Kendra Corbett is a partner on the investment team at Cloverlay, a private equity sponsor focused entirely on “adjacent private markets” — niche areas within the private market ecosystem institutional investors might not otherwise have access to. In a recent video, Kali Persall, editor of Institutional Investing in Infrastructure (i3), and Corbett recently discussed the voluntary carbon market, a decentralized global marketplace where individuals and companies can buy and sell carbon credits to offset their greenhouse gas emissions. The following is an excerpt of that conversation.

Why does the voluntary carbon market exist, and where does it sit relative to other approaches that seek to reduce climate change?