A Message From Chris Slater, Oka™ Founder & CEO

By Chris Slater

Sep 17, 2024

It’s been an exciting quarter for Oka, having released our second carbon insurance solution — Corresponding Adjustment Protect™ — to help project developers access the transformative market opportunity that is the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). Read on for key highlights, or get in touch to arrange an in-person coffee with Zachary Kane (SVP Growth) or me in Climate Week NYC.

CORSIA Rubber Hits the Runway

The central focus of my last update, Corresponding Adjustment Protect™ has attracted commensurate market interest since our announcement in June. Unveiled alongside our partnership with leading cookstove developer DelAgua, the launch was covered by Carbon Herald, Sustainable Insurer, Carbon Pulse, and Quantum Commodity Intelligence, among others, and sparked a high volume of conversations with curious developers looking to access — and better understand — CORSIA.

To help our customers make sense of this fast-moving market and its rapidly evolving rules, we published a series of three blogs addressing their biggest questions:

First: What does CORSIA mean for developers in the voluntary carbon market (VCM)? Which guarantees are required by its registries?
Second: Why should developers be selling into CORSIA, particularly against the current market backdrop? Where do they stand to benefit?
Third: Who can access CORSIA, and by when? How could Corresponding Adjustment Protect™ help you get there faster?

Bringing together all that we’d learned, published, and discussed, Oka closed the quarter with our first webinar, aimed at developers, on how best to navigate, prepare for, and comply with CORSIA. It was an honor to host industry experts Hugh Salway (Gold Standard), Anna Hickey (Philip Lee), and Simon Henry (IETA) for the panel conversation, a recording of which you can find here.

Looking ahead, all eyes are on CORSIA parent body the International Civil Aviation Organization (ICAO), which has yet to authorize a handful of leading VCM registries. Its verdict — hotly anticipated, previously delayed, and now expected by November — will have major ramifications for the registries, and thus developers, approved to issue credits for CORSIA customers.

That decision will also have ramifications for the looming supply-demand imbalance worrying onlookers. Even if all registries are approved, however, the bottleneck of CORSIA credits — and, by extension, the market opportunity for eligible developers — is staggering.

ICYMI…

In May, we welcomed David Antonioli to our advisory board. His feet now firmly under the table, we recently sat down with the industry pioneer and former Verra CEO to discuss his ambitious new vision for carbon markets and the infrastructure required to bring it to life — insurance in particular. Read the full interview.
In July, we formally unveiled our strategic partnership with Socotra, the leading modern policy administration system. The collaboration harnesses our agile team and advanced AI capabilities, alongside Socotra’s innovative technology, to insure carbon markets and scale climate solutions. Read the press release.
In September, I was featured on the Marsh “Risk in Context” podcast with Amy Barnes, Head of Climate and Sustainability Strategy and Ryan Bond, Head of Insurance Innovation for Climate and Sustainability for Marsh. Listen here.

In New York for Climate Week NYC 2024? So are we. Get in touch to schedule a coffee or chat with Zachary or me. We’ll also be speaking and/or attending at the following events, and would love to see you there.