As businesses increasingly turn to carbon credits to offset their carbon emissions, the risk of purchasing fraudulent or non-existent certificates has become a significant concern. The new facility, backed by insurers Sompo, Brit, and Talbot, offers coverage against the financial losses associated with such fraudulent activities.
We2Sure’s advanced technology plays a crucial role in mitigating these risks. Their CarbonActuator platform can identify duplicate and counterfeit certificates and assess the validity of carbon projects using satellite and AI technology. By providing real-time monitoring and verification, We2Sure helps ensure the integrity of carbon credit transactions.
The partnership offers a much-needed solution to the growing problem of carbon credit fraud. By providing insurance coverage and advanced verification tools, they empower businesses to make informed decisions and protect their investments in sustainable practices.
Commenting on the launch, Rupert Poland, UK Digital Asset Leader, Marsh, said: “Businesses are increasingly using carbon credits as a core element of their strategy to meet net zero targets, and this leaves them exposed to fraudsters seeking to take advantage of this growing market. The lack of standardization and transparency in the market makes it difficult for businesses to assess the legitimacy of the carbon credits they are buying. This new facility will not only help de-risk investments for businesses from a financial and reputational perspective, but also support the integrity and expansion of the wider carbon credit ecosystem.”
Simon Wigzell, Head of Business Development and Underwriting at We2Sure, added: “Our data-backed verification process addresses the critical issue of authenticity in carbon credit certificates, substantially reducing reputational risks for buyers. This transformative solution establishes a robust integrity standard, effectively converting intangible carbon credits into tangible assets, thereby enabling corporations to invest with greater confidence.”
