Bezero Carbon: Navigating Market Paradigms

BeZero Carbon, founded in 2020 as a decarbonisation advisory, pivoted in 2022 to become one of the world's first independent carbon credit rating agencies. This case traces BeZero's journey through the voluntary carbon market's dramatic evolution: early-2020s growth under institutional support like the TSVCM; the 2023 credibility crisis triggered by media scrutiny of REDD+ credits; and the emerging recovery anchored by ICVCM's Core Carbon Principles. At its core, the case invites students to debate whether carbon credits are best understood through a commodities market paradigm or a fixed income paradigm — with significant implications for market infrastructure and BeZero's future.