Mark Lewis's Move to Climate Finance Partners and the Evolving Carbon Market Landscape

The recent appointment of Mark Lewis as a partner and managing director at Climate Finance Partners marks a pivotal moment in the intersection of climate finance and sustainable investing. With a career spanning two decades in carbon markets, Lewis brings unparalleled expertise to a sector undergoing rapid transformation. His move underscores the growing importance of carbon pricing and emissions trading systems (ETSs) in shaping investment strategies, as global markets grapple with the dual challenges of decarbonization and economic resilience.

Lewis's career trajectory reflects a deepening integration of climate risk into financial decision-making. As head of research and portfolio manager at Andurand Capital Management, he pioneered strategies that treated carbon as a financial input, a concept now gaining mainstream traction. His earlier roles at Carbon Tracker, Deutsche Bank, and BNP Paribas further cemented his reputation as a thought leader in quantifying the financial risks of the energy transition. Now, at Climate Finance Partners, Lewis is poised to leverage his insights into the EU Emissions Trading System (EU-ETS), which he has described as entering a "transformative phase", marked by tightening supply, rising prices, and expanded coverage.

The carbon market landscape itself is evolving at an unprecedented pace. According to the 2025 ICAP Emissions Trading Worldwide Status Report, 38 ETSs are now operational globally, with many more in development. The value of traded carbon dioxide permits reached $948.75 billion in 2023, reflecting a systemic shift in how emissions are priced and regulated. Meanwhile, the industrial carbon credit market, valued at $10.2 billion in 2025, is projected to grow at a 15.4% compound annual rate through 2034, driven by regulatory frameworks like the EU's Clean Industrial Deal. These trends highlight a maturing market where carbon pricing is no longer a niche concern but a core component of corporate and investor risk assessments.

Lewis's expertise aligns closely with these developments. At Climate Finance Partners, he is likely to focus on opportunities arising from the EU-ETS's expansion, which now includes sectors such as maritime transport and building materials. The EU's Green Claims Directive, which restricts "carbon neutral" claims based solely on offsetting, further emphasizes the need for high-integrity carbon removals-a domain where Lewis has long advocated for rigorous standards. His work at Carbon Tracker on the financial risks of stranded assets also positions him to advise clients on navigating the transition away from carbon-intensive industries.

The durable carbon dioxide removal (CDR) market, which doubled in size to 29.2 million metric tons in Q2 2025, exemplifies the opportunities Lewis may target. Major corporations like Microsoft, which accounted for 76% of CDR purchases in the quarter, are increasingly prioritizing direct air capture and other removal technologies. This shift aligns with Lewis's emphasis on regenerative agriculture and technological innovation as pillars of sustainable investing.

However, challenges persist. The World Bank's 2025 State and Trends of Carbon Pricing report notes that carbon pricing still covers only 28% of global emissions, and the supply of unretired carbon credits has reached nearly 1 billion tons according to the report. These imbalances highlight the need for better market governance-a domain where Lewis's involvement with the Financial Stability Board could prove invaluable.

For investors, Lewis's move signals a broader trend: the professionalization of carbon markets and the rise of specialized firms like Climate Finance Partners. As the EU-ETS and other systems tighten, the cost of carbon will become a critical variable in asset valuations. Companies and investors who fail to integrate carbon pricing into their strategies risk falling behind, while those who embrace it-through ETS participation, carbon removal investments, or sustainable portfolio rebalancing-stand to gain significant competitive advantages.

In conclusion, Mark Lewis's leadership at Climate Finance Partners reflects the maturation of climate finance as a discipline. His career has been defined by anticipating market shifts, and his new role positions him to capitalize on the next phase of carbon market evolution. For investors, the message is clear: carbon is no longer a peripheral concern but a central determinant of long-term value.