Swiss Re Corporate Solutions and Goodcarbon, a Berlin-based climate start-up, have launched an insurance product to support the flow of capital into nature-based projects that generate carbon credits.
Both firms described it as the first insurance for long-term carbon credit purchases that offers in-kind replacements of insured credits.
Swiss Re Corporate Solutions and Goodcarbon said their offering is important because funding for nature-based solutions needs to almost triple to $550bn per year by 2030 to meet internationally agreed targets on limiting climate warming to 1.5°C, and conserving 30% of land and sea areas by 2030.
Goodcarbon co-founder and managing director Jerome Cochet said: "This partnership addresses a critical roadblock in the voluntary carbon market. It will add liquidity to the forward carbon market and has the potential to unlock much needed private capital to flow into nature-based projects."
