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Howden offers cover for carbon negligence, fraud


U.K.-based Howden Broking Group Ltd. said Tuesday it has developed coverage to protect against third-party negligence and fraud in the voluntary carbon credit market.

Howden partnered with carbon finance company Respira International and investment manager Nephila Capital to develop the coverage, which a Howden spokesman said will be written to limits of up to 2% of the coverage written on underlying risks. The product will be wrapped around books of independently verified, high-quality carbon credits, the broker said.

“For the voluntary carbon market to grow by $50 billion by 2030, buyers need to be able to trust that the carbon credits they are buying are removing the promised volume of carbon from the atmosphere,” Charlie Langsdale, head of climate risk and resilience at Howden, said in a statement.

Nephila’s Lloyd’s of London Syndicate 2357 is the lead market on the coverage. Capacity of $100 million will be available during the first year, rising to $500 million in the second year, according to the Howden spokesman.

Howden said the coverage should help increase confidence in the voluntary carbon market, which needs to implement processes to improve credibility and transparency.