Marsh and We2Sure partner to tackle carbon credit fraud

Insurance broker Marsh and We2Sure, a specialist in insurance and risk management solutions for carbon credit certificates, have launched a new insurance facility to help businesses tackle rising risks associated with carbon credit certificate fraud.

The carbon credit industry, while offering businesses a way to offset their carbon dioxide emissions, is increasingly threatened by fraud, which involves the sale of counterfeit carbon credit certificates or certificates linked to non-existent projects.

Marsh’s new facility will enable businesses in the UK, EU, and US to insure against the risk of purchasing counterfeit certificates, the sale of certificates for non-existent projects, and theft.

With the support of insurers like Sompo, Brit, and Talbot, the facility also allows businesses to access We2Sure’s technology, enabling them to assess the validity of certificates before making a purchase.

We2Sure’s CarbonActuator can identify duplicate and counterfeit certificates, while its satellite and AI technology, which monitors and assesses projects in real-time, identifies projects that do not meet a pre-determined standard and do not reflect the certificates issued.

Commenting on the launch, Rupert Poland, UK Digital Asset Leader, Marsh, said: “Businesses are increasingly using carbon credits as a core element of their strategy to meet net zero targets, and this leaves them exposed to fraudsters seeking to take advantage of this growing market.

“The lack of standardisation and transparency in the market makes it difficult for businesses to assess the legitimacy of the carbon credits they are buying. This new facility will not only help de-risk investments for businesses from a financial and reputational perspective, but also support the integrity and expansion of the wider carbon credit ecosystem.”

Simon Wigzell, Head of Business Development and Underwriting at We2Sure, added: “Our data-backed verification process addresses the critical issue of authenticity in carbon credit certificates, substantially reducing reputational risks for buyers.

“This transformative solution establishes a robust integrity standard, effectively converting intangible carbon credits into tangible assets, thereby enabling corporations to invest with greater confidence.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.