On January 18, 2024, Oka, The Carbon Insurance Company™ announced its partnership with Cloverly to launch insured carbon credits. Cloverly will offer the insured credits — available exclusively to 300+ global enterprises — pre-wrapped in Oka carbon credit insurance, providing first-of-their-kind reversal and invalidation protections for buyers of the carbon credits.
Through its climate action platform, Cloverly customers already benefit from seamless access to high-integrity projects, vetted to a high standard by in-house climate scientists. The new tranche of insured credits grants buyers an additional marker of quality and protection, providing financial compensation in the event of certain covered unforeseeable and unavoidable post-issuance risks.
According to Oka Founder & CEO Chris Slater, “In terms of cultural alignment, we couldn’t have hoped for a better with which to begin distributing insurance-wrapped credits. Like us, Cloverly is focused on elevating access and integrity across the VCM. Like us, they’re motivated by urgency.”
Commenting on the alliance, Cloverly CEO Jason Rubottom said: “Global leaders rely on Cloverly to bring them the most innovative climate solutions. To that end, we’re delighted to be working with Oka to launch a new suite of insured carbon credits. The market is evolving fast, but perceived risk continues to deter some companies from turning commitment into action. Insurance — once a missing pillar in the VCM – bridges the gap and builds much needed trust in the market.”