Newly launched startup Oka, The Carbon Insurance Company announced that it has raised USD7mn in funding aimed at scaling the new platform’s insurance offerings for the carbon credit market. The funding comes as demand for carbon offset projects and related credits is expected to increase significantly over the next several years, as companies and businesses increasingly launch net zero ambitions, and turn to offsets as a bridge to their own absolute emissions reduction efforts, or to balance difficult to avoid emissions. The unregulated and rapidly growing market faces a series of challenges, however, with market participants unable to differentiate between high and low quality projects with insufficient or inconsistent data to assess the effectiveness of the projects.

Source: ESGToday