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Today, Gold Standard has added two approved insurance policies for use by project developers seeking eligibility for Gold Standard Verified Emission Reductions (GS-VERs) under the first phase of CORSIA, the Carbon Offsetting and Reduction Scheme for International Aviation.
The approval of CFC Underwriting Limited (CFC): CORSIA Guarantee Insurance and Oka, The Carbon Insurance Company™: Corresponding Adjustment Protect™ insurance policy, follows assessment by Howden, under a process launched by Gold Standard in July 2025. The approval has been reflected in Gold Standard’s Guidelines for the Eligibility of Gold Standard VERs for Use under CORSIA’s First Phase.
“Approving these insurance products gives project developers more routes to meet CORSIA requirements. It will enable more projects to supply credits for CORSIA's first phase, in a way that is reliable and based on solid foundations.”
Said Margaret Kim, CEO at Gold Standard.
Gold Standard was approved in December 2024 to supply eligible GS-VERs for use under CORSIA’s First Phase, with two routes made available for projects to meet ICAO’s requirement to avoid double counting.
Project developers holding suitable Article 6 Letters of Authorisation can either provide evidence that the project’s host country has applied a corresponding adjustment under Article 6 of the Paris Agreement, or provide a legal commitment to replace any double-counted credits through a Deed of Undertaking, supported by the holding of an approved insurance policy.
With today’s update, project developers may now use the newly approved policies to support the eligibility of GS-VERS for CORSIA’s First Phase. This follows approval of the Multilateral Investment Guarantee Agency’s Breach of Contract cover in December 2024.
“These policies enable Gold Standard to issue CORSIA-eligible credits, unlocking access to a vital carbon market. It’s exciting to see the insurance industry not only stepping up to underwrite these highly technical risks but also helping to catalyse innovation and accelerate the development of transition solutions,”
said Charlie Pool, Head of Carbon Advisory, Climate Risk & Resilience, Howden.
Howden will continue to assess any insurance policies submitted for approval, in line with their assessment process.
CORSIA was established by the International Civil Aviation Organization (ICAO) in 2016, to address CO2 emissions from international flights. Under the scheme, airlines from participating countries must purchase eligible carbon credits to compensate for any increases in CO2 emissions from 2019 levels. CORSIA’s First Phase runs from 2024-26.
Read more about the CORSIA’s First Phase on the Gold Standard website here.
Further Background Information
Gold Standard has established a process to recognise insurance policies as Approved Insurance Policies from third-party private insurance companies to support guarantees for the avoidance of double-claiming under CORSIA. At this time, Gold Standard recognises the following as an Approved Insurance Policy:
a. Multilateral Investment Guarantee Agency (MIGA): Breach of contract coverage provided by the Multilateral Investment Guarantee Agency.
b. CFC Underwriting Limited (CFC): CORSIA Guarantee Insurance provided by CFC.
c. Oka, The Carbon Insurance Company™: Corresponding Adjustment Protect™ insurance policy, provided by Oka Syndicate 1922, a Lloyd's of London syndicate.