AgriCap Group has designed and launched a new “Insured Carbon” programme, which includes a custom-structured parametric insurance programme by AXA, in collaboration with The Well Done Foundation (WDF).
Through the programme, the companies are offering insured high-integrity carbon credits created by methane sequestration for purchase. This offering is the first in the industry to ensure the authenticity and reliability of carbon credits.
The programme aims to protect the capping of orphaned and/or abandoned oil and gas wells, and the permanent plugging of wells damaged due to earthquakes.
Established in 2019, the WDF is a national nonprofit dedicated to plugging orphaned oil and gas wells across the United States. The organisation produces high-integrity carbon credits, which are subject to rigorous validation and verification audits by qualified third-party auditors and certified carbon registries, ensuring their integrity and permanence throughout their lifecycle, up to 20 years.
The “Insured Carbon” programme ensures the realness, permanence, and exclusivity of the carbon credits. It provides insurance against devaluation, degradation, deterioration, or invalidation for the life of verified carbon credits.
Additionally, WDF offers insured high-integrity carbon credits to interested parties, with full transparency of documentation tracked and recorded through a customised carbon credit IT administration system and blockchain integration.
Some of the key highlights of the programme are High integrity Insured WDF Carbon Credits, Validation and Verification Process, Comprehensive Insurance Coverage, and Blockchain Integration,
Curtis Shuck, Founder and Chairman of WDF, commented, “We are proud to be the first orphaned well nonprofit and offer these innovative insured, high-integrity carbon credits backed by reinsurance support from AgriCap Group that deliver a truly market-based orphan well solution.
“This groundbreaking initiative not only ensures transparency and reliability for our carbon credit buyers but also reinforces our commitment to solving two critical challenges: addressing climate change and mitigating the environmental impact of orphaned wells. By partnering with AgriCap Group, we are setting a new standard for accountability and innovation in the carbon markets while advancing sustainable solutions for a better future.”
