This collaboration integrates Oka’s expertise and artificial intelligence (AI) capabilities with Socotra’s advanced technology to mitigate the risks associated with carbon credits. Within the past year, Oka has successfully launched two groundbreaking insurance products to address pressing market needs.
The first product, Corresponding Adjustment Protect, is the world’s inaugural insurance solution designed for voluntary credits traded into compliance markets under Article six of the Paris Climate Agreement. This innovation marks a significant step forward in supporting global carbon trading mechanisms.
The second product, Carbon Protect, provides financial compensation for unforeseen and unavoidable post-issuance risks, such as project failures. The solution aims to offer greater financial security and confidence to stakeholders investing in carbon offset projects.
Oka’s tech-savvy leadership has been particularly impressed by Socotra’s cutting-edge technology, flexibility, and capability to support innovative insurance products in the burgeoning carbon market. This partnership aligns with Oka’s mission to ensure that every carbon credit is insured.
Dan Woods, Founder and CEO of Socotra, said: “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 & CEO Chris Slater, also commented, saying: “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.”
He added: “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.”
