PriyaPatel
TLDR:
- Oka and Socotra have announced a strategic partnership focused on carbon markets and climate solutions
- The partnership aims to de-risk carbon credits through innovative insurance solutions
Oka, The Carbon Insurance Company™, and Socotra have joined forces in a strategic partnership to address challenges in carbon markets and scale climate solutions. The collaboration leverages Oka’s advanced AI capabilities and Socotra’s modern policy administration system to de-risk carbon credits. The partnership has resulted in the launch of two groundbreaking insurance solutions within the past year.
The first solution, Corresponding Adjustment Protect™, is designed for voluntary credits traded into compliance markets under the Paris Agreement. The second solution, Carbon Protect™, offers financial compensation for unforeseeable risks post-issuance, such as project failure. The partnership was driven by Oka’s admiration of Socotra’s technology and its ability to support new insurance products in the evolving carbon market.
Oka’s Founder & CEO Chris Slater expressed excitement about the collaboration, emphasizing the global need for coordinated solutions to combat climate change. The partnership aims to bridge the gap between voluntary and compliance markets, ensuring higher-quality carbon offset projects that effectively address climate change. The success of the partnership was recognized by Lloyd’s approval of Oka Syndicate 1922 and a prestigious award for “Launch of the Year.”
The strategic partnership between Oka and Socotra demonstrates a commitment to innovative solutions in the carbon insurance space, with a focus on de-risking carbon credits and driving the market forward towards sustainable climate outcomes.
