Oka, The Carbon Insurance Company, has launched with Cloverly, a digital platform for climate action, to unveil a new brand of insured carbon credits for the voluntary carbon market (VCM).
Available exclusively to 300+ global enterprises, Cloverly will offer the insured credits pre-wrapped in Oka insurance, providing, what is described as, first-of-their-kind reversal and invalidation protections for buyers of the carbon credits.
The new tranche of insured credits have been added to Cloverly’s climate action platform, which already provides access to “high-integrity projects, vetted to a high standard by in-house climate scientists”, as described by the firm.
Oka explans: “[The credits] grant buyers an additional marker of quality and protection, providing financial compensation in the event of certain covered unforeseeable and unavoidable post-issuance risks.”
Recently, speaking at COP28, US climate envoy John Kerry stressed the issue at stake, stating “I have become a firm believer in the power of carbon markets to drive increased climate ambition and action, and the VCM is a vital tool to keep 1.5C in reach.”
To support the evolution of a market that Bloomberg estimates will be worth $1 trillion by 2037, Oka and Cloverly are improving access and ease, as well as trust and transparency, for buyers seeking to scale their impact.
By coupling Cloverly’s innovative platform with Oka’s risk infrastructure, the alliance creates a seamless and more secure route to climate action, according to the statement.
Cloverly CEO Jason Rubottom said: “Global leaders rely on Cloverly to bring them the most innovative climate solutions. To that end, we’re delighted to be working with Oka to launch a new suite of insured carbon credits.
“The market is evolving fast, but perceived risk continues to deter some companies from turning commitment into action. Insurance — once a missing pillar in the VCM – bridges the gap and builds much needed trust in the market.”
Chris Slater, Oka Founder & CEO, commented: “It’s exciting to be announcing our inaugural carbon credit distribution partner in the same month that Oka syndicate 1922 goes live. In terms of cultural alignment, we couldn’t have hoped for a better partner with which to begin distributing insurance-wrapped credits. Like us, Cloverly is focused on elevating access and integrity across the VCM. Like us, they’re motivated by urgency.”
