How Nori's CO2 Removal Marketplace Works
The process for generating Nori Carbon Removal Tonnes (NRTs)
Nori Coordinates the Creation and Sale of NRTs for Carbon Removal
Nori coordinates between many stakeholders to create and sell Nori Carbon Removal Tonnes (NRTs). One NRT represents approximately one tonne of removed CO2e stored for a minimum of ten years. Described below is the overall process for creating NRTs, in five basic steps, with additional details on the various stakeholders involved throughout the process.
More than one method of removing and storing carbon exists. While Nori aims to serve all methods within its marketplace, the current available methodology is the US Croplands Methodology, which farmers can use to get paid for additional CO2 removal.
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1. Projects are Created When a Supplier Provides Data on Carbon Removal
Before Nori can generate a single NRT, Suppliers must first register their carbon removal project with Nori by reporting any new (or planned) carbon removal practices they’ve undertaken, with enough data to establish an accurate project baseline.
In the case of the U.S. Croplands Methodology, for example, farmers provide their historical land management and crop data for 30 years. To increase the likelihood of carbon storage, suppliers commit to annually reporting carbon removal data for at least ten years.
2. An Independent 3rd Party Estimates Carbon Removal
Once project data is completely entered, a third-party carbon quantification tool estimates the carbon removal amount. In Nori’s U.S. Croplands Methodology, our partner Soil Metrics estimates the impact of a farmer’s regenerative practices on carbon removal and sequestration. Nori is not involved in generating a project’s carbon removal baselines and estimates to avoid conflict of interest.
3. Independent 3rd Parties Verify Carbon Removal Project Data to Provide Credibility
In order to ensure the NRTs represent real carbon removal and storage, Nori requires independent 3rd party verification. Nori approves reputable verifiers in existing registries to review a supplier’s Nori project data. With independent verification of project data, Nori avoids a conflict of interest.
Ensures Reasonable Data
Verification ensures that the project data provided by the supplier is reasonable
Proper Carbon Accounting
Third parties verify that a given project is not listed in any other carbon market registry
Confirms Legality
Verification ensures that a supplier has the legal rights to list the project and sell the resulting NRTs
4. NRTs are Created for Additional Carbon Removal
Nori uses the carbon removal estimates generated by the carbon quantification tool to determine how many NRTs to create for a project.
When working with farmers, Nori determines whether switching to regenerative practices has resulted in increased carbon removal and sequestration when compared to previous practices. Nori generates one NRT for farmers for approximately one tonne of removed CO2, stored in soils for a minimum of 10 years.
5. Buyers Purchase NRTs Directly from the Supplier
Buyers are able to purchase NRTs directly from Suppliers in our marketplace. In Nori’s marketplace, Suppliers receive the total price of purchased NRTs. Nori then charges an additional 25% transaction fee to the buyer.
So What's Next?
In summary, suppliers provide Nori with their historical project data. Third-party verifiers then legitimize that data by ensuring it’s reasonable, legally permissible, and does not appear in other registries. Next, a third-party quantification tool creates carbon removal estimates that inform Nori’s NRT generation. Finally, buyers can purchase Nori Carbon Removal Tonnes (NRTs) from Suppliers.
Current projects listed and selling in the marketplace are from the US Croplands Methodology, but new methodologies will be roadmapped soon.
Need to set a carbon removal goal?
We partnered with GreenFeet to help businesses calculate their emissions following GHG protocol guidelines from scope 1, 2 and 3.
Ready to buy?
You can buy NRTs now or sign up for recurring NRT subscriptions. For larger purchases over 10,000 NRTs, schedule a call with us today.
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