US carbon credit insurance company Oka and Socotra, a provider of modern policy administration systems, have formed a strategic partnership focused on 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 twelve months, Oka has launched two groundbreaking insurance solutions to meet urgent market demands.
Corresponding Adjustment Protect is the world’s first insurance solution for voluntary credits traded in compliance markets under Article 6 of the Paris Agreement.
Carbon Protect provides financial compensation for unforeseeable and unavoidable post-issuance risks, such as project failure.
“We are pleased to support Oka’s bold product vision by helping the team bring much-needed insurance products to market,” said Dan Woods, Founder and CEO of Socotra.
“Risk mechanisms are conspicuously absent from carbon markets, which has historically hampered their immense and indispensable carbon capacity. Together we look forward to moving the market forward,” said Woods.
Oka’s tech-savvy leadership is particularly impressed with Socotra’s modern technology, flexibility and ability to support new insurance products in the emerging carbon market. This collaboration is in line with Oka’s goal to ensure that every CO2 credit is insured.
Oka founder and CEO Chris Slater said: “Climate change is a global problem that requires coordinated global solutions. We are excited to join forces with Socotra to deliver the world’s first carbon insurance solutions to global carbon markets.”
“The power of the Socotra platform, combined with Oka’s AI-driven technology, is transforming carbon markets and bridging the gap between voluntary and compliance markets, resulting in higher quality carbon offset projects that actually have an impact on climate change.”
