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 Clima Australia
About Oka, The Carbon Insurance
Company™
About PSC Paragon (Australia)
Oka is a global INSURTECH100
and ESGFINTECH100 company.
Follow Oka
on LinkedIn.
Follow Clima on LinkedIn.
Media Contact
Chris Slater
chris.slater@carboninsurance.co
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
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SOURCE Oka, The Carbon
Insurance Company