The Paris Agreement’s Own Carbon Market: What Article 6.4’s First Rules Inherit from the Voluntary Market’s Failures

In February 2025, the Article 6.4 Supervisory Body met in Thimphu, Bhutan, and did three things that will shape how carbon credits are produced for years: it agreed to launch an interim mechanism registry, adopted a standard for demonstrating additionality, and approved the first transition of a Clean Development Mechanism activity into the new Paris

How Flood Insurance Withdrawal Transfers Black Land to Bond Markets: Risk Rating 2.0 and the New Redlining

On October 1, 2021, FEMA activated the first phase of Risk Rating 2.0 — the most sweeping overhaul of National Flood Insurance Program premium calculations in the program’s 53-year history. Gone were the static flood zones and elevation-based rating tables. In their place: a proprietary algorithm crunching distance-to-water measurements, flood frequency variables, reconstruction cost estimates,