- Fraud Protection: The new insurance facility safeguards businesses from counterfeit carbon credit certificates and non-existent project scams.
- Enhanced Verification: Access to We2Sure’s CarbonActuator technology ensures the validity of certificates through data and AI monitoring.
- Market Confidence: The solution supports corporate confidence and growth in the carbon credit market by mitigating financial and reputational risks.
Marsh, a world leader in insurance brokering and risk advisory, and We2Sure, a specialist in carbon credit insurance solutions, have introduced an innovative insurance facility to protect businesses across the UK, EU, and US from rising carbon credit certificate fraud.
The carbon credit market, vital for businesses offsetting emissions, faces increased threats from counterfeit certificates and scams involving non-existent projects. Marsh’s new facility, backed by insurers Sompo, Brit, and Talbot, insures against these risks and provides access to We2Sure’s proprietary technology for validation.
Rupert Poland, UK Digital Asset Leader at Marsh, stated,
“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.”
We2Sure’s CarbonActuator tool is pivotal in identifying duplicates and counterfeit certificates, while advanced satellite and AI technologies evaluate projects to ensure their legitimacy.
Simon Wigzell, Head of Business Development and Underwriting at We2Sure, emphasized,
“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.”
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This facility marks a significant step towards fortifying trust and transparency in the carbon credit market, allowing businesses to navigate their net-zero strategies with enhanced security.
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