CFC launches innovative carbon delivery insurance to boost voluntary carbon market
![CFC launches innovative carbon delivery insurance to boost voluntary carbon market](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/03/2459.jpg)
Specialist insurance provider CFC has made a significant entry into the carbon insurance market with the introduction of its pioneering product, Carbon Delivery Insurance. This groundbreaking offering is designed to address both the physical and political risks encountered by businesses engaged in purchasing voluntary carbon credits on a forward basis.
CFC’s Carbon Delivery Insurance provides comprehensive coverage, safeguarding 100% of the purchaser’s investment against the risk of non-delivery of carbon credits. Unlike traditional insurance models, CFC has developed a sophisticated underwriting approach that evaluates the carbon project itself rather than the policyholder. This streamlined process enables same-day quoting and binding, eliminating the need for lengthy application procedures and facilitating quicker decision-making for buyers.
George Beattie, Head of Innovation at CFC, emphasized the transformative role of insurance in driving accountability and collaboration within the voluntary carbon market. He highlighted the potential of insurers to facilitate risk transfer and support positive change in a market projected to surpass $1 trillion by 2050.
CFC has also announced a strategic partnership with IncubEx, a leading carbon innovation platform, to further enhance the distribution and accessibility of its carbon insurance products. Through this collaboration, CFC aims to leverage API-based distribution channels and connect with specialist insurance brokers to streamline deal execution.
Neil Eckert, Chairman at IncubEx, underscored the importance of insurers in scaling up the carbon markets and commended CFC’s commitment to innovation and product development.
Beattie emphasized CFC’s dedication to addressing the needs of the carbon value chain and hinted at future product developments aimed at promoting investment and liquidity across the voluntary carbon market.
The launch of Carbon Delivery Insurance marks a significant milestone in CFC’s journey into the dynamic and multifaceted carbon market, offering assurance and protection to participants while fostering growth and innovation in carbon trading.
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