Marsh and We2Sure, specialists in insurance and risk management for carbon credit certificates, have introduced a groundbreaking insurance facility.
This initiative is designed to support organisations in the UK, EU, and US in managing the escalating risks linked to carbon credit certificate fraud.
The new facility was developed in response to the growing issue of carbon credit fraud. Businesses use carbon credits to offset their carbon dioxide emissions, but the industry has become a target for fraudsters. These criminals sell fake carbon credit certificates or certificates for non-existent projects, exploiting the market’s lack of standardization and transparency.
Marsh leverages its position as a top insurance broker to provide businesses with a means to insure against the purchase of counterfeit certificates, the sale of non-existent project certificates, and theft.
We2Sure enhances the facility with its CarbonActuator technology, which identifies duplicate and counterfeit certificates. Additionally, its satellite and AI technology monitors projects in real-time, ensuring they meet established standards and reflect the true value of the certificates issued.
This facility not only helps de-risk investments from financial and reputational damage but also supports the integrity and growth of the carbon credit market. It provides businesses with access to advanced technology for validating the authenticity of carbon credit certificates before purchase.
Commenting on the launch, Rupert Poland, UK digital asset leader at Marsh, highlighted the strategic importance of carbon credits for businesses aiming for net zero targets and the vulnerability this creates against fraud. Simon Wigzell, head of business development and underwriting at We2Sure, emphasized their data-backed verification process that substantially reduces reputational risks and converts intangible assets into tangible, investable commodities.
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