Carbon emissions have become a commodity. And a commodity has a price, a market, and winners and losers

What was once a “green slide” in an ESG presentation is rapidly becoming a financial, regulatory, and commercial infrastructure that is reshaping the global emissions economy—and redefining the rules of the game for exporters, banks, investors, and technology companies.

In the following opinion piece, Dr. Ruth Dagan (Partner and Head of the Environment and Climate Change Practice at Herzog Fox & Neeman) presents an up-to-date overview of the carbon market, and explains why it is the “next cyber”: a relatively young, global, dynamic market with the potential to create tremendous value, but also one that carries regulatory and reputational risks for those who fall behind.