Page 94, the Private Eye Podcast.

Hello and welcome back to page 94 in this exciting mini series all about the shortlisted

entries for this year's Paul Foot Awards.

Each day for six days we are talking to brilliant investigative hacks

who've been shortlisted for the prestigious Paul Foot Award

for Investigative Journalism.

So let's find out without further ado who today's entrant is.

My name is Umberto Guarez Rocha.

I'm a reporter with Opis Oil Prize Information, and we're part of Dow Jones.

And we cover carbon markets.

The essence of this market is by putting a price on carbon.

You have the incentive to not pollute or decarbonize. Find better ways to make a

product without emitting that much carbon. On an annual basis say if you

emit a hundred metric tons of carbon you have to surrender a hundred carbon allowances and this price of

carbon varies obviously there's a lot of supply but sometimes there's years where companies

emit more carbon the price of the demand goes up the price of carbon goes up and

the market is based on the price of carbon. Can I just check you have to buy those

hundred allowances say if I'm going to admit if my company is going to emit 100

tons of carbon I need to buy 100 units

to cover that amount.

Yes.

Okay so I've bought a hundred units as a company because I'm going to make money with these

...