Carbon credit certifier Gold Standard has approved two new insurance products under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), expanding the tools available to developers participating in the global emissions offset program.
The newly accepted policies — CORSIA Guarantee Insurance by CFC Underwriting and Corresponding Adjustment Protect by Oka— are now recognized as valid instruments for ensuring the eligibility of Gold Standard Verified Emission Reductions (GS-VERs) under CORSIA’s First Phase (2024–2026).
The approvals follow an independent assessment process conducted by Howden, a risk management firm tasked with reviewing insurance instruments since Gold Standard launched its evaluation framework in July 2025.
The updated list is now reflected in Gold Standard’s eligibility guidelines, according to a company statement on Wednesday.
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“Approving these insurance products gives project developers more routes to meet CORSIA requirements,” Margaret Kim, CEO of Gold Standard, said in a comment.
In practice, this would help reliably expand the pool of eligible projects supplying credits for CORSIA’s first phase, Kim explained.
CORSIA, established by the International Civil Aviation Organization (ICAO) in 2016, mandates airlines in participating countries to purchase eligible carbon credits to offset emissions that exceed 2019 levels.
One of the scheme’s key criteria is avoiding double counting of emission reductions, either through a government-issued corresponding adjustment or through a legal commitment to replace credits, backed by approved insurance.
The latest additions build on Gold Standard’s initial endorsement of the Multilateral Investment Guarantee Agency’s Breach of Contract insurance in December 2024.
Howden will continue to evaluate new insurance products under the current approval process.
Kita stays on the sidelines (for now)
The remaining key player in the carbon industry Kita reacted to the news in a blog post and announced it has chosen not to submit its policy for Gold Standard’s first CORSIA insurance eligibility round. CEO Natalia Dorfman explained the decision stems from limited market readiness and concerns about required coverage structures, particularly aggregate risk and restricted policyholder access.
“We have decided to focus our resources on our existing and growing pipeline of projects that rely on our wider specialist insurance solutions, enabling us to manage risk responsibly while continuing to support the flow of capital needed to scale high-quality projects,” elaborated Dorfman.
The company emphasized that it remains committed to enabling carbon finance through its existing products—Non-Delivery, Political Risk, and Non-Payment Insurance—and will reconsider CORSIA participation as the market matures and standardizes.
