Oka, The Carbon Insurance Company™, and Socotra, the leading modern policy administration system, have announced a strategic partnership focused on advancing carbon markets and scaling climate solutions.
The collaboration aims to leverage Oka’s agile team and advanced AI capabilities alongside Socotra’s innovative technology to mitigate risks associated with carbon credits.
In the past 12 months, Oka has introduced two pioneering insurance solutions to address urgent market needs.
The firm, known for its commitment to insuring carbon credits, has been impressed by Socotra’s modern technology, flexibility, and support for new insurance products in the emerging carbon market. Socotra provides a state-of-the-art policy administration system, enabling insurers to deploy and manage products efficiently.
The partnership has resulted in the launch of Corresponding Adjustment Protect™, the first insurance solution for voluntary credits traded into compliance markets under Article 6 of the Paris Agreement.
Additionally, Carbon Protect™ offers financial compensation for unforeseeable and unavoidable post-issuance risks, including project failure.
The collaboration aligns with Oka’s mission to ensure every carbon credit is insured, thereby addressing a critical gap in the carbon markets.
This partnership is expected to drive higher-quality carbon offset projects and bridge the gap between voluntary and compliance markets.
Dan Woods, founder and CEO of Socotra, commented, “We’re excited to support Oka’s bold product vision by helping the team bring much-needed insurance products to market. 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.”
Oka founder and CEO Chris Slater added, “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.”
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