Voluntary Carbon Market

Parhleion renewable energy

Voluntary carbon markets are finally coming of age and have an important role to play in the race to net zero. This includes addressing hard to abate emissions; mobilising private capital; putting a price on carbonand reducing the cost of abatement. Parhelion has a long history in developing innovative solutions for carbon markets and we were pleased to contribute to the Taskforce for Scaling the Voluntary Carbon Market (TSVCM). We recognise that as the voluntarymarkets for carbon offsets grows, capital will need to be committed atgreaterspeed and scale. This means risk management and risk transfer solutions are required.

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California ARB Offset Credit Invalidation Insurance

Parhelion offers coverage against the risk of invalidation associated with ARB Offset Credits (Offsets). The risk of invalidation has created a price differential between Offsets where the invalidation risk remains with the buyer (‘Buyer Liability’) and those where the risk is transferred to another party (‘Seller or other Third Party Liability’).

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Parhelion Platinum RINs

Geothermal Resource Risk Insurance

Parhelion Geothermal plant Turkey

Under the Renewable Fuel Standard the EPA has imposed a “buyer beware” approach to the purchase and sale of RINs. This creates a liability for any buyer of RINs, making them responsible for purchases of invalid RINS, even if done inadvertently. The liability includes the replacement cost of invalidated RINs as well as civil fines and penalties imposed by the EPA. The EPA has already prosecuted millions of US$ worth of fraudulent RIN transactions, yet fraud continues to be a significant risk. Parhelion has created a solution to this risk.

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The uncertainty surrounding the success of initial development drilling for geothermal reservoirs, combined with substantial drilling costs, has made many good-quality geothermal projects difficult to finance. Parhelion offers a policy to protect against the risk that insufficient geothermal energy will be obtained from an agreed drilling program.

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