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Ping An Property & Casualty Insurance Co. of China Ltd. on Tuesday launched an ocean carbon sink index policy in Dalian, China.
The policy pays out when specific changes in the marine environment damage local species and lead to a weakening of carbon sink.
The policy provides 400,000 RMB ($58,681) of coverage across 8,866.67 square meters of kelp, shellfish and algae, Ping An said.
Payouts can be used for post-disaster marine species rescue to restore the carbon sink resource and for ecological protection and restoration.
“The index insurance enhances ocean carbon sequestration capacity by encouraging fishing to protect and repair marine ecosystems. It also enables carbon sink indicators of marine aquaculture to be listed and traded,” increasing the income of fishermen, Ping An said in a statement.
The ocean is the earth’s largest carbon sink and can absorb around 2 billion tons of carbon dioxide a year from the atmosphere, Ping An said. Marine disasters such as typhoons, abnormal sea temperatures and algae blooms could compromise the carbon sequestration capacity of the ocean, and hinder progress toward carbon neutrality.
As of November 2022, Ping An P&C had provided over $25.53 trillion in green insurance coverage to promote green development, according to the statement.