Nori coordinates between many stakeholders to create and sell Nori Carbon Removal Tonnes (NRTs). One NRT represents 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.
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.
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.
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.
Verification ensures that the project data provided by the supplier is reasonable
Third parties verify that a given project is not listed in any other carbon market registry
Verification ensures that a supplier has the legal rights to list the project and sell the resulting NRTs
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 every tonne of removed CO2e and stored in soils for a minimum of 10 years.
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 15% transaction fee to the buyer.
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.