States & Provinces with Low Carbon Fuel Standard Programs

David Hartley serves as Analyst of Incubex and is based in the London office. He graduated from the University of Surrey with a BSc in Physics with a focus on quantum technologies. During this time David was a member of the Surrey Men’s Lacrosse team and enjoyed working summers at Glyndebourne Opera House. David joined Incubex soon after graduating while looked to enter the environmental sector.

Rebecca Eaton serves as Sales Analyst of IncubEx and is based in the London office.  Rebecca gained experience in the financial industry as a research analyst at a boutique investment management firm with particular focus on hedge funds and alternative investments.  Prior to this, Rebecca started her career working across both client services and the research team at Albourne Partners, an investment consulting firm.  She graduated with First Class honors from the University of Bristol with a BSc in Chemistry.

Jim Kharouf serves as Communications Director at IncubEx, responsible for content development for the firm.  Jim is a veteran editor, media and content specialist in the financial markets media space.  During his 20-plus years in the financial markets, he helped launch and expand several financial publications (including the Environmental Markets Newsletter), financial websites and produce specialized content for banks, brokers and managed funds.  He worked for John J. Lothian & Co. for 11 years in a variety of senior roles including CEO, President and Editor-in-Chief of John Lothian News and led John Lothian Productions.  Jim has worked for and contributed to a number of financial publications in the US and Europe for more than two decades and is recognized for his knowledge of global markets and market structure.  He has frequently spoken and moderated at industry events.  He earned his B.A. in journalism from Marquette University in Milwaukee.

Steve MacGregor serves as Senior Vice President and Head of Operations of IncubEx. Steve is responsible for managing the day-to-day operations of the company, including the real-time aspects of the business. Steve has over ten years of experience in financial markets, including roles in proprietary trading, clearing, brokerage and exchange operations. He has several years of experience trading agricultural commodities, which included conducting comprehensive fundamental based market research and analysis. During his time working in a back-office role at Newedge, he gained in-depth knowledge of derivatives trade processing and clearing. Steve has extensive experience working with emissions markets, global commodities, as well as other securities. Steve earned a B.A. from the University of Arizona.

Kees Woodward serves as Senior Vice President at IncubEx, leading sales and marketing efforts on IncubEx’s North American renewable fuels markets. He has 15-plus years of experience in sales and trading in various OTC and derivatives markets. Prior to joining IncubEx in Chicago, he managed the RINs and LCFS desk for ICAP and has been a broker in renewable fuels markets since 2010. Before that, he served as a bond and interest rate trader. He earned his bachelor of science degree with majors in finance and marketing from the University of Kentucky.

Nathan Clark serves as Managing Director of IncubEx. Nathan was previously a Managing Director at Environmental Financial Products, a firm that specializes in inventing and developing new financial instruments for the environment. Nathan also served as Managing Director and Senior Vice President for Chicago Climate Exchange. In that capacity, Nathan managed the process of defining and implementing project-based emission reduction initiatives including methane capture, forestry, energy efficiency, and many others. Nathan was also Vice President of Wabashco, LLC where he oversaw research and the development of a portfolio of clean fuels and alternative energy projects. Nathan is a co-author of the books Sustainable Investing in Environmental Markets published by World Scientific Press, and Environmental Markets: A New Asset Class, published by the Chartered Financial Analyst (CFA) Institute. Nathan currently serves on the Board of Directors of Highmark Exploration and MagnaVera Resource Corporation, both Canadian energy companies. Nathan holds a Master of Science in Agricultural Economics and Bachelor’s degrees in Natural Resource Management and Agricultural Economics from the University of Kentucky College of Agriculture Food and Environment.

Stephen McComb serves as Senior Vice President of IncubEx.  Prior to this, he served at Intercontinental Exchange from 2010 to 2018, most recently as the Director of North American Environmental Markets. Before joining ICE, he was the Manager of Business Development for Renewable Energy Certificate contracts and Senior Economist with the Chicago Climate Futures Exchange (CCFE). In his role there, he was responsible for product research, design and leading customer facing initiatives in REC and other environmental contracts. Prior to that, Stephen helped develop the Chicago Climate Exchange (CCX) offsets program where he expanded the participation base and led development of new offset methodologies.

Sam Johnson-Hill is Executive Director, European Sales at IncubEx in London, focusing primarily on UK customers in the European emissions market. He has 14 years’ experience in the energy and emissions markets, most recently in business development at ICE Futures Europe covering European utility markets where he helped design and manage incentive programmes for EUA and CER derivatives as well as the UK Power markets. Prior to this Sam had roles at oil and sugar brokerages, having studied Politics and Economics at the University of Manchester.

Dan Scarbrough serves as President and Chief Operating Officer of IncubEx. Dan has been a leader in environmental and energy markets for more than a decade.  As Senior Vice President of the pioneering Chicago Climate Futures Exchange, a CFTC Designated Contract Market, Dan built customer relationships and drove rapid growth of exchange-traded environmental products, leading the development of NOx futures and options, renewable energy certificate (REC) futures, and a various carbon futures and options contracts. After Intercontinental Exchange (ICE) acquired Climate Exchange in 2010, Dan continued to focus on the environmental markets in the U.S. and Europe as well as the international coal markets. He speaks frequently at industry events on environmental trading and serves on the Board of Directors of the Environmental Markets Association (EMA). Dan was a four-year letterman on the Trinity University track & field team as well as the basketball team, serving as team captain 2002-2003. He graduated from Trinity University with a degree in Business Administration.

Michael Walsh serves as Managing Director of Public Policy & Research of IncubEx. Michael has been a leader in the design and implementation of market-based mechanisms that advance natural resource conservation and air and water quality.  As a co-founder and Executive Vice President of the Chicago Climate Exchange, Michael directed new product research and development and policy analysis and played a central role in building the market-leading Chicago Climate Futures Exchange and European Climate Exchange. Previously Michael was a Senior Economist with the Chicago Board of Trade where he led efforts to develop exchange-based environmental markets and directed the first three annual auctions of sulfur dioxide emission allowances conducted as part of the highly successful U.S. Environmental Protection Agency acid rain reduction program.  Michael has also served as a Financial Economist in the U.S. Department of Treasury’s Office of Tax Policy and as an instructor at the University of Notre Dame and the Illinois Institute of Technology.  He has been a keynote speaker at events worldwide and has testified at the U.S. House, Senate, and White House.  Michael earned a Ph.D. in Economics at Michigan State University.

Michael MacGregor serves as Chief Executive Officer of IncubEx. Michael served as Managing Director of the Chicago Climate Futures Exchange (CCFE) and has worked in environmental and energy markets for nearly fifteen years.  As Managing Director of CCFE, Michael was instrumental in growing the exchange traded environmental derivatives suite beginning with Sulfur Dioxide futures in 2004.  Michael also helped lead the efforts in recruiting industrial emitters and other trading participants to join the Chicago Climate Exchange, the world’s first voluntary, legally binding Greenhouse Gas emissions reduction and trading program.  Michael managed the environmental products complex after the acquisition of Climate Exchange PLC by the Intercontinental Exchange (ICE) in July of 2010.  In addition to a continued focus on the environmental and coal markets in North America and abroad, Michael coordinated customer relationships within the proprietary trading community while optimizing and managing incentive programs across all ICE products.  Michael graduated from Trinity University in San Antonio, Texas with a degree in Business Administration.