Nori in 5 minutes
Nori is on a mission to reverse climate change. And reversing climate change will require removing billions of tonnes of CO2 from the atmosphere. The problem? The carbon removal industry is nowhere near that scale.
That’s where Nori comes in. We’re creating the necessary infrastructure and incentives to supercharge the carbon removal industry.
Carbon removal refers to reducing atmospheric CO2 concentrations by 'removing' CO2 and other greenhouse gasses ("GHGs") from the atmosphere.
Recent reports from the Intergovernmental Panel on Climate Change ("IPCC") reiterate that the world needs to remove billions of tonnes of CO2 from the atmosphere annually to slow global warming and reverse climate change.
Nori's goal is to return the world's atmosphere to 300 parts per million (ppm) of CO2:
- In 2021, scientists recorded new record high readings of 420 ppm of atmospheric CO2 at Mauna Loa, Hawaii.
- Preventing this concentration from increasing further will require carbon removal on the order of 10 billion tonnes of CO2 every year by 2050.
- Meanwhile, returning to 300 ppm of atmospheric CO2 will require significant, additional carbon removal beyond the 10 billion tonne figure.
This year, the carbon removal industry will remove less than one million tonnes of CO2. That means carbon removal needs to scale 10,000x in less than 30 years!
Scaling carbon removal is one of the greatest challenges of our time. Nori aims to lead the way by creating the infrastructure to incentivize entities to remove CO2 from the atmosphere and prevent it from reentering the carbon cycle immediately. Nori also intends to:
- Champion industry-leading practices for measurement, verification, and reporting
- Provide warranties to buyers in its marketplace
- Lower barriers to entry for all stakeholders
Nurturing a market in which suppliers of carbon removals can earn substantial profits will encourage more people and organizations to work on carbon removal and, ideally, drive more investment into the ecosystem. A robust market also promotes competition, incentivizing market participants to improve their methodologies, technology, and product offerings.
The Nori marketplace is a voluntary, two-sided marketplace that connects suppliers — who verifiably remove CO2 from the atmosphere — with buyers who pay to offset their emissions.
Nori has sold and retired 100,000+ tonnes of carbon removals and paid more than $1.5M to farmers who implement regenerative agriculture practices that remove atmospheric CO2.
Five factors differentiate Nori's platform from other carbon offsetting and removal marketplaces. These factors and others will be explored in-depth in this whitepaper:
- 1.Efficiency: Nori's infrastructure enables seamless transactions where buyers and sellers match themselves, reducing costs and time for all involved parties.
- 2.Impact: Nori exclusively supports the sale of carbon removals instead of a broader range of carbon offsets. Nori also retires all carbon removals sold on its platform immediately upon purchase, preventing double-counting, a pernicious problem in carbon markets.
- 3.Transparency: Nori is built on a publicly-available blockchain to provide a transparent audit log of all transactions in its marketplace.
- 4.Integrity: Nori outlines transparent processes for entities that supply carbon removals to start, sustain, and scale their operations and get paid. Nori also establishes best practices for sound accounting and scientific, third-party verification of its carbon removals.
- 5.Pricing & insurance: In 2022, Nori will launch a token, the NORI, to establish a market-wide carbon removal reference price that industry stakeholders can use to inform decision-making and market participation. The NORI token will also enable Nori's insurance guarantees for buyers. These combined benefits should help scale markets by lowering barriers to entry. More info will be provided throughout this whitepaper and is available in the NORI token 'litepaper.'
Nori won’t be able to reverse climate change alone. Fortunately, 2022 has been the biggest year ever for the carbon removal industry:
- Equity funding for carbon removal companies in 2022 outpaces previous years' investment considerably, with new venture capital funds committing themselves to invest exclusively in carbon removal companies.
- Individual companies are placing advanced purchase orders for carbon removals, across several carbon removal methodologies, at a record pace.
These tailwinds for carbon removal are incredible. Still, at present, the carbon removal industry is significantly supply constrained. There aren’t enough carbon removals to satisfy current demand from buyers, let alone future demand.
As demand for carbon removals and investment in the space grows, the infrastructure to facilitate efficient transactions and incentivize the production of more carbon removal credits becomes even more critical. Nori’s marketplace aims to tackle these challenges while saving market participants time, money, and other resources.