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We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. ABOUT US About Us At Terrama, we believe meaningful sustainability transformation starts with building competency — empowering people to turn their values into effective, lasting action. Founded by experts in sustainability, finance, and education, we bridge the gap between theory and practice through expert-led training, applied learning, and collaborative partnerships that drive real-world impact. Our Brand Our brand is symbolised by the butterfly — a natural bioindicator of ecosystem health. Just as the butterfly reflects the condition of its environment, we adopt a systems-based perspective , recognising the interconnectedness of environmental, social, and economic systems. This perspective guides our commitment to fostering not just sustainable, but regenerative outcomes. It has shaped our structured, competency-driven approach to sustainability education — designed to equip individuals and organisations with the knowledge, skills, and mindset needed to embed sustainability and regeneration into strategy, operations, and day-to-day decisions. Our Commitment Our work aligns with the UN Sustainable Development Goals (SDGs), driving impact in education, economic growth, and climate action. How Terrama Drives Impact Local Talent Development & Empowerment – In every market we enter, we hire and enable local professionals to build capacity and drive sustainable change. Expanding Sustainability Education – Delivering practical, applicable knowledge that empowers learners to drive sustainable growth, minimise costs, and reduce risks. Workforce Development for Green Jobs – Preparing individuals for careers in sustainable finance, ESG leadership, and climate action. Enabling Systemic Change – Collaborating with businesses, governments, and academia to close the sustainability skills gap. Measuring Impact – Tracking learner success, corporate adoption, and industry transformation through sustainability training. Join Us in Creating Measurable Impact Terrama is seeking impact investors, corporate partners, and sustainability leaders to expand the reach of sustainability education. Let’s work together to create a future where knowledge fuels real-world action. 📌 Contact us today to explore investment and partnership opportunities. Meet the Team Dedication. Expertise. Passion. Our Partners Tan Bee Lay, CEIAM, CESGA® Impact Partner MSc, Information Systems University of Brighton, UK BSc, Chemistry National University of Singapore Bee Lay is a sustainability leader and management consultant with over 30 years of experience advising organisations across the finance, energy, waste, and industrial sectors in Asia. As Impact Partner at Terrama, she leads sustainability consultancy and capacity-building initiatives, including strategic direction, curriculum design, and industry partnerships. Her work includes developing carbon credit projects—particularly in nature-based solutions and renewable energy—aligned with international frameworks such as the Paris Agreement, Article 6, and CORSIA. In addition to her role at Terrama, Bee Lay serves as Chief Sustainability Officer of SDAX, leading the sustainability strategy—including the Green Taxonomy, ESG framework, and listing rules—aligned with the Singapore-Asia Taxonomy. Bee Lay also plays a key role in advancing national sustainability standards in Singapore. She serves as Convenor of the Working Group on GHG Emissions and Product Life Cycle and as a Technical Committee member for Environmental Management and Sustainable Finance under the Singapore Standards Council, Enterprise Singapore. A Senior Practising Management Consultant (SBACC-certified), she is committed to fostering the skills, knowledge, and leadership needed to drive real-world sustainability impact through advisory and education platforms. Partner (Curriculum & Pedogogy) PhD, Multicultural Education MSc, Comparative & International Education University of Oxford, UK BA, Mathematics with Education Systems University of Cambridge, UK Tracey Yani Harjatanaya, PhD Tracey is an education specialist and curriculum strategist with over 10 years of experience as an educator, school leader, educational consultant, and researcher. She has led independent academic and policy-making projects in education and social policy, with published works covering multicultural education, teacher professional development, literacy, comparative education, and assessment. As Partner (Curriculum & Pedagogy) at Terrama, she ensures that the academy’s programmes are pedagogically sound, engaging, and aligned with international best practices. She oversees course design, instructional methodologies, and curriculum innovation, ensuring that Terrama’s sustainability education is accessible, impactful, and effective for diverse learners. In addition to her role at Terrama, Tracey also serves as the Rector at Universitas Satya Terra Bhinneka in Medan, Indonesia. With experience advising governmental and non-governmental organisations on education for development and environmental education, she is committed to integrating inclusive, research-driven, and transformative learning approaches to equip professionals with the knowledge needed to drive sustainability impact. Tan Ching Guei, CFA Partner (Strategy & Risk) MBA, Accountancy Nanyang Technology University Bachelor of Engineering (First Class Honours) National University of Singapore Ching Guei is a seasoned strategy & risk professional with over 30 years of experience in financial risk management, corporate governance, and strategic leadership across banking, insurance, and reinsurance sectors. He has held senior executive roles in leading financial institutions, including Chief Risk Officer at Asia Capital Reinsurance Group, Managing Director at Great Eastern Holdings, and Head of Strategy & Change Management at OCBC Bank. With a strong foundation in financial risk, investment management, and corporate strategy, Ching Guei has led risk governance frameworks, asset-liability management, and strategy and business development initiatives across Asia’s financial markets. His extensive experience includes overseeing risk committees, investment boards, and cross-border expansion projects, positioning him as a key leader in integrating sustainability risk and ESG compliance into financial institutions. At Terrama, Ching Guei brings his expertise in risk governance, sustainability compliance, and financial oversight, ensuring that sustainability education aligns with global risk standards and corporate best practices. His leadership strengthens the academy’s mission to integrate sustainability, financial prudence, and regulatory excellence into business education. Programme Management Office Melisa Lius Engagement Partner BSc, Business Administration, University At Buffalo BA Psychology, University At Buffalo Certified Sustainability Reporting Specialist, NCCR Indonesia TRUE Advisor, GBCI Melisa builds her work in sustainability around stakeholder engagement, programme delivery, and experiential learning initiatives. She brings a grounded, hands-on approach, with a strong belief in learning through lived experience. Guided by mindfulness and intention, she focuses on creating experiences that connect people to the deeper meaning of sustainability. At Terrama, Melisa leads the delivery of experiential sustainability exchange programmes, connecting students and professionals with real-world environmental issues and community-based practices. She leads client and partner engagement, shaping programme delivery and aligning stakeholders to deliver high-impact sustainability initiatives. Her work spans cross-border engagements across Singapore and the region, where she works with partners to enable learning and collaboration across different market contexts. This includes aligning stakeholders across institutions, organisations, and communities to support sustainability programmes that translate across geographies. Hendrik Jap Liaison Partner BSc, Management & Marketing, University of Newcastle Executive Certificate in Corporate and Environmental Sustainability, Nanyang Technological University ISCA Certified Sustainability Assurance Professional Hendrik Jap brings over a decade of experience across finance, business transformation, and sustainability. His background spans financial reporting, ESG integration, and organisational transformation, with exposure across Singapore, Indonesia, and Malaysia. As Liaison Partner at Terrama, Hendrik focuses on strengthening connections across Terrama’s partner ecosystem, enabling access to relevant networks that support programme development. Hendrik has held roles including Head of Transformation at TnBGlobal Outsource and Finance Business Partner at BOLT Consulting LLP, where he led productivity improvements, process automation, and digital transformation efforts. He has also advised on restructuring and M&A transactions across Singapore and Indonesia. With experience across Singapore, Indonesia, and Malaysia, Hendrik brings a strong understanding of regional financial and reporting practices, supporting organisations in aligning financial processes with evolving sustainability requirements. Ng Chee Heong, CFA Principal Consultant (Governance, Risk & Compliance) Bachelor of Accountancy Nanyang Technology University Chartered Accountant (Singapore) Certified Internal Auditor CFA® Charterholder, CFA Institute Chee Heong brings over two decades of international experience across audit, risk management, compliance, and financial crime assurance in leading global institutions including Standard Chartered, DBS, Credit Suisse, and JP Morgan. His career has spanned roles in external audit, product control, operational risk, and enterprise risk, giving him a holistic view of governance, risk, and control across complex organizations. At Terrama, Chee Heong focuses on climate-related risks and opportunities and impact on financial performance. Driven by a passion for impact and backed by certifications from CFA Institute, GARP, and NTU in sustainable investing, climate risk, and sustainable finance, Chee Heong has contributed to sustainable finance initiatives with Standard Chartered, conducting ESG due diligence on fund houses and data providers. Known for his critical thinking, stakeholder engagement, and ability to deliver enterprise-wide frameworks, he blends deep financial expertise with sustainability insight to support organisations in building resilient, future-ready strategies. Jigme Sonam Sustainable Development Manager BSc, Environmental Mgmt, Royal Thimphu College, Royal University of Bhutan Certificate in Empowering Young Leader in Environmental Negotiation Certificate of Completion: ESG in 9 Weeks, ED4S (Education for Sustainability) Jigme is an experienced environmental and sustainability professional with over 5 years of experience supporting projects in infrastructure, renewable energy, water resource management, and environmental policy across Bhutan. Currently serving as a Sustainable Development Manager at Terrama, delivering integrated and data-driven environmental and social solutions, while also supporting business development activities, including client engagement, proposal development, and strategic growth across sectors. to clients across sectors. In his previous roles, he worked with both public and private sector institutions, supporting environmental and social assessments, stakeholder engagement, safeguard compliance, and reporting for large-scale infrastructure and development projects. His work included collaboration with international development partners and government agencies across Bhutan. He has also undergone specialised training in sustainable finance, climate-water governance, environmental negotiation, gender-transformative evaluation, and occupational safety through institutions such as UNICEF, ISST, GEF, Australia Awards, and IOSH. Jevendra Adhikari Associate Intern BSc, Environment and Climate Studies, College of Natural Resources, Royal University of Bhutan Certificate of Completion: ESG in 9 Weeks, ED4S (Education for Sustainability) Jevendra is an early-career environmental graduate with an academic background in climate science and ecological research. His experience includes field-based studies on post-fire forest regeneration, soil analysis, biodiversity surveys, and environmental data management. At Terrama, he supports research, data analysis, and programme-related tasks, contributing to sustainability and ESG-focused workstreams, along with training from ED4S, and approaches his role as an Associate Intern with diligence and a willingness to learn. Pema Tobgay Associate Intern BSc, Environmental Science, Sherubtse College, Royal University of Bhutan Certificate of Completion: ESG in 9 Weeks, ED4S (Education for Sustainability) Pema Tobgay is an Associate Intern at Terrama, with an academic background in Environmental Science and a strong interest in sustainability and Climate sction. In this role, Pema supports sustainability carbon market, ESG-related research and learning initiatives, contributing to background research and programme support activities. Pema is focused on building a strong foundation in carbon market, ESG frameworks, and sustainability initiatives, while supporting Terrama’s consulting and capacity-building work. Through this role, Pema aims to develop practical knowledge and skills that contribute to effective sustainability research and implementation. Ariti Rai Associate Intern BSc, Environmental Management, Royal Thimphu College, Royal University of Bhutan Certificate of Completion: ESG in 9 Weeks, ED4S (Education for Sustainability) Ariti is a fresh graduate in Environmental Management with a strong academic record and a genuine enthusiasm for sustainability. She brings a solid grounding in environmental management, with academic knowledge in environmental ethics, Geographic Information System (GIS), environmental impact assessment (EIA), restoration ecology, and environmental economics. In her leadership role, she worked closely with peers, faculty, and external partners to coordinate social outreach activities and volunteer-led programmes, contributing to inclusive and community-oriented environmental action. Her experience includes participation in research and field-based projects related to urban climate resilience and waste management, as well as supporting data collection, analysis, and proposal development. At Terrama, she supports sustainability-focused programmes through research assistance, programme coordination, and consulting projects. Motivated by a strong interest in sustainability and continuous learning, she contributes with reliability, curiosity, and a team-oriented mindset to Terrama’s mission of building sustainability competencies and enabling meaningful impact. Specialist & Faculty Lee C G, John, PhD Specialist & Faculty (International Trade, Agriculture Economics) PhD, International Trade Trinity College, USA MBA, Marketing Leicester University, UK BSc, Agricultural Economics Newcastle University, UK John is a seasoned professional with over 35 years of boardroom and senior management experience in the agri-food sector. He has held senior regional roles at leading multinational corporations, including Rhone-Poulenc Animal Nutrition, CP Group, Gold Coin Group, and Kemin Industries. At Terrama, John leverages his expertise in sustainable agriculture, climate change, and supply chain management to keep the organization at the forefront of innovation by aligning with global standards and industry best practices. As an adjunct professor at Brawijaya University, Trisakti University, and Diponegoro University in Indonesia, John mentors doctoral students on how sustainable practices can transform the agri-food industry, boost rural economic development, and address climate change. Notably, John served as CEO of the China-Singapore Jilin Food Zone, a joint venture between the Jilin government and a Temasek subsidiary, where he ensured the project's strategic alignment with sustainable agriculture, food safety, and resilient supply chain goals. John's strategic vision and practical expertise have been instrumental in driving innovation and sustainability throughout the agri-food sector. He has also actively advised government agencies on enhancing farming practices and supporting local communities, playing a key role in raising agricultural standards and promoting sustainable development. Katy Kan, PhD Partner (Communications Specialist & Partnership Lead) PhD, Critical Discourse Analysis, Political Humour, Carnivalesque Nanyang Technological University, Singapore MA, Applied Linguistics Nanyang Technological University, Singapore BBA, Marketing National University of Singapore Katy is a communication and sustainability reporting expert with over 20 years of experience in higher education, corporate training, and ESG communication. She has taught at NUS, Temasek Polytechnic, and Nanyang Polytechnic, designing courses in business communication and negotiation. At Terrama, she leads curriculum development and faculty training, ensuring sustainability education aligns with global reporting standards. She has consulted for SMEs and MNCs on ESG frameworks, sustainability reports, and strategic messaging to mitigate greenwashing risks. A certified management consultant (TÜV SÜD) and GRI-certified professional, she integrates applied linguistics, corporate strategy, and ESG communication to strengthen business and sustainability narratives. Katy is also the Director of Katydid Connect. Dennis Tay Specialist & Faculty (Systems Thinking) Diploma in Marine Engineering, Singapore Polytechnic Post Grad Cert in Executive Coaching, Lancaster University Management School Diploma in Ontological Coaching, Newfield Network Dennis is a leadership and executive coach with extensive experience in designing and delivering leadership systems across healthcare, corporate, and public sectors. Over the past decade, he has worked closely with major healthcare clusters in Singapore, including NHG, NUH, SingHealth, and TTSH, to drive leadership transformation and systemic change at the organizational level. He has designed and implemented leadership competency models, facilitated strategic planning, and coached senior leaders to enhance leadership effectiveness. As a faculty member at Terrama, Dennis brings his expertise in leadership development, executive coaching, and change management to empower professionals with the skills needed to lead sustainability transitions. He works closely with industry practitioners to integrate leadership principles into sustainability education, ensuring that professionals can drive meaningful impact within their organizations and communities. In addition to his role at Terrama, Dennis is actively involved in strategic planning, team coaching, and crisis management training for organizations across sectors, including government agencies, multinational corporations, and non-profits. He has served as an executive coach for C-suite leaders in Beijing, Hong Kong, Shanghai, and Tokyo, and has been instrumental in talent management initiatives within healthcare leadership. With a background in coaching, change leadership, and strategic facilitation, Dennis is committed to equipping professionals with the leadership capabilities needed to navigate complex challenges and create lasting impact in sustainability and beyond.

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. Becoming a Trusted Guide in the Carbon Economy! The integrity of carbon markets depends on people — those who understand the technical systems, honour local contexts, and act with clarity and conscience. The Carbon Market Practitioner Pathway equips changemakers to become credible actors across the carbon project lifecycle. Whether you are supporting your community to benefit from carbon finance, advising institutions, or managing climate projects, this pathway helps you build the core capabilities and confidence to work in one of the world’s fastest-evolving sectors. Corporate Training Packages available for organisations looking to upskill teams. Contact Us Fundamental of Carbon Markets Carbon markets are an essential tool in the global response to climate change. This module introduces the core concepts, systems, and actors that shape how carbon credits are generated, traded, and used. Course Outline: The origins and evolution of carbon markets The difference between voluntary and compliance markets Key terms and concepts: credits, offsets, registries, and standards The role of carbon markets in climate finance and net zero strategies How carbon markets intersect with sustainable development goals What You Will Learn: ✅ Define how carbon markets function and why they matter ✅ Distinguish between market types and players ✅ Navigate common terminology and frameworks ✅ Recognise the opportunities and limitations of carbon markets today Duration: 4 hours (Self-paced) Access The Course Climate Science Carbon Accounting Article 6 of the Paris Agreement Article 6 of the Paris Agreement opens the door to international carbon cooperation. This module dives deep into how Article 6 mechanisms work, with a focus on implications for countries, developers, and the integrity of emissions reductions. Course Outline: The structure and purpose of Article 6.2 and 6.4 How cooperative approaches and ITMOs (Internationally Transferred Mitigation Outcomes) operate Governance, transparency, and reporting obligations What Article 6 means for host countries, NDCs, and corresponding adjustments Opportunities and risks for project developers in emerging Article 6 markets What You Will Learn: ✅ Explain the significance of Article 6 in international climate policy ✅ Identify the key actors and responsibilities under each mechanism ✅ Understand how to position a project or jurisdiction for Article 6 participation ✅ Critically assess the trade-offs and safeguards involved Duration: 6 hours (Self-paced + Case Studies) Access The Course Carbon Market Carbon Project Development Behind every carbon credit is a project — and developing one requires both technical rigour and community insight. This module walks through the carbon project lifecycle, from design to issuance. Course Outline: Common project types: forestry, renewable energy, waste, cookstoves, and more How to set baselines, demonstrate additionality, and apply MRV protocols Navigating leading standards such as Verra and Gold Standard How to engage communities and apply safeguards meaningfully Challenges in project validation, verification, and registry processes What You Will Learn: ✅ Map out the key stages of carbon project development ✅ Apply core project development principles to real examples ✅ Understand what makes a project eligible, additional, and measurable ✅ Engage stakeholders in a way that builds trust and long-term benefit Duration: 15 hours (Self-paced + Industry Case Studies) Access The Course Agroforestry Carbon Market Risks, Governance & Ethics As carbon markets scale, so do the risks. This module explores how to build integrity into systems and decisions — from institutional governance to social safeguards. Course Outline: Risks of double counting, leakage, non-permanence, and over-crediting Governance models at project, national, and international levels Ethical considerations in carbon trading and project development The importance of transparency, consent, and justice How to recognise and prevent greenwashing What You Will Learn: ✅ Identify the key risks that undermine carbon market credibility ✅ Analyse governance structures for strengths and gaps ✅ Understand the ethical responsibilities of market participants ✅ Make informed decisions that prioritise trust, equity, and impact Duration: 15 hours (Self-paced + Practical Exercises) Access The Course Resource Mgmt Sustainable Resource Management Develop expertise in circular economy principles, waste management, water conservation, and energy efficiency for sustainable resource management. Course Outline: Circular economy principles and applications Sustainable waste management and recycling strategies Water conservation and responsible water use policies Renewable energy integration for resource efficiency Corporate sustainability case studies What You Will Learn: ✅ Understand circular economy principles and sustainable resource use ✅ Learn how to implement water and waste management strategies ✅ Explore corporate sustainability initiatives in resource conservation Duration: 5 hours (Self-paced + Case Studies) Access The Course Climate Risk Climate Risk & Resilience Assess physical, transition, and financial risks associated with climate change and develop resilience strategies for businesses, cities, and communities. Course Outline: Understanding climate risk categories (physical, transition, liability) Risk assessment methodologies and climate scenario analysis Strategies for climate adaptation and corporate resilience Case studies on climate risk management in financial and corporate sectors What You Will Learn: ✅ Learn how to identify and assess climate risks ✅ Develop climate resilience strategies for businesses and communities ✅ Understand financial risks linked to climate change Duration: 6 hours (Self-paced + Risk Assessment Tools) Access The Course Climate Scenario Climate Models & Scenario Analysis Explore predictive climate models and scenario analysis used in policy, finance, and corporate sustainability planning. Course Outline: Introduction to climate models and forecasting IPCC scenario analysis & applications Financial sector integration of climate risk modeling Case studies: Climate risk models in corporate strategy What You Will Learn: ✅ Understand how climate models predict future climate impacts ✅ Learn how businesses use climate scenario analysis ✅ Explore financial and policy applications of climate modeling Duration: 6 hours (Self-paced + Scenario Planning) Access The Course Transition Planning Transition Planning & Carbon Reporting Learn how companies plan their climate transition, align with TCFD reporting, and integrate carbon disclosures into ESG strategies. Course Outline: Principles of climate transition planning Aligning corporate strategy with net-zero targets Carbon disclosure frameworks Case studies: Corporate carbon transition plans What You Will Learn: ✅ Learn how to develop and implement transition plans ✅ Understand how corporations disclose carbon risks and performance ✅ Explore best practices for carbon-related financial reporting Duration: 5 hours (Self-paced + Practical Reporting Exercises) Access The Course

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change.

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. Our Academy At Terrama, we believe that credible climate and sustainability action begins with deep, practical knowledge. The Terrama Academy equips professionals, businesses, and institutions with the expertise needed to lead in a rapidly evolving sustainability landscape. 1. School of Carbon Markets This school provides foundational to advanced training on voluntary and compliance carbon markets, project design and development, and Article 6 mechanisms under the Paris Agreement. Learners gain hands-on knowledge in carbon accounting, credit integrity, verification, and market risks. Learn More 2. School of Sustainable Finance The School of Sustainable Finance equips learners with the expertise and practical skills to thrive in the evolving field of sustainable finance. Whether you’re an investment manager, financial analyst, policymaker, or corporate leader, these courses provide the knowledge to integrate ESG, assess climate risks, and drive responsible financial strategies that align with global sustainability goals. Learn More 3. School of Responsible Reporting The School of Responsible Reporting empowers learners to report on sustainability performance in line with evolving regulatory, stakeholder, and ethical expectations. It integrates responsible marketing, ESG disclosure, and anti-greenwashing principles with hands-on tools. Learn More

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. Exchange Programmes & Collaborations Our Exchange Programmes and Collaborations create meaningful opportunities for practitioners, learners, and leaders to engage in shared learning, real-world application, and cross-border collaboration. These initiatives are designed to build capacity, deepen regional understanding, and accelerate climate and sustainability outcomes across ASEAN and Asia. Systems Leadership for Sustainability Exchange A facilitated leadership development track for changemakers driving sustainability transformations within organisations, communities, or ecosystems. Participants engage in experiential learning, systems thinking workshops, and peer coaching to cultivate long-term collaborative leadership capacity. Academy & Industry Co-Labs Hands-on learning labs where participants work alongside practitioners on live consultancy projects—"Impact of Mindfulness on Sustainable Development" Carbon Markets Study Tours (Virtual/ In Person) Immersive learning journeys to key carbon market hubs such as Singapore, Bhutan, and Indonesia. Participants explore policy design, project implementation, and market mechanisms, tailored for regulators, developers, and financiers. Student & Youth Internship Track Offering students and early-career professionals meaningful exposure to the sustainability sector through placements linked to research, advisory work, and on-the-ground project implementation.

At Terrama, we build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. Educate. Empower. Elevate. Turning Knowledge Into Meaningful Impact Get Started Learn More Servics The Terrama Approach Sustainability is not just about doing what is right—it’s about what works. At Terrama, we don’t just teach sustainability—we build competencies and deliver strategic consultancy to drive real, systemic change. As a sustainability consultancy and learning platform focused on emerging markets, we combine strategic advisory with education to equip individuals and organisations to embed sustainability into their decisions, operations, and culture. Our proprietary 3H1M methodology, grounded in UNESCO Education for Sustainable Development (ESD) key competencies, integrates: Head (Knowledge) – Building a strong theoretical foundation to inform sustainability decisions. Heart (Mindset) – Cultivating systems thinking and the mindset to lead transformation. Hands (Skills) – Developing the practical skills needed to apply sustainability in real-world contexts. Impact (Measurable Outcomes) – Ensuring that learning leads to tangible, long-term sustainability results. Through expert-led programmes, hands-on learning, and industry partnerships, we equip change-makers to lead with purpose, improve ESG performance, and create lasting impact. Wherever you are on your sustainability journey, Terrama transforms learning into action, shaping leaders who drive meaningful and measurable change. Our Core Focus Areas: Carbon Markets Credible climate action through capacity, integrity, and co-benefits. Sustainable Finance Empowering capital to serve climate, nature, and society. Responsible Reporting Crafting sustainability narratives with clarity, conscience, and connection.

Where To Find Us With a growing footprint across Asia, Terrama supports governments, institutions, and communities in translating sustainability goals into measurable action. Bhutan Singapore Indonesia 🇸🇬 Singapore — Headquarters SIM Academy and Terrama Sustainability Lab 41 Namly Avenue #06-01 SIM Management House Singapore 267616 🇧🇹 Bhutan — Regional Office Rin-Tse Building Level 03, Unit 13 Norzin Lam SE Thimphu, Bhutan 🇮🇩 Indonesia — Regional Office (Terranesia) Terranesia is a locally registered organisation that delivers sustainability initiatives in Indonesia. A Connected Region, A Shared Purpose Across our offices and partnerships, Terrama’s footprint reflects a shared belief — that sustainability is learned, lived, and led locally. By nurturing Head, Heart, and Hands, we continue to build the capacity, confidence, and collaboration needed for lasting Impact across Asia.

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. Build your career as a Sustainable Finance Practitioner! The School of Sustainable Finance equips learners with the expertise and practical skills to thrive in the evolving field of sustainable finance. Whether you’re an investment manager, financial analyst, policymaker, or corporate leader, these courses provide the knowledge to integrate ESG, assess climate risks, and drive responsible financial strategies that align with global sustainability goals. Corporate Training Packages available for organisations looking to upskill teams. Contact Us Foundation Foundations of Sustainable Finance This course introduces the fundamentals of sustainable finance, including ESG investing, green financial instruments, and impact measurement. Course Outline: Principles of sustainable finance & ESG investing Types of sustainable financial products (green, social, and sustainability-linked bonds & loans) Role of financial institutions in climate action & sustainable development Overview of impact finance and blended finance What You Will Learn: ✅ Understand the fundamentals of sustainable finance and ESG investing ✅ Learn about green bonds, sustainability-linked loans, and social finance ✅ Identify key players and regulations shaping sustainable finance Duration: 3 hours (Self-paced) Access The Course ESG Risk ESG Risk Assessment & Financial Integration Explore how ESG risks impact financial performance and learn how investors integrate sustainability factors into valuation and risk management. Course Outline: ESG risks in credit, market, and operational risk frameworks Materiality of ESG risks in financial decision-making ESG ratings, scoring methodologies, and portfolio integration Case studies: ESG risk management in asset management & banking What You Will Learn: ✅ Assess ESG risks and their impact on financial stability ✅ Understand how banks, investors, and insurers evaluate ESG risks ✅ Apply ESG risk assessment methodologies in financial analysis Duration: 6 hours (Self-paced + Case Studies) Access The Course Carbon Credits Impact Finance Sustainable Investment & Impact Finance Learn responsible investment strategies, including thematic investing, ESG integration, and impact measurement for financial institutions. Course Outline: ESG investing strategies (exclusionary screening, best-in-class, thematic, impact investing) Measuring impact: SDG alignment, ESG KPIs & reporting Role of PRI (Principles for Responsible Investment) and fiduciary duty Case studies: Sustainable funds & ESG portfolio construction What You Will Learn: ✅ Differentiate between sustainable investing strategies ✅ Learn how to measure and report ESG impact in financial investments ✅ Understand regulatory expectations for ESG funds and disclosures Duration: 6 hours (Self-paced + Case Study Analysis) Access The Course Transition Finance Green & Transition Finance Understand how green and transition finance drive decarbonisation, including green bonds, transition bonds, and climate-linked financial instruments. Course Outline: Understanding Green & Transition Finance Frameworks EU Taxonomy & ASEAN Taxonomy for Sustainable Finance Sustainability-linked instruments: bonds, loans & investment vehicles Role of central banks & policy incentives in green finance What You Will Learn: ✅ Learn the fundamentals of green and transition finance ✅ Understand how taxonomies impact sustainable financial markets ✅ Explore how sustainability-linked financial instruments work Duration: 5 hours (Self-paced + Practical Exercises) Access The Course Taxonomies Sustainable Corporate Finance & Lending Understand how financial institutions integrate ESG into lending decisions, including sustainability-linked corporate financing. Course Outline: ESG in corporate credit risk and lending Sustainability-linked loans & bonds Corporate finance strategies for ESG-driven businesses Case studies: How banks assess ESG risks in lending What You Will Learn: ✅ Understand how ESG factors influence corporate lending ✅ Learn about sustainability-linked loans and risk-adjusted financing ✅ Gain insights into corporate ESG integration strategies Duration: 5 hours (Self-paced + Practical Exercises) Access The Course Taxonomies & Regulatory Frameworks Understand global sustainable finance taxonomies and regulatory frameworks, including EU Taxonomy, SFDR, SEC ESG disclosures, and ASEAN regulations. Course Outline: Overview of EU Taxonomy, ASEAN Taxonomy, SFDR, and SEC ESG rules How taxonomies classify sustainable vs. non-sustainable activities The role of regulators, central banks, and financial institutions Compliance strategies for financial institutions & corporations What You Will Learn: ✅ Understand global sustainable finance taxonomies & their classifications ✅ Learn how regulatory trends impact sustainable finance ✅ Gain insights into sustainability disclosures for financial institutions Duration: 5 hours (Self-paced + Regulatory Deep Dive) Access The Course

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. School of Responsible Reporting & Systems Thinking The School of Responsible Reporting & Systems Thinking supports sustainability and communications practitioners to engage deeply with the process behind the report — cultivating awareness, discernment, and systems thinking in how we gather, interpret, and share sustainability information. Here, reporting becomes more than disclosure. It becomes a practice of responsible observation, relational accountability, and purposeful communication — grounded in the understanding that how we report is as important as what we report. Learn the fundamentals of sustainability reporting and explore how mindful practices applied during data collection, reflection, and decision-making can lead to more purposeful, credible, and aligned disclosures. Foundations of Responsible Reporting Read More Learn to see the forest, not just the trees. Develop the capacity to map complexity, trace root causes, and tell stories that honour the interconnected nature of people, planet, and purpose. Systems Thinking for Sustainability Communicators Read More Ground your words in wisdom. Explore how transparency, accountability, and humility shape the way we represent people, nature, and progress — and what it means to communicate with care. Ethics & Responsibility in Sustainability Communication Read More Move beyond the checklist. This module invites you to use data not just to inform, but to engage — making space for both what is measurable and what truly matters. Materiality, Metrics & Meaning Read More Learn how third-party ESG assurance and audit processes ensure credibility and compliance. Assurance & Verification of Sustainability Reports Read More Learn how to craft compelling sustainability stories using data, visuals, and narrative. ⁠An Engaging Narrative: An Integrative Verbal & Visual Approach to Storytelling Read More Foundations of Responsible Reporting Build a strong grounding in sustainability reporting while exploring how mindfulness can enhance the awareness, intentionality, and integrity behind what we choose to measure, prioritise, and disclose. Course Outline: Introduction to sustainability reporting: its purpose, evolution, and role in business Transparency and accountability as ethical foundations of reporting Key stakeholder expectations and the changing regulatory landscape Overview of global reporting frameworks (GRI, ISSB, TCFD, etc.) Integrating mindful practices in the process leading to reporting — from data gathering to decision-making and narrative framing Cultivating presence and discernment when translating information into clear, purposeful disclosure What You Will Learn: ✅ Understand the fundamentals of ESG reporting and its role in corporate strategy ✅ Identify key stakeholders and their evolving expectations around disclosure ✅ Recognise major sustainability reporting frameworks and how they apply in context ✅ Apply mindful approaches in upstream processes — such as inquiry, listening, and reflection — to enhance the integrity of your reporting ✅ Strengthen presence and intentionality in how sustainability information is shared Duration: 8 hours (Self-paced) Access The Course Systems Thinking for Sustainability Communicators Learn to communicate complexity with clarity by applying systems thinking to your reporting and storytelling approach. Course Outline: Introduction to systems thinking and feedback loops Mapping cause and effect: leverage points and unintended consequences Identifying boundaries, actors, and time scales in reporting Communicating complexity without oversimplification Using systems thinking to structure narratives and disclosures What You Will Learn: ✅ How to apply systems thinking to uncover deeper narratives in sustainability ✅ Ways to structure content that reflects real-world complexity and interdependence ✅ Tools to visualise systems and communicate relationships with clarity ✅ How to avoid siloed or fragmented communication ✅ Techniques to foster holistic and forward-looking sustainability narratives Duration: 8 hours (Self-paced + Case Studies) Access The Course Ethics and Responsibility in Sustainability Communications Explore how transparency, integrity, and equity build trust in sustainability narratives. Course Outline: Core principles of ethical reporting and transparency Recognising and avoiding greenwashing and performative disclosures Navigating dilemmas of selective truth, omission, and spin Power, representation, and voice in sustainability narratives Building trust through balanced view and honest reflection What You Will Learn: ✅ Ethical considerations when crafting sustainability reports and narratives ✅ How to identify and address common pitfalls and blind spots in communication ✅ Practices to ensure inclusivity, fairness, and accuracy ✅ A values-based framework for responsible storytelling Duration: 8 hours (Self-paced + Case Study Exercise) Access The Course Materiality Materiality, Metrics and Meaning Go beyond compliance — connect data to purpose and tell stories that reflect what truly matters. Course Outline: Understanding materiality: impact, stakeholder relevance, and risk Integrating systems thinking into materiality assessments Balancing metrics with narrative and qualitative insight Communicating uncertainty, nuance, and what’s emerging Elevating meaning through coherence and relevance What You Will Learn: ✅ How to assess and prioritise what truly matters — internally and externally ✅ The role of data in telling meaningful sustainability stories ✅ How to bring depth and context to quantitative reporting ✅ Strategies to communicate both numbers and nuance ✅ A framework for aligning metrics with impact, purpose, and trust Duration: 8 hours (Self-paced + Instructor Q&A) Access The Course Assurance & Verification of Sustainability Reports Learn the third-party assurance process for sustainability reports and explore standards like ISSA 5000, ISAE 3000, AA1000AS, and CSRD audit requirements. Course Outline: The role of ESG assurance & verification Understanding ISSA 5000, ISAE 3000, AA1000AS standards ESG auditing process & best practices Preparing for independent assurance reviews What You Will Learn: ✅ Understand the importance of third-party ESG assurance ✅ Learn how to apply ISAE 3000, AA1000AS, and CSRD audit standards ✅ Prepare sustainability reports for independent verification Duration: 8 hours (Self-paced + Expert-Led Session) Access The Course An Engaging Narrative: An Integrative Verbal & Visual Approach to Storytelling Be clear on the implications in making greenwashing claims, know the regulatory boundaries surrounding greenwashing, and be confident in representing sustainability efforts fairly. Course Outline: Foundations of storytelling in sustainability Building a compelling sustainability narrative Visual storytelling techniques Engaging stakeholders with multi-channel storytelling Workshop & application What You Will Learn: ✅ How to craft a compelling sustainability narrative aligned with corporate purpose ✅ Techniques for integrating data and qualitative storytelling ✅ Best practices for using visuals to enhance impact and engagement ✅ Strategies to ensure authenticity, credibility, and avoid greenwashing ✅ Multi-channel communication approaches to maximize stakeholder engagement ✅ Practical skills in developing and refining a sustainability report story Duration: 5 hours (Self-paced + Expert-Led Session) Access The Course

We build competencies and capacity to turn sustainability knowledge into meaningful, measurable change. School of Carbon Markets As the world accelerates its transition toward net zero, carbon markets are emerging as a vital mechanism to channel finance into climate solutions. At Terrama, we believe that a just and credible carbon market ecosystem must be built on understanding , integrity , and inclusion . The School of Carbon Markets equips learners and practitioners with the essential knowledge and competencies to engage meaningfully and ethically in this dynamic field. Whether you are a policymaker, developer, investor, or community leader, this learning journey will help you connect the dots between climate ambition, carbon finance, and real-world impact. Gain a foundational understanding of how carbon markets work, from key terms and mechanisms to their role in climate finance and sustainable development. Fundamentals of Carbon Markets Read More Explore international cooperation under Article 6, including market-based approaches, governance frameworks, and implications for project developers. Article 6 of Paris Agreement Read More Explore voluntary and compliance carbon markets, carbon pricing mechanisms, and how to develop high-integrity carbon projects. Carbon Project Development Read More Understand the risks and ethical dimensions of carbon markets, and how strong governance can ensure environmental integrity and stakeholder trust. Carbon Market Risks, Governance & Ethics Read More Learn circular economy principles, waste management, and water conservation strategies. Sustainable Resource Management Read More Assess physical, transition, and financial risks related to climate change and develop resilience strategies for businesses and communities. Climate Risk & Resilience Read More Explore predictive climate models and scenario planning for assessing long-term climate trends. Climate Models & Scenarios Analysis Read More Understand frameworks for corporate climate transition planning, including TCFD-aligned disclosures. Transition Planning & Carbon Reporting Read More Fundamental of Carbon Markets Carbon markets are an essential tool in the global response to climate change. This module introduces the core concepts, systems, and actors that shape how carbon credits are generated, traded, and used. Course Outline: The origins and evolution of carbon markets The difference between voluntary and compliance markets Key terms and concepts: credits, offsets, registries, and standards The role of carbon markets in climate finance and net zero strategies How carbon markets intersect with sustainable development goals What You Will Learn: ✅ Define how carbon markets function and why they matter ✅ Distinguish between market types and players ✅ Navigate common terminology and frameworks ✅ Recognise the opportunities and limitations of carbon markets today Duration: 4 hours (Self-paced) Access The Course Fundamental of Carbon Markets Article 6 of the Paris Agreement Article 6 of the Paris Agreement opens the door to international carbon cooperation. This module dives deep into how Article 6 mechanisms work, with a focus on implications for countries, developers, and the integrity of emissions reductions. Course Outline: The structure and purpose of Article 6.2 and 6.4 How cooperative approaches and ITMOs (Internationally Transferred Mitigation Outcomes) operate Governance, transparency, and reporting obligations What Article 6 means for host countries, NDCs, and corresponding adjustments Opportunities and risks for project developers in emerging Article 6 markets What You Will Learn: ✅ Explain the significance of Article 6 in international climate policy ✅ Identify the key actors and responsibilities under each mechanism ✅ Understand how to position a project or jurisdiction for Article 6 participation ✅ Critically assess the trade-offs and safeguards involved Duration: 6 hours (Self-paced + Case Studies) Access The Course Carbon Project Development Behind every carbon credit is a project — and developing one requires both technical rigour and community insight. This module walks through the carbon project lifecycle, from design to issuance. Course Outline: Common project types: forestry, renewable energy, waste, cookstoves, and more How to set baselines, demonstrate additionality, and apply MRV protocols Navigating leading standards such as Verra and Gold Standard How to engage communities and apply safeguards meaningfully Challenges in project validation, verification, and registry processes What You Will Learn: ✅ Map out the key stages of carbon project development ✅ Apply core project development principles to real examples ✅ Understand what makes a project eligible, additional, and measurable ✅ Engage stakeholders in a way that builds trust and long-term benefit Duration: 15 hours (Self-paced + Industry Case Studies) Access The Course Carbon Market Risks, Governance & Ethics As carbon markets scale, so do the risks. This module explores how to build integrity into systems and decisions — from institutional governance to social safeguards. Course Outline: Risks of double counting, leakage, non-permanence, and over-crediting Governance models at project, national, and international levels Ethical considerations in carbon trading and project development The importance of transparency, consent, and justice How to recognise and prevent greenwashing What You Will Learn: ✅ Identify the key risks that undermine carbon market credibility ✅ Analyse governance structures for strengths and gaps ✅ Understand the ethical responsibilities of market participants ✅ Make informed decisions that prioritise trust, equity, and impact Duration: 15 hours (Self-paced + Practical Exercises) Access The Course Resource Mgmt Sustainable Resource Management Develop expertise in circular economy principles, waste management, water conservation, and energy efficiency for sustainable resource management. Course Outline: Circular economy principles and applications Sustainable waste management and recycling strategies Water conservation and responsible water use policies Renewable energy integration for resource efficiency Corporate sustainability case studies What You Will Learn: ✅ Understand circular economy principles and sustainable resource use ✅ Learn how to implement water and waste management strategies ✅ Explore corporate sustainability initiatives in resource conservation Duration: 5 hours (Self-paced + Case Studies) Access The Course Climate Risk Climate Risk & Resilience Assess physical, transition, and financial risks associated with climate change and develop resilience strategies for businesses, cities, and communities. Course Outline: Understanding climate risk categories (physical, transition, liability) Risk assessment methodologies and climate scenario analysis Strategies for climate adaptation and corporate resilience Case studies on climate risk management in financial and corporate sectors What You Will Learn: ✅ Learn how to identify and assess climate risks ✅ Develop climate resilience strategies for businesses and communities ✅ Understand financial risks linked to climate change Duration: 6 hours (Self-paced + Risk Assessment Tools) Access The Course Climate Scenario Climate Models & Scenario Analysis Explore predictive climate models and scenario analysis used in policy, finance, and corporate sustainability planning. Course Outline: Introduction to climate models and forecasting IPCC scenario analysis & applications Financial sector integration of climate risk modeling Case studies: Climate risk models in corporate strategy What You Will Learn: ✅ Understand how climate models predict future climate impacts ✅ Learn how businesses use climate scenario analysis ✅ Explore financial and policy applications of climate modeling Duration: 6 hours (Self-paced + Scenario Planning) Access The Course Transition Planning & Carbon Reporting Learn how companies plan their climate transition, align with TCFD reporting, and integrate carbon disclosures into ESG strategies. Course Outline: Principles of climate transition planning Aligning corporate strategy with net-zero targets Carbon disclosure frameworks Case studies: Corporate carbon transition plans What You Will Learn: ✅ Learn how to develop and implement transition plans ✅ Understand how corporations disclose carbon risks and performance ✅ Explore best practices for carbon-related financial reporting Duration: 5 hours (Self-paced + Practical Reporting Exercises) Access The Course

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Why Carbon-Credit Quality Matters: Integrity, Pricing and the Future of the Voluntary Carbon Market Insights Published 22 December 2025 By Tashi Wangchuk & Tan Bee Lay I. INTRODUCTION Carbon markets are one of the tools the world is using to finance climate action. In simple terms, they put a price on greenhouse gas emissions by turning one tonne of CO2-equivalent reduced or removed into a carbon credit. One carbon credit typically represents one tonne of CO2-equivalent either avoided (for example, by preventing deforestation) or removed from the atmosphere (for example, via reforestation, biochar, or direct air capture) [ 1 ]. Governments run compliance carbon markets, where large emitters are covered by carbon taxes or emissions trading systems with a fixed emissions “cap.” In an emissions trading system, companies must hold enough allowances to cover all of their capped emissions, and the cap limits the total number of allowances in circulation. Under a carbon tax, they pay a fixed price for every tonne they emit. Alongside this, a separate but increasingly influential space, the voluntary carbon market (VCM), allows companies and other actors to buy credits voluntarily, beyond what regulation requires, as part of their climate strategy [ 2, 3 ]. The robustness of that tonne can vary significantly, depending on how the project is designed, monitored, and governed. This distinction is becoming more important as carbon markets evolve. Carbon pricing instruments now cover roughly 28% of global greenhouse gas emissions and raised over US$100 billion in 2024 [ 2 ]. At the same time, projections suggest that the voluntary carbon market could expand rapidly over the coming decade as corporate net-zero commitments scale up [ 4 ]. Yet this growth is not uniform in value or credibility. Within the VCM, prices range from a few dollars per tonne to several hundred dollars per tonne, reflecting large differences in project quality, risk, and perceived climate impact [ 3, 5 ]. Behind this wide price spread, one idea is increasingly clear: quality drives price. As scrutiny increases and voluntary markets intersect more closely with compliance and quasi-compliance regimes, high-integrity credits are becoming scarcer and more valuable. Low-quality credits, by contrast, may remain inexpensive but carry growing climate, financial, and reputational risks. This short article explains what “quality” means in practice, how it shows up in prices, and why it is becoming central to the future of the voluntary carbon market. II. WHAT MAKES A HIGH-QUALITY CARBON CREDIT? Over the last few years, the market has converged around a set of integrity principles for high-quality credits. The Integrity Council for the Voluntary Carbon Market (ICVCM) calls these the Core Carbon Principles (CCPs), a global benchmark for credit quality [ 6 ]. Independent analysts and rating agencies use similar criteria when they assess projects [ 7, 8 ]. In plain language, a high-quality carbon credit typically has the following characteristics: FIG. 1. Core elements of a high-quality carbon credit. Real and measured: The emission reduction or removal actually happened, and is backed by data rather than theoretical potential. Additional: The project would not have gone ahead in the same way without carbon finance. If it would have happened anyway, there is no real climate benefit. Conservative and transparent quantification: Baselines and monitoring are designed so that tonnes are not over-counted, and methods are clearly documented. Limited leakage: The activity does not simply push emissions outside the project boundary (for example, protecting one part of a forest while deforestation shifts to another). Permanence: Carbon is stored for a long period, and there are buffers or insurance mechanisms to deal with risks like fire, disease, or policy change. Independent verification: Third-party auditors check that the project follows an accepted methodology and that reported results are credible. No double counting: Only one entity claims the same tonne of climate benefit, avoiding double issuance, double use, or overlapping accounting with national inventories. Increasingly, this also involves alignment with host-country authorisation and corresponding adjustments under Article 6 of the Paris Agreement, often implemented through Internationally Transferred Mitigation Outcomes (ITMOs). Social and environmental safeguards: The project respects human rights, supports local communities, and avoids harm to ecosystems. Recent high-profile investigations illustrate what happens when these integrity elements are weak or inconsistently applied. Large-scale reviews of voluntary forest carbon projects have found that a significant share of issued credits did not correspond to real or additional emission reductions, largely due to inflated baselines and weak additionality assumptions [9, 10]. Other investigations have linked credited projects in the Amazon to entities previously fined for illegal deforestation, raising concerns about governance, leakage, and enforcement on the ground [ 11 ]. Beyond methodological issues, regulators have also identified cases of outright misconduct. In the United States, enforcement actions by the Commodity Futures Trading Commission and the Department of Justice have alleged fraud and misrepresentation in the issuance and sale of voluntary carbon credits across multiple projects and intermediaries [ 12, 13 ]. Together, these cases exposed vulnerabilities in earlier generations of the voluntary market and accelerated the push toward stricter, independently applied quality standards. FIG. 2. Observed pricing ranges across major voluntary carbon project types over the last 12 months. Durable removal pathways command substantially higher prices, reflecting differences in perceived quality and durability (after [ 14 ]). III. HOW QUALITY SHOWS UP IN PRICES As the market matures, “quality” is no longer an abstract concept; it is a measurable attribute that drives distinct price premiums. We are observing a bifurcation where credits are priced based on a quality-adjusted framework, driven by three primary factors: durability, regulatory utility, and scarcity. The Durability Premium: The market places a higher value on verified carbon removals compared to generic avoidance. Data from Ecosystem Marketplace show that in 2024, credits from removal projects traded at a 381% premium over reduction credits [3]. Durable pathways, such as biochar and engineered carbon removal, consistently occupy the upper end of the price spectrum (Fig. 2). This premium reflects the market’s willingness to pay for the scientific certainty that carbon has been physically removed from the atmosphere. It is important to note that project type alone does not determine quality. While many avoidance-based credits have faced criticism, avoidance projects can still meet high integrity thresholds when they apply conservative baselines, demonstrate strong additionality, implement credible leakage controls, and align with host-country accounting and authorisation frameworks. As standards tighten, the distinction is increasingly between high- and low-integrity projects, rather than between avoidance and removal categories per se. The Regulatory and Risk Premium: Perhaps the strongest signal of quality is the emergence of “compliance-grade” criteria within the voluntary space. Regulatory frameworks are effectively creating a whitelist of high-integrity credits, decoupling them from the broader voluntary market. For example, under Singapore’s International Carbon Credit (ICC) framework, businesses can use international credits to offset up to 5% of their taxable emissions, but only if the credits meet strict eligibility criteria (e.g., specific methodologies and CORSIA alignment) [ 15 ]. Similarly, the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) creates a demand floor for credits that meet its high-integrity thresholds. FIG. 3. Evolution of credit issuance, retirements, and net surplus in the voluntary carbon market. (a) Net surplus growth is decelerating due to slower issuance alongside sustained levels of retirements. (b,c) The accumulated surplus is concentrated in avoidance-based credits, while high-integrity removal credits represent only a small share, highlighting persistent scarcity in durable supply (after [ 5 ]). Credits eligible for these compliance-adjacent uses command a significant premium because they offer utility beyond voluntary claims, as they represent hard cash savings on tax liabilities. From an investor perspective, this eligibility embeds a risk premium: credits that qualify under major compliance-grade frameworks (e.g., ICC, CORSIA) face lower invalidation and reputational risk, and are therefore priced higher than credits whose future usability remains uncertain. The Scarcity of High Integrity: Finally, quality dictates price through scarcity. While the voluntary carbon market holds a large overall surplus of issued credits, this surplus is highly uneven (Fig. 3). The majority of the surplus consists of older, lower-quality avoidance credits [ 5 ]. In contrast, high-integrity credits, particularly those that are removal-based or compliance-eligible, are in short supply. For buyers prioritising credibility, the pool of available assets is small. This combination of limited supply and higher confidence in permanence means that scarcity at the high-integrity end of the market, rather than an overall shortage of credits, is a key driver of price. IV. WHY QUALITY MATTERS FOR DEVELOPERS AND BUYERS For project developers, quality is no longer just an ethical consideration; it has become a core part of the business model. Projects that align with emerging benchmarks such as the ICVCM Core Carbon Principles are more likely to attract premium buyers, withstand external scrutiny, and remain eligible as standards tighten across voluntary and compliance-adjacent markets [ 5, 6 ]. At the same time, the boundary between “voluntary” and “compliance” carbon markets is increasingly blurred. As the Article 6 rulebook under the Paris Agreement takes shape, credits that are authorised by host countries and accompanied by corresponding adjustments are becoming a reference point for high integrity international trading. These units, often implemented through Internationally Transferred Mitigation Outcomes (ITMOs), offer a level of national accounting consistency that purely voluntary credits cannot guarantee. From a market perspective, this shift introduces a clear differentiation in future value. Credits that lack host-country authorisation may remain usable for certain voluntary claims today, but they face growing discounting risk as markets converge toward national accounting alignment and quasi-compliance regimes such as CORSIA. Developers that design projects with Article 6 compatibility in mind are therefore not only meeting higher integrity standards, but also positioning their credits for long-term relevance in a tightening regulatory landscape. From the buyer’s perspective, this regulatory evolution reinforces why quality commands a price premium. If cheaper credits exist, it is reasonable to ask why companies and investors are increasingly willing to pay more for higher-quality ones. The answer lies in risk, credibility, and long-term value. Several forces are pushing buyers toward higher-quality, higher-priced credits: Reputation and greenwashing risk: Companies have faced public criticism when investigations revealed that their offsets came from projects with weak baselines, overstated impacts, or social harms. Reputational damage increasingly carries real financial consequences. Policy and guidance: Frameworks such as the Science Based Targets initiative (SBTi), the Voluntary Carbon Markets Integrity Initiative (VCMI), and the ICVCM are tightening what counts as acceptable use of credits. Low-integrity credits may not qualify under future net-zero claims. Non-delivery and invalidation risk: Some low-cost credits come from projects that may never deliver as promised, or that could later be invalidated due to fraud or major methodological flaws. Buyers reflect these risks through lower prices. Demand for durable climate impact: For long-term net-zero strategies, there is a growing preference for removals and long-lived storage over short-lived avoidance. Cheap, low-quality credits may appear attractive in the short term, particularly for simple “tonne-for-tonne” offsetting. However, they carry the risk of being written off later by regulators, by the market, or by public opinion. In contrast, investing in higher-quality credits is increasingly understood as a form of future-proofing, protecting both climate strategies and project portfolios as carbon markets continue to mature. V. CONCLUSION The voluntary carbon market is transitioning from an era of volume to an era of value. The widening price spread is not random; it is a rational market response to risk, rewarding real, additional, and well-governed climate outcomes. For organizations like Terrama, this shift clarifies both responsibility and opportunity. The opportunity lies not in generating the cheapest tonne, but in developing assets that can survive the transition to a regulated, high-integrity global market. By adhering to strict quality criteria and preparing for Article 6 alignment, developers can unlock a distinct asset class: credits that offer not just climate impact, but long-term liquidity and investment security. In this context, investing in quality is the ultimate form of downside protection. It reduces the risk of stranded assets, protects reputational capital, and preserves optionality as global markets continue to mature and converge. [1] ClimateSeed, Comparison of carbon credits: Prices and standards in 2025 (2025). [2] World Bank, State and trends of carbon pricing 2025 (2025). [3] Ecosystem Marketplace, 2025 state of the voluntary carbon market (SOVCM) (2025). [4] Senken, Understanding the compliance vs voluntary carbon market (vcm) (2023). [5] Abatable, Decoding the voluntary carbon market in 2024 and beyond (2024). [6] Integrity Council for the Voluntary Carbon Market, The core carbon principles (2024). [7] Sylvera, What does carbon credit integrity mean? (2025). [8] Carbon Footprint Ltd., Carbon rating system (2025). [9] T. A. P. West, J. B¨orner, E. O. Sills, and A. Kontoleon, Science 379, 873 (2023). [10] D. Carrington, The Guardian (2023). [11] B. Haynes et al., Reuters (2025) , published 7 July 2025. [12] Commodity Futures Trading Commission, CFTC charges former CEO of carbon credit project developer with fraud involving voluntary carbon credits (2024). [13] U.S. Department of Justice, U.S. attorney announces criminal charges in multi-year fraud scheme in the market for carbon credits (2024). [14] Abatable, Pricing data by project type (last updated 11 December 2025) (2025). [15] National Climate Change Secretariat Singapore, Singapore’s International Carbon Credit Framework (2024). 📩 Interested in developing quality carbon credit projects? 💬 Talk to Us