Oka, the US carbon-credit insurance carrier, has announced the expansion of its climate risk solutions with the launch of a new green credit insurance offering.
The expansion builds on Oka’s carbon products, and aims to de-risk a wider range of sustainable finance projects.
Oka’s expanded suite now includes coverage for:
- Transition project financing: Cover prepayments for climate transition projects, including carbon-credit generation, clean-power generation, and green industry development
- Green and blue financing: Provides coverage for buy-to-hold green and blue bonds
- Sustainability-linked financing: Insures loans benchmarked against sustainability KPIs.
- Letters of credit and counter-indemnities: Guarantees repayment for climate transition project contracts.
- Loans to climate leaders: Obligors driving the climate transition, maintaining high environmental ratings, or directing or benchmarking proceeds to climate-related or against sustainability-linked KPIs, respectively
Since its inception, Oka, via Lloyd’s syndicate 1922, has focused on using sophisticated underwriting, AI-led data analysis, and deep industry expertise to lower project costs and accelerate progress toward net zero.
With its new offering, the firm hopes to replicate its success in the carbon markets across adjacent clean-energy and renewable industries.
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Commenting on the news, Oka Founder & CEO Chris Slater said: “Expanding our proposition to a broader sustainable finance remit is a natural evolution for Oka. In the renewables market as for the carbon market, there’s an urgent need for long-tenor risk cover to mobilise capital for innovative decarbonisation projects and companies.
“The technologies may be new and the risks complex, with projects often requiring high upfront and long-term capital. Against this backdrop, dynamic AI-led underwriting and deep market insight – qualities of which Oka is proud – are vital for building longstanding partnerships in this space.”
Oka also announced the appointment of James Morrell as Head of Credit Underwriting. The executive brings over 18 years of experience in credit and political risk, having most recently worked at HDI Global Specialty SE.
Throughout his career, he has also held roles at Beazley and Brit.
Morrell stated: “Clients tell us they need certainty – in both policy terms and carrier expertise. Oka brings both to the table, coupled with a strong track record of supporting developers and lenders and driving innovation in the carbon markets. Through our expanded remit, we look forward to removing barriers to trade and investment to help drive progress towards a sustainable future.”
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