Protected by Oka’s Carbon Protect™ insurance solution, the premium credits will be made available to corporations through credit provider Clima and Australian insurance broker PSC Paragon.
PARK CITY, Utah and SYDNEY, May 9, 2024 /PRNewswire/ — Marking the start of its global expansion, Oka, the leading US carbon-credit insurer, has entered a customer agreement with Australian carbon solutions platform Clima.
Clima connects companies globally with the largest range of carbon credits in Australia, as well as to high-integrity global projects. Through Oka, clients will now also 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 while insulating them from post-issuance risks.1
PSC Paragon (Australia) is the insurance broker working with Oka and Clima to provide the insurance.
Pivotal Moment for Climate Action
Oka and Clima join forces in a critical year for corporate climate action worldwide. In January, the Australian government published draft legislation that would require large Australian businesses to disclose their climate-related financial risks and opportunities, in line with international reporting standards.
Under growing regulator, shareholder, and customer pressure to disclose and decarbonize, thousands of companies operating in global markets — particularly those in sectors with hard-to-abate emissions — require reliable offsetting solutions to meet their net-zero targets. 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.
Commenting on the partnership, Oka Founder & CEO Chris Slater said: “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.
Commenting on the partnership, Clima CEO Guy Dickinson said: “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.”
About Oka, The Carbon Insurance Company™
Oka is a global INSURTECH100 and ESGFINTECH100 company.
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Media Contact
Chris Slater
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LEGAL DISCLAIMER
Clima Australia is a product of Clima Solutions Pty Ltd ABN 97 672 833 635 | Corporate Authorised Representative 001307950 of Wholesale AFS license 536315.
Carbon Protect™ is an insurance policy available to certain eligible owners of carbon credits in jurisdictions where Carbon Insurance Agency, LLC is licensed as a surplus lines insurance producer. Eligibility is determined based on applicable underwriting criteria, and coverage is always subject to the terms and conditions of an applicable policy. Carbon Insurance Agency, LLC has authority to enter into contracts of insurance on behalf of the Lloyd’s underwriting members of Oka syndicate 1922 which is affiliated with Carbon Insurance Agency, LLC and managed by Asta Managing Agency, a managing agent at Lloyd’s.
1 invalidation and reversal risk coverage is subject to the terms and conditions of an applicable policy
SOURCE Oka, The Carbon Insurance Company
