US carbon-credit insurance carrier, Oka, has partnered with Australia’s Clima, a carbon solutions platform, to roll out insured carbon credits in the country via broker PSC Paragon (Australia).
Protected by Oka’s Carbon Protect™ insurance solution, the premium credits will be made available to corporations through credit provider Clima and PSC Paragon.
Clima connects firms around the world with a range of carbon credits in Australia, and also to high-integrity global projects.
With this new collaboration with Oka, clients gain exclusive access to some of the first insurance-protected credits in the country. The premium credits come pre-wrapped in Oka’s innovative insurance solution, minimizing the due-diligence burden on buyers and insulating them from post-issuance risks.
Oka and Clima have partnered at an interesting and vital time for corporate climate action. Notably, at the start of this year, Australia’s government published draft legislation that would require large businesses in the country to disclose their climate-related financial risks and opportunities.
As regulator, shareholder, and customer pressure to disclose and decarbonize continues to build, companies across the globe are increasingly in need of reliable offsetting solutions to meet their net-zero targets, and Oka and Clima are committed to “providing businesses with a transparent, reliable, and seamless route to the voluntary carbon market (VCM), reducing their obstacles to climate progress.”
Oka Founder and CEO, Chris Slater, commented: “Climate change is a global problem that requires coordinated global solutions. To that end, we couldn’t be more fired up to bring our first-of-its-kind insurance solution to international markets — nor could we imagine a more fitting non-US market in which to expand first, given the rapidly accelerating pace of carbon and climate action in Australia. We very much look forward to working with Clima — a company that shares our values and ambition — to unlock trust and transparency in the VCM.”
“Clima is dedicated to making carbon markets more transparent, and so we’re delighted to be first to the Australian market with Oka-insured carbon credits. Not only do the insurance-wrapped credits meet an unprecedented standard for quality, but we’re also excited by their potential to unlock new corporate demand. We look forward to working together to build a truly international voluntary carbon market,” said Clima CEO, Guy Dickinson.
