US carbon credit insurer Oka has launched in Australia, partnering with local climate solutions platform Clima to offer insurance-protected credits.

The partners say their offering comes at a critical time as the federal government prepares to introduce laws requiring large businesses to disclose climate-related financial risks and opportunities, in line with international reporting standards.

“Climate change is a global problem that requires co-ordinated global solutions,” Oka founder and CEO Chris Slater said.

“To that end, we couldn’t be more fired up to bring our … insurance solution to international markets. Nor could we imagine a more fitting non-US market in which to expand first, given the rapidly accelerating pace of carbon and climate action in Australia.”

Clima CEO Guy Dickinson says the business is dedicated to making carbon markets more transparent.

“We’re delighted to be first to the Australian market with Oka-insured carbon credits. Not only do the insurance-wrapped credits meet an unprecedented standard for quality, but we’re also excited by their potential to unlock new corporate demand.”

Broker PSC Paragon (Australia) is working with Oka and Clima to provide the insurance.