Protected by Oka’s Carbon Defend™ insurance coverage answer, Cloverly’s unique new suite of insured credit opens the voluntary carbon market (VCM) to a brand new viewers.

PARK CITY, Utah and ATLANTA, Jan. 18, 2024 /PRNewswire/ — Oka and Cloverly, the main digital platform for local weather motion, are first to market with a brand new model of insured carbon credit for the VCM.

Cloverly will supply the insured credit — obtainable completely to 300+ international enterprises — pre-wrapped in Oka insurance coverage, offering first-of-their-kind reversal and invalidation protections for patrons of the carbon credit.

By means of its local weather motion platform, Cloverly clients already profit from seamless entry to high-integrity initiatives, vetted to a excessive normal by in-house local weather scientists. The brand new tranche of insured credit grants patrons a further marker of high quality and safety, offering monetary compensation within the occasion of sure lined unforeseeable and unavoidable post-issuance dangers¹. 

Important Juncture

The event comes at a high-stakes second for local weather motion, the place efficient carbon markets play a significant function. The Intergovernmental Panel on Local weather Change (IPCC) acknowledges that “the deployment of carbon dioxide removals to counterbalance hard-to-abate residual emissions is unavoidable if internet zero emissions are to be achieved.” Even with the mandatory emissions reductions in place, the world should take away an estimated 10 GtCO2, yearly, to fulfill its net-zero targets by 2050.

New disclosure laws — notably the approaching SEC Local weather Disclosure Rule and up to date California Invoice AB 1305 — construct on the incontrovertible case for carbon credit. Nonetheless, lack of schooling and consciousness have created limitations to entry which may deter potential clients. These limitations underscore the necessity for better danger mitigation and market maturity.

Complementary Partnership 

Talking at COP28, US local weather envoy John Kerry not too long ago careworn the problem at stake, stating “I’ve change into a agency believer within the energy of carbon markets to drive elevated local weather ambition and motion, and the VCM is a crucial software to maintain 1.5C in attain.” 

To assist the evolution of a market that Bloomberg estimates will likely be price $1 trillion by 2037, Oka and Cloverly are bettering entry and ease, in addition to belief and transparency, for patrons looking for to scale their affect. By coupling Cloverly’s progressive platform with Oka’s danger infrastructure, the alliance creates a seamless and safer path to local weather motion. 

Commenting on the alliance, Cloverly CEO Jason Rubottom mentioned: “International leaders depend on Cloverly to carry them essentially the most progressive local weather options. To that finish, we’re delighted to be working with Oka to launch a brand new suite of insured carbon credit. The market is evolving quick, however perceived danger continues to discourage some corporations from turning dedication into motion. Insurance coverage — as soon as a lacking pillar within the VCM – bridges the hole and builds a lot wanted belief out there.”

Commenting on the alliance, Oka Founder & CEO Chris Slater mentioned: “It is thrilling to be saying our inaugural carbon credit score distribution accomplice in the identical month that Oka syndicate 1922 goes stay. By way of cultural alignment, we could not have hoped for a greater accomplice with which to start distributing insurance-wrapped credit. Like us, Cloverly is targeted on elevating entry and integrity throughout the VCM. Like us, they’re motivated by urgency.”

About Cloverly

About Oka, The Carbon Insurance coverage Firm™

Oka is a world INSURTECH100 and ESGFINTECH100 firm.

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Media Contact

Chris Slater
[email protected]

LEGAL DISCLAIMER 

Carbon Defend™ is an insurance coverage coverage obtainable to sure eligible homeowners of carbon credit in jurisdictions the place Carbon Insurance coverage Company, LLC is licensed as a surplus traces insurance coverage producer. Eligibility is set primarily based on relevant underwriting standards, and protection is at all times topic to the phrases and circumstances of an relevant coverage. Carbon Insurance coverage Company, LLC has authority to enter into contracts of insurance coverage on behalf of the Lloyd’s underwriting members of Lloyd’s syndicate 1922 which is affiliated with Carbon Insurance coverage Company, LLC and managed by Asta Managing Company, a managing agent at Lloyd’s.

¹ reversal and invalidation and protection is topic to the phrases and circumstances of an relevant coverage

SOURCE Oka, The Carbon Insurance coverage Firm