US carbon-credit insurance carrier Oka, and Socotra, a provider of modern policy administration systems, have formed a strategic partnership aimed at the carbon markets and scaling climate solutions.
This partnership combines Oka’s team and artificial intelligence (AI) with Socotra’s technology to reduce the risks associated with carbon credits.
Within 12 months, Oka has launched two pioneering insurance solutions to meet urgent market demands.
Corresponding Adjustment Protect is the first insurance solution globally for voluntary credits traded into compliance markets under Article 6 of the Paris Agreement.
Carbon Protect offers financial compensation for unforeseeable and unavoidable post-issuance risks, such as project failure.
“We’re excited to support Oka’s bold product vision by helping the team bring much-needed insurance products to market,” commented Dan Woods, Founder and CEO of Socotra.
“Risk mechanisms are conspicuously absent from carbon markets, which has, historically, stymied their immense and indispensable carbon capacity. Together, we look forward to driving the market forward,” further added Woods.
Oka’s tech-savvy leadership has been particularly impressed by Socotra’s modern technology, flexibility, and its ability to support new insurance products in the emerging carbon market. This partnership aligns with Oka’s goal to ensure every carbon credit is insured.
Oka Founder & CEO Chris Slater, said: “Climate change is a global problem that requires coordinated global solutions. We’re excited to join forces with Socotra to deliver the world’s first carbon insurance solutions to the global carbon markets.”
“The power of the Socotra platform combined with Oka’s AI-driven technology, is transforming the carbon markets and bridging the gap between voluntary and compliance markets, resulting in higher-quality carbon offset projects that truly impact climate change.”
