Marsh, a leading insurance broker, and We2Sure, a company focused on insurance services related to carbon credits, have joined forces to launch an insurance facility specifically aimed supporting organizations in the U.S., UK and EU to manage the risk of fraud.
Rupert Poland, the UK digital asset leader at Marsh commented on the partnership with We2Sure by saying: “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, We2Sure’s Head of Business Development and Underwriting added that “This transformative solution establishes a robust integrity standard, effectively converting intangible carbon credits into tangible assets, thereby enabling corporations to invest with greater confidence.”
Carbon markets have been plagued by accusations of misleading buyers about the quality of credits with fraud cases also damaging the reputation of the industry as a whole.
Insurers Sompo, Brit, and Talbot will back the new facility which will be utilized in cases where there are counterfeit credits, non-existent projects or theft.
We2Sure will also be supporting the facility by providing access to its CarbonActuator technology to all clients. The system is said to be able to detect counterfeit and duplicate carbon credit certificates by using AI and satellite technology which monitor projects in real time.
