regenerative farms with Nori’s carbon removal marketplace.
Today, we’re excited to announce our supply partnership with Bayer, one of the world’s largest agricultural companies. Collaborating with Bayer’s ForGround platform will bring hundreds of thousands of verified carbon removal offsets to our marketplace next year.
Nori was founded in 2017 with the mission of massively scaling carbon removal in order to reverse climate change. We knew this boiled down to a supply side challenge, not a demand issue – the demand from companies and people looking to buy carbon removal offsets is far greater than both the supply of offsets on the market and the carbon removal projects underway that will result in new offsets. That’s why we took the time to build a vertically integrated marketplace that takes on not only the sale of carbon removal offsets, but also the incentivization, creation, and management of new supply.
To date, we’ve enabled 17 farmers to earn additional revenue – paying out $1.8M for the 117K tonnes of carbon they removed from the atmosphere by using regenerative agriculture practices across 35,387 acres of land. Our partnership with Bayer, and the network of farmers they’ve partnered with, is a momentous step forward that will enable us to increase the land area associated with Nori’s marketplace tenfold. We estimate that, in 2023, this collaboration will bring in 5x-7x more NRTs than we've had in Nori’s marketplace to date, vastly expanding supply – and we look forward to adding more in the future.
“Key to Bayer’s vision is collaborating with innovative companies that are committed to advancing the carbon removal marketplace,” said Leo Bastos, Head of Global Commercial Ecosystems at Bayer. “Through working with groups like Nori, we’re able to enhance the offering within our ForGround platform to potentially enable even more growers to benefit from their environmentally sustainable farming practices.”
The majority of farmers in the Bayer Carbon Program live in the Midwest United States, grow corn, soybeans and/or wheat in a rotation and implement regenerative agriculture practices like no-till, strip-till and/or cover crops on their enrolled fields.
Participating farmers log their data in FieldView, which is uploaded into the Nori app. Nori quantifies the carbon removal and generates Nori Regenerative Tonnes™. The regenerative practices and data are verified by third-party verifiers, who may use satellite imagery, seed and equipment receipts in addition to project data as evidence to support the practices and carbon removal . Once verification is complete, Regenerative Tonnes are issued on-chain and made available to buyers in the Nori Marketplace.
Buyers will be able to purchase the Regenerative Tonnes with cash via Nori's marketplace.
“With this partnership, Nori looks forward to generating hundreds of thousands of additional Regenerative Tonnes with Bayer-owned carbon removal offsets,” said Paul Gambill, CEO and cofounder of Nori. “Regenerative agriculture such as cover cropping and conservation tillage is a proven approach to removing and storing CO2e, making it an important component of the global effort to slow and reverse climate change. Bayer’s focus in this space with the recent announcement of its ForGround by Bayer platform makes our collaboration an ideal way to grow our marketplace and enhance our impact.”
To get back to 300ppm of carbon dioxide in the atmosphere and ultimately reverse climate change, we collectively need to remove over one trillion tonnes of carbon dioxide from the atmosphere. We know that collaborating with large organizations will be key to achieving scale and are thrilled to be partnering with Bayer to get us hundreds of thousands of tonnes closer to that goal.
Wondering how you can get involved?
- Learn more about how to get paid for your soil carbon.
- For businesses, learn how to buy carbon removal offsets.
- For individuals, buy carbon removal offsets for yourself or others.