Nori’s goal is to create a marketplace that addresses the issues of double counting and fraud in some existing markets, and build powerful economies around carbon removal.
🔮 Clarity: NORI allows for true price discovery of a tonne of CO2, while eliminating the possibility of double counting and fraud.
🌿 Purpose: NORI creates real, actionable value for the Ethereum blockchain, using crypto to solve a real world problem.
🚀 Certainty: Nori’s model assures buyers that 1 NORI always purchases 1 tonne of CO2e stored for at least ten years.
Nori recently partnered with musician Imogen Heap to help offset the carbon emissions from her “The Firsts” collection of NFTs. The project ultimately resulted in a purchase of 20 tonnes of carbon removal!
🎤 Hear directly from Imogen; how and why she used Nori to offset the carbon emissions associated with minting those NFTs on our Reversing Climate Change podcast.
🤓 Want more? Read our blog on How to remove carbon emissions from NFTs.
Nori created our cryptocurrency, NORI, to provide a tradable market commodity while avoiding the double counting and fraud present in some legacy carbon markets. NORI are interchangeable and can be freely traded. However, each token can be exchanged for one Nori Carbon Removal Tonne (NRT), which is unique and retired upon sale. Therefore, Nori prevents double counting of carbon removal while allowing for the accurate price discovery of a tonne of CO2.
Nori will generate 500 million tokens, 100 million of which will be part of our insurance pool. The insurance pool is what allows Nori to guarantee that one NORI is always able to purchase one tonne of CO2e.
In the event that any of Nori’s projects suffer a reversal in permanence, Nori will draw NORI from the insurance pool (as well as reclaimed Supplier tokens) to purchase additional tonnes of carbon removal on the buyer’s behalf.
One NORI will buy one tonne of CO2e removed and stored for at least ten years, making it a market-driven reference price for carbon removal.
Buyers in Nori’s marketplace are individual consumers or businesses who are looking to negate their carbon footprint. Buyers participate in Nori’s marketplace by purchasing NRTs from Suppliers using NORI.
Buyers can use NORI to pay a fixed price for their carbon removal.
Suppliers in Nori's marketplace are the individuals and groups removing atmospheric carbon. Currently, in the US Croplands Methodology, this is farmers practicing regenerative agriculture. Supplier participation in Nori’s marketplace is three-fold: 1) they generate NRTs through their carbon removal practices, 2) Suppliers sell their NRTs and receive NORI in return, 3) Suppliers keep or sell their NORI for cash.
Suppliers can use tokens to regulate their cash flow. They can choose when to sell or hold onto their tokens, depending on whether they need cash immediately or wait until a later date.
To ensure accurate measurement and reporting of carbon removal, Nori uses reputable, independent, third-party verifiers and carbon quantification tools (CQT) to measure, report, and verify carbon removal. Nori uses the carbon quantification tool Soil Metrics in its US Croplands Methodology.
Verifiers and CQTs are considered oracles in Nori’s marketplace—that is to say, they send real-world data to Ethereum’s blockchain.
NORI Token and CQTs:
In trying to profitably trade the token, traders help to determine the market price for carbon dioxide removal, thereby allowing for proper planning and accounting of carbon removal services.
Nori will only ever mint 500 million tokens
As an application on Ethereum’s blockchain, transactions in Nori’s marketplace are censorship-resistant and irreversible
Using smart contracts on Ethereum’s blockchain means all exchanges of NORI for NRTs exclusively exist solely between the buyer and seller
NRTs are immediately retired upon sale and participants can easily verify that all carbon removal transactions are unique and accurate
Dealing with NORI is “opt-in;” buyers and sellers can use and receive cash, and Nori will handle token conversions in the background
In legacy carbon markets, buyers are responsible for remedying any reversals in carbon permanece that can’t be covered by the buffer pool. Nori takes a different approach.
In Nori's marketplace, Nori assumes the responsibility. In the event that any Nori Carbon Removal Tonne (NRT) loses the tonne of carbon it represents, Nori will replace that NRT with a new one.
We do this through a combination of reclaiming the Supplier’s restricted tokens, and using tokens from our 100M insurance pool to purchase additional NRTs on a buyer’s behalf.
As a result, Nori can guarantee that buyers always get what they pay for.
Recently, there has been growing concern about the amount of energy required to mine cryptocurrencies. Nori’s mission is to reverse climate change—not exacerbate it.
We would be remiss if we didn’t consider the energy consumption needed for our cryptocurrency. Nori chose Ethereum as the platform for NORI because Ethereum is switching to the less energy intensive consensus mechanism, Proof-of-Stake. Explained briefly, with the Proof-of-Stake (PoS) model, instead of having everyone expend energy, one person expends just enough energy to verify the blockchain.
As Nori moves forward, we will continue to assess for potentially unintended consequences, and adjust accordingly.
Summer 2017: ConsenSys Blockchain for Social Impact Hackathon
Nori co-founders built an MVP business plan and won the Energy and Environment category.
Fall 2017: Nori Founded
Hackathon win validates carbon removal idea enough to incorporate Nori as a business.
Spring 2018: Started Nori US Croplands Methodology
Nori started work on its US Croplands Methodology and continued it through early 2019.
Spring 2018: Reversapalooza
In 2018, conversations about carbon removal at scale were rare and theoretical. Nori gathered 100+ stakeholders in Seattle and we shared our vision to make large-scale carbon removal possible.
Fall 2018: UN IPCC Published Report on 1.5C
The UN IPCC Report acknowledged that carbon removal was necessary to achieve the Paris climate goals; the world began to take carbon removal solutions more seriously.
Winter 2018: Republic Crowdfunding Campaign and Meet the Drapers
Nori raised $145,548 on Republic's crowdfunding platform when Nori CEO Paul Gambill pitched Nori on an episode of Meet the Drapers, starring VC and Bitcoiner Tim Draper and his legendary family—in partnership with Republic, Sony, and The Times Group.
Summer 2019: Published Nori US Croplands Methodology
Nori publishes first draft of its US Croplands Methodology.
Fall 2019: Techstars Sustainability Accelerator in Partnership with The Nature Conservancy
Nori was accepted into Techstars which provided key training, funding, partnerships, and mentorship.
Fall 2019: Nori Removal Tonne (NRT) launch
The first batch of Nori Removal Tonnes (NRTs) were sold and retired at Harborview Farms, signaling Nori’s 1st successful marketplace transaction of carbon removal.
Spring 2020: Pre-Seed Funding
Nori closes $1.3M in pre-seed funding.
Fall 2020: Seed Funding
Nori closes $4M seed round led by Placeholder Capital (Chris Burniske), who back Filecoin, Polkadot, UMA, and more.
Winter 2021: Mainnet token launch
Nori's token, NORI, is scheduled to launch on Ethereum's blockchain.
NORI is a cryptocurrency designed to be the world's universal market-driven reference price for carbon dioxide removal.
🔮 NORI provides a way for carbon markets to discover the true price of CO2, thereby allowing for better planning and accounting of future carbon removal activities.
📝 NORI solves the issue of “double-counting” tonnes of carbon removal in some existing carbon markets.
🤝 Nori assumes the risk of reversals in carbon permanence, thereby guaranteeing buyers get what they paid for.
Learn about Nori and why we're using blockchain and cryptocurrency to remove carbon at scale.