Oka To Partner With Cloverly On Insured Carbon Credits

Oka To Partner With Cloverly On Insured Carbon Credits - Carbon Herald

Carbon insurance company Oka has teamed up with climate action platform Cloverly to introduce a suite of insured carbon credits, marking a significant entry into the voluntary carbon market (VCM).

Over 300 global enterprises will have exclusive access to Cloverly’s credits, safeguarded by Oka’s innovative Carbon Protect insurance solution ensuring unprecedented reversal and invalidation protections for buyers.

This will provide Cloverly’s customers with an extra layer of quality assurance and protection in addition to the current high standards vetted by in-house climate scientists, according to a statement by Oka on Thursday.

With the new brand of insured carbon credits, buyers will receive financial compensation in case of specified unforeseeable and unavoidable post-issuance risks.

Relevant: Oka Receives Lloyd’s In Principle Approval For A Carbon Credits Insurance Solution

The unveiling of insured carbon credits by Oka and Cloverly responds to emerging disclosure regulations like the SEC Climate Disclosure Rule and California Bill AB 1305.

The lack of awareness and education has posed barriers to entry, necessitating greater risk mitigation and market maturity.

Oka and Cloverly’s strategic partnership aims to enhance access, ease, trust, and transparency in the evolving carbon market, estimated to reach $1 trillion by 2037, according to Bloomberg.

By combining Cloverly’s platform with Oka’s risk infrastructure, the alliance expects to establish a secure pathway to climate action.

Jason Rubottom, CEO of Cloverly, emphasized the importance of trust in the market, stating that insurance bridges the gap and enhances confidence in turning commitments into action.

Chris Slater, founder and CEO of Oka, also expressed excitement about the partnership, highlighting the cultural alignment with Cloverly in their shared focus on elevating access and integrity in the VCM, driven by a sense of urgency.

Read more: Cloverly Raises $19 Million In A Series A Funding Round

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