Protected by Okay’s Carbon Protect™ insurance solution, the premium credits will be made available to businesses through lender Clima and Australian insurance broker PSC Paragon.
PARK CITY, Utah And SYDNEY, May 9, 2024 /PRNewswire/ — Marking the start of its global expansion, Okaythe leading US carbon credit insurer, has entered into a customer agreement with Australia’s carbon solutions platform climate.
Oka + Clima partnership
Clima connects companies worldwide with the largest range of carbon credits Australia, as well as for high-integrity global projects. By means of Okaycustomers will also now have exclusive access to some of the first insurance-backed credits in the country. The premium credits are pre-packed Okay’s innovative insurance solution, which minimizes the due diligence burden for buyers and protects them against post-issuance risks.1
PSC paragon (Australia) is the insurance broker you work with Okay and Clima to take care of the insurance.
Crucial moment for climate action
Okay and Clima join forces in a crucial year for corporate climate action worldwide. In January the Australian government has published draft legislation requiring major Australian companies to disclose their climate-related financial risks and opportunities, in line with international reporting standards.
Under increasing pressure from regulators, shareholders and customers to disclose and decarbonize, thousands of companies operating in global markets – especially those in sectors with hard-to-cut emissions – need reliable offset solutions to meet their net-zero targets . Okay and Clima aim to provide companies with a transparent, reliable and seamless route to the Voluntary Carbon Market (VCM), reducing their barriers to climate progress.
Commenting on the partnership, Oka founder and CEO Chris Slater said: “Climate change is a global problem that requires coordinated global solutions. To that end, we couldn’t be more motivated to bring our first-of-its-kind insurance solution to international markets – and we can’t imagine a more appropriate US market where we should expand first, given the rapidly increasing pace of carbon and climate action in the US Australia. We are very much looking 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 said Guy Dickinson said: “Clima is committed to making carbon markets more transparent, which is why we are excited to be the first to enter the Australian market Okay-insured carbon credits. Not only do the insurance-wrapped credits meet an unprecedented quality standard, but we are also excited about their potential to unlock new business demand. We look forward to working together to build a truly international voluntary carbon market.”
About OkayThe Carbon Insurance Company™
Okay is a global one INSURTECH100 And ESGFINTECH100 company.
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Media contact
Chris Slater
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LEGAL DISCLAIMER
Climate Australia is a product of Clima Solutions Pty Ltd ABN 97 672 833 635 | Authorized Company 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 located licensed as a producer of surplus lines insurance. 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 the authority to enter into insurance contracts on behalf of Lloyd’s insurers Okay syndicate 1922 which is affiliated with Carbon Insurance Agency, LLC and managed by Asta Managing Agency, a managing agent with Lloyd’s.
1 Coverage for invalidity and reversal risk is subject to the terms of an applicable policy
SOURCE OkayThe Carbon Insurance Company