Climate Transformed Ventures (CTV) is a methane infrastructure and origination platform company that leverages government funding and private capital to cap orphaned oil wells across the United States and Canada.
An orphaned oil well has no solvent owner of record, leaving the responsibility of capping in the hands of state and federal governments.
The EPA estimates that there are up to 3.7 million orphaned wells in North America, with the estimated cost to cap them ranging from $200bn- $300bn.
There is only $4.7bn allocated by the US Federal Government under the Infrastructure Investment and Jobs Act (IIJA).
This is the first phase of a multi-decade solution that will require the extensive deployment of private capital
The growth of insurance will be vital in the context of utilizing multiple balance sheets to mitigate risk. These risks involve the implied emerging market and frontier credit risk of the jurisdictions where the credits are issued and around delivery, performance, permanence, and traditional risks such as natural disasters.
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Chris Slater is the Founder & CEO of Oka, the Carbon Insurance Company. Islay Lord develops and underwrites Parhelion's insurance products for the carbon and environmental commodity markets. Natalia Dorfman is the CEO & Co-founder of Kita Earth, a company providing carbon insurance solutions for the climate crisis.