Investing in Carbon Markets: A Conversation with Luke Leslie of Key Carbon
- 26 MAR 2025
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- Climate Rising
Luke Leslie, Co-Founder and CEO of Key Carbon, joins Climate Rising as part of our
series on voluntary carbon markets. Luke has spent over 20 years in carbon markets
and finance, working in investment banking, private equity, and structured finance.
Luke explains how Key Carbon is financing high-integrity carbon projects and how new
overlaps between the voluntary and compliance carbon markets are at the center of
their investment strategy. He provides a “climate finance 101” introduction and discusses
the role of investors in the carbon credit space, how structured finance can scale
climate solutions. Luke also describes how investors source and evaluate carbon projects,
the risks of over-crediting, and the future role of biodiversity markets. Finally,
he offers career advice for those interested in climate finance.
Luke Leslie, Co-Founder and CEO of Key Carbon, joins Climate Rising as part of our
series on voluntary carbon markets. Luke has spent over 20 years in carbon markets
and finance, working in investment banking, private equity, and structured finance.
Luke explains how Key Carbon is financing high-integrity carbon projects and how new
overlaps between the voluntary and compliance carbon markets are at the center of
their investment strategy. He provides a “climate finance 101” introduction and discusses
the role of investors in the carbon credit space, how structured finance can scale
climate solutions. Luke also describes how investors source and evaluate carbon projects,
the risks of over-crediting, and the future role of biodiversity markets. Finally,
he offers career advice for those interested in climate finance.
Central Banks Are Not Independent on Climate Policy, Study Shows
Re: Jonas Meckling
- 21 Mar 2025
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- Green Central Banking
At India Climate Conference, Harvard’s South Asia Ties Take Center Stage
Re: Tarun Khanna
- 19 Mar 2025
- |
- Harvard Gazette
Hurtigruten: Sea Zero
- MARCH 2025
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- Case
Hurtigruten was deciding whether the next ship they built should be fully electric. But such a vessels's battery, the size of electric cars, needed to be charged on the ship's multi-day voyage along the Norwegian coast. Before making such a $250 million investment, the company needed to understand where en-route it needed charging infrastructure and how it could access sufficient power at ports. These considerations had to be balanced against the uncertainty around the government's emissions targets for Hurtigruten's fleet, and customers' desire for sustainable tourism.
Calyx Global: Rating Carbon Credits
- MARCH 2025
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- Case
This case describes how rating agencies and other organizations are seeking to improve the quality of carbon credits sold in the voluntary carbon market to organizations seeking to use them to supplement their internal decarbonization efforts to meet their net zero commitments. The case profiles one carbon credit rating company, Calyx Global, and describes its business model, its approach to ratings, and its emerging competitive landscape. The case protagonists face a series of dilemmas on how to lead Calyx Global through some challenging times for the industry, including whether changing its business model to tap new revenue streams jeopardize the firm's carefully crafted reputation of avoiding perceptions of conflicts of interest, and whether and how it it should refine its target market clients.
Preparing Business Leaders for an Era of Climate Instability: Understanding and Managing Physical Climate Risk
- FEBRUARY 2025
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- Teaching Material
In this compelling video, Spencer Glendon, founder of Probable Futures and Executive Fellow at Harvard Business School, describes the profound implications of climate change for businesses, the economy, and societies around the world. Drawing from his background in systems engineering, economics, and asset management, Glendon underscores how a once-stable climate enabled the rise of predictable infrastructure, industry, and culture. Now, with escalating climate variability, he reveals that the assumptions underpinning our global systems subject to increasing risk. Using data from climate model projections and real-world examples, Glendon demonstrates the urgency for organizations to integrate an understanding of climate change into their decision-making to foster more resilient and adaptive strategies. This video serves as an essential resource for faculty aiming to engage students in understanding climate risks and the future of strategic, informed adaptation across sectors. This video can be paired with the "Physical Climate Risk" background note (624-059) written by Glendon with Michael Toffel and Alison Smart.
Educating Students and Professionals on the Business Implications of Climate Change
- 2025
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- Global Focus: The EFMD Business Magazine
As climate change poses unprecedented challenges and opportunities, the private sector must play a pivotal role in both adaptation and mitigation efforts. This article discusses the new Harvard Business School Online course, Business and Climate Change, designed to equip participants—whether fulltime students or professionals—with practical tools to understand how companies are addressing climate-related risks and opportunities. After introductory coverage of climate science and government policies, the course introduces a range of managers from companies around the world and across different sectors to explain how they are enacting practical solutions to improve their climate adaptation and decarbonise their products, operations, and supply chains. With engaging videos, short readings, and exercises, the course seeks to enable future leaders to integrate climate solutions into core business strategies, product and service design, operational decisions, and more. Given the increasing demand from Gen Z and Millennials—and MBA students—for meaningful, impactful careers, the course addresses an urgent need to align business education with the realities of a changing planet.
Supporting a Community of Learners
MBA Experience
As an MBA student at HBS, you will prepare yourself for leadership in a rapidly changing world in which natural resources are increasingly scarce and the threat of climate change ever more urgent.
Alumni
The Business & Environment Initiative connects alumni with students, faculty, and each other for learning, careers, and impact.
Executive Education
An advanced curriculum for corporate and nonprofit executives from all over the world to prepare them for new levels of leadership.
As we increasingly experience the effects of climate change – predicted by scientists over 50 years ago – business is vital.