Course 16 of 20 · Emissions and Carbon Desk Academy

Credit Portfolio Construction

Stage D, Structured purchase, financing and portfolio specialisation. Level 8 of 10.

Building and rebalancing a multi-project, multi-vintage portfolio against concentration, delivery and budget limits.

121 chapters · 11 modules · every chapter one 8 to 10 minute explainer · builds on: Course 10, Course 11, Course 15

Enrol or enquire See the 121 chapters
How a chapter is delivered

One chapter is one idea taken to the point of use

Each chapter covers one idea to the point where you can use it, and comes two ways: a narrated explainer, and a deep dive audio discussion of around thirty minutes that works the same material at depth.

Self-paced throughout, and the same chapters can be taught as a cohort. Chapters run in order: each one assumes only what the chapters before it taught, and capability belonging to a later course is named and deferred rather than half-covered.

Curriculum

11 modules · 121 chapters

Open any module for its full chapter list, in teaching order.

M0 A Carbon Book Rather Than a Series of Purchases Ch 1-10
  1. From One Purchase Approval to a Standing Book
  2. The Seat a Carbon Book Is Managed From
  3. Drawing the Boundary Around a Carbon Book
  4. Contracted, Issued, Held and Retired
  5. Why a Book of Credits Is Not a Pile of Tonnes
  6. Composition as the Decision Itself
  7. The Three Limits That Shape Every Carbon Book
  8. When the Portfolio Year Actually Turns
  9. Carried In From Earlier Courses
  10. The Simplifications This Course Makes on Purpose
M1 The Requirement the Portfolio Must Serve Ch 11-20
  1. Retirement Demand as the Thing Being Served
  2. Reading a Multi-Year Retirement Schedule
  3. Separating Firm Retirement From Aspiration
  4. Quality Floors Turned Into Portfolio Rules
  5. Vintage Eligibility Windows the Buyer Has Accepted
  6. A Mandated Removal Share Inside the Requirement
  7. Co-Benefit and Location Preferences as Soft Constraints
  8. Translating a Stated Target Into Annual Tonnes
  9. The Requirement That Moves Once a Year
  10. Writing the Requirement Down as a Specification
M2 The Candidate Set a Book Can Be Built From Ch 21-31
  1. From Admissible to Actually Available
  2. Building the Project Longlist
  3. The Project Record a Portfolio Manager Keeps
  4. Grouping Projects Into Buckets That Limits Can Bite On
  5. Why Two Credits in One Bucket Are Not Interchangeable
  6. Issuance Track Record as a Selection Input
  7. Pipeline Projects Against Issued Inventory
  8. Developer, Aggregator or Intermediary: Who You Face
  9. Exclusions That Are Policy Rather Than Quality
  10. Ranking Candidates Without Pricing Them
  11. A Shortlist Drawn Out of a Longlist, Worked
M3 Concentration Ceilings Ch 32-43
  1. What a Concentration Ceiling Is Protecting
  2. The Single-Project Ceiling
  3. Activity Family Ceilings Across the Book
  4. Host Country and Regional Ceilings
  5. Crediting Programme Ceilings
  6. Vintage Year Ceilings
  7. Counterparty Ceilings Distinct From Project Ceilings
  8. When One Developer Holds Many Projects
  9. Correlated Exposure the Ceiling Set Misses
  10. Setting the Number: Where a Ceiling Comes From
  11. Hard Ceilings, Soft Targets and Tolerances
  12. One Ceiling Set Written for a Carbon Book
M4 The Delivery Calendar Ch 44-54
  1. The Delivery Calendar as a Portfolio Object
  2. Mapping Contracted Deliveries Onto Retirement Years
  3. Grading a Forward Issuance Estimate
  4. Slippage as the Normal Case
  5. Cover Ratios Year by Year
  6. Deliberate Over-Contracting Against a Slippage Allowance
  7. Front-Loading Against Back-Loading the Book
  8. Uncommitted Holdings as the Shock Absorber
  9. Retirement Deadlines That Will Not Move
  10. Assuming Projects Deliver Independently
  11. A Delivery Calendar Built Across Five Retirement Years
M5 The Spending Envelope Ch 55-65
  1. The Portfolio Envelope as a Binding Constraint
  2. Committed Spend Against Uncommitted Headroom
  3. When Cash Leaves and When Tonnes Arrive
  4. Portfolio Average Cost per Tonne
  5. Buying Quality Inside a Fixed Envelope
  6. The Volume and Confidence Frontier
  7. Reserving Headroom for Replacement Purchases
  8. Multi-Year Envelopes and the Commitment They Create
  9. When Money Binds Before the Ceilings Do
  10. Assuming Spend Adds Up Linearly
  11. An Envelope Allocated Across the Shortlist
M6 Assembling the First Book Ch 66-76
  1. The Order in Which Constraints Are Applied
  2. Filling the Mandated Removal Share First
  3. Layering Avoidance Volume Around a Removal Core
  4. Laddering Vintages Across the Book
  5. Splitting a Volume Across Two Projects
  6. The Minimum Viable Ticket
  7. When the Constraint Set Has No Solution
  8. Relaxing One Constraint on Purpose
  9. The Candidate That Fails No Test and Still Does Not Fit
  10. Writing the Construction Decision Down
  11. A First Portfolio Constructed End to End
M7 Measuring the Book You Now Hold Ch 77-87
  1. What a Portfolio Report Must Answer
  2. Weighted Average Vintage Age
  3. Removal Share and How It Drifts
  4. Expressing Delivery Confidence Across the Whole Book
  5. Limit Utilisation as a Standing Measure
  6. Cover Reported Against Each Retirement Year
  7. Effective Spread Against Nominal Project Count
  8. The Measure That Flatters a Carbon Book
  9. One Page for the Board, One for the Desk
  10. Reconciling the Book to Registry Records
  11. A Portfolio Report Read and Challenged
M8 Rebalancing a Book That Has Moved Ch 88-99
  1. Rebalancing as a Decision With a Price
  2. What Counts as New Information
  3. Trigger Thresholds Set Before the Drift
  4. A Project Downgraded After You Bought It
  5. An Issuance Shortfall and the Hole It Leaves
  6. Breaching a Ceiling by Growth Rather Than Purchase
  7. Selling Into the Secondary Market to Reduce a Holding
  8. Retiring Early to Clear a Concentration
  9. Substituting One Project for Another Under Contract
  10. The Rebalance That Costs More Than the Drift
  11. Doing Nothing as a Defensible Choice
  12. A Book Rebalanced After a Downgrade, Worked
M9 Mandate, Decision Rights and the Record Ch 100-109
  1. The Portfolio Mandate and What It Authorises
  2. Decision Rights Over Composition
  3. Changing a Ceiling Without Hollowing It Out
  4. Challenge and Dissent Kept in the File
  5. Rebalancing Authority Delegated and Bounded
  6. Reviewing the Book on a Calendar
  7. Handing a Carbon Book to the Next Manager
  8. Whether Spreading a Book Buys Integrity
  9. Auditing a Composition Decision Two Years On
  10. Explaining the Book's Shape to an Outsider
M10 The Whole Capability on One Book, and Its Limits Ch 110-121
  1. The Worked Mandate: Requirement and Envelope
  2. The Worked Mandate: Longlist to Shortlist
  3. The Worked Mandate: Ceilings Applied in Order
  4. The Worked Mandate: The Arrival Schedule
  5. The Worked Mandate: The Book Approved
  6. Two Years On: The Book Has Moved
  7. Two Years On: The Correction Decided
  8. The Same Requirement Built Two Ways
  9. A Book That Met Every Limit and Still Failed
  10. What Composition Cannot Protect Against
  11. Where This Capability Is Taken Apart and Used
  12. Good Composition Against Good Outcomes

The brochure gives each of these 121 chapters a paragraph on what it covers and what you can do once you have worked through it.

This is course 16 of twenty

It stands alone, and it is also the entry point to the Emissions and Carbon Desk Academy pathway.

Enrol or enquire See the whole pathway