Nori, a cryptocurrency platform dedicated to making our ecosystem a better place through the offsetting of carbon waste, has recently partnered with Bayer.
Exciting announcement 🎉👇
We’re partnering with @Bayer4CropsUS to bring hundreds of thousands of verified carbon removal offsets to our marketplace next year!
— Nori (@nori) October 24, 2022
The reason for their partnership is like a symbiotic relationship where both parties benefit. Bayer is a global pharmaceutical company that encourages regenerative farming.
Nori was launched in 2017 and, ever since, has been combating the carbon footprint left in our atmosphere by industrial companies.
Their work is vital to our ecosystem because, according to scientists, there is an urgent need to drastically cut down on carbon emissions to reverse climate conditions and prevent global warming.
However, the demand for carbon removal offsets by companies and individuals is low, resulting in more supply than demand.
Regenerative agricultural practices championed by Bayer and their connection with farmers help decarbonize the soil.
Nori pays the farmers for carbon removal, and currently, they’ve spent $1.8 million on 117k tons of carbon from over 35,387 acres of land.
Their collaboration with Bayer will not only tenfold their market share, but it will also hasten the decarbonization of the atmosphere and promote the practice of regenerative farming.
This way, everybody benefits, the farmers earn extra income, the earth’s ecosystem is one step farther from global warming, and both organizations make a profit.
Farmers who practice regenerative farming can enroll their fields on Nori by inputting their data on Fieldview.
It is then uploaded to the Nori app, and the platform then quantifies the carbon removal to generate NRTs (nori carbon removal tonnes).
NRTs are verified by third parties and issued on-chain before they are made available for purchase on the platform marketplace.
Individuals or organizations can purchase NRTs with either fiat currencies or the Nori platform native token $NORI.
Nori’s collaboration with Bayer will bring about an expanding supply of NRTs, estimating a 5 to 7× increase by 2023.