack originated, structured and syndicated some of the largest project-based carbon transactions in the world. From 2008 through 2010, Jack was Chairman of IETA.

  • Rutger de Witt Wijnen

    Rutger was nominated in recognition of his contributions to the legal infrastructures around the carbon market, from the early days of the Dutch government’s carbon finance programmes to the Green Climate Fund, and legal support for IETA.

  • Bruce Braine

    Bruce retired from American Electric Power (AEP) in February 2016, after 18 years. During his tenure at AEP, Bruce was chairman of IETA and was an active member of the organisation’s US Working Group, and his fellowship recognises his contribution to IETA. 

  • John Kilani

    Formerly Director for the Sustainable Development Mechanisms (SDM) Programme of the UNFCCC. John oversaw negotiations on carbon markets, both for the Kyoto Protocol and the Paris Agreement. The SDM Programme was also responsible for supporting the regulatory bodies for the Kyoto project-based mechanisms. John retired from the UNFCCC in 2016.

  • Ken Newcombe

    As the former head of the World Bank’s Carbon Finance Unit, Ken developed the business concepts around public-private partnerships for generating and trading greenhouse gas emissions reductions. He designed and managed the first global carbon fund, the Prototype Carbon Fund, and grew the Bank’s carbon finance business to over a billion dollars under management before leaving in early 2006 to join the private sector. Ken was also a member of the small team that designed the multi-billion-dollar Global Environment Facility. He is now CEO and a co-founder of C-Quest Capital, which aims to bring clean energy efficient technologies and sustainable fuels to communities in developing countries.

  • Frank Joshua

    Frank was named a Fellow in recognition of his role in establishing IETA in 1999.

  • Pedro Moura Costa

    Pedro is recognised for his contribution to developing the carbon market as the co-founder of EcoSecurities, one of the early pioneers of project-based emissions reduction initiatives.

  • Anne-Marie Warris

    Anne-Marie has over 25 years experience in sustainable matters and is a leading expert in climate change and environmental issues. A former IETA board member, she is recognised for her tireless efforts to bring standards and transparency to the wider carbon market, including efforts on shipping and in establishing the first version of the Verified Carbon Standard in 2006.

  • Richard Gledhill

    While working as the Global Head of Climate Change Services at PWC, Richard served on the IETA Board and Chaired its Finance and Audit Committee. He helped guide IETA’s strategic direction during the market challenges associated with the global financial crisis. He now works as an independent climate change and international development advisor.

  • Mark Proegler

    A former executive at BP in Houston, Mark served on the IETA Board for many years, and he chaired numerous working groups. His command of business strategy, climate policy and carbon markets helped advance the organisation’s reach into the US.

  • Charles Nicholson

    While at BP headquarters, Sir Charles helped launch IETA and shepherd it during its early years. He served on the IETA Board and helped expand the membership ranks in its early years.

  • Bob Page

    From 1997 to 2007, Bob was Vice President for Sustainable Development at Transalta in Calgary, Alberta. He served as Chair of the IETA Board for a number of years. Bob continues to contribute to environmental standards and reporting at the International Standards Organization.

  • Gudmunder Sigursthorsson

    As Senior Vice President of DNV, Gudmundur developed its carbon verification business to support the UN’s Clean Development Mechanism and Joint Implementation programs. He served on the IETA Board, and later as Chairman of the Board of the Verified Carbon Standard.

  • Bill Kyte

    Formerly of E.ON and Powergen, Bill participated in numerous IETA working groups. His contributions to the UK emissions trading scheme in the late 1990’s as a leader of the UK “Emissions Trading Group” helped pave the way for the EU ETS. He was awarded an OBE by the Queen in 2003 for ‘services to the environment in the power sector’.

  • Joan MacNaughton

    Formerly of Alstom, Joan served on the IETA Board. As a former UK energy official, she drew upon deep experience in the interactions of policy, technology, finance and markets. Joan continues to provide thought leadership as Chair of the World Energy Trilemma at the World Energy Council.

  • Dirk Forrister

    Formerly of Natsource, Dirk led IETA’s CDM working group in its early days – and later led its Market Oversight Working Group. Previously, he worked in the US government as Chair of the White House Climate Change Taskforce under President Clinton. After being named a Fellow, Dirk returned to IETA in 2012 as President and CEO.

  • Marc Stuart

    As a co-founder of EcoSecurities, Marc helped lead one of the largest project developers in the early carbon market. Marc served on the IETA Board and chaired the Board of the Verified Carbon Standard. He is now Founding Partner and CEO of Allotrope Partners, a California firm specialising in the transition to a sustainable energy future.

  • Errick “Skip” Willis

    A longtime champion of carbon market solutions while at ICF in Toronto, Skip was a fixture in Canadian climate policymaking. He passed away in 2011, just weeks after being named to the first class of IETA Fellows. In his memory, a group of IETA members and friends established the Skip Willis Undergraduate Scholarship at the University of Toronto’s School of the Environment, where his legacy of mentorship in sustainability continues.