Alice, the Head of Sustainability at a major Fortune 500 company, walks into Bob’s office. Bob is the CFO.
Alice: I just learned about an exciting new start-up called Nori. They are building a new blockchain-backed carbon removal marketplace!
Bob: Nori? Isn’t that a seaweed?
Alice: Sure is. They chose the name because seaweed can remove carbon dioxide quickly. And they were inspired by the way Nori is cultivated; a simple management technique that can rapidly proliferate carbon removal. It is also cute.
Bob: What does blockchain have to do with it?
Alice: Nori has created a NORI token which pays for a Carbon Removal Certificate (CRC). The CRC can only be sold once — unlike in traditional carbon markets — and also provides transparency around how the carbon was taken out of the atmosphere.
Bob: Why does Nori need to issue a cryptocurrency, can’t they just record CRCs on a blockchain?
Alice: Here’s an article why Nori needs its own token. The short of it is that the token helps with price discovery, insurance, and creates a market mechanism that keeps the carbon accounting transparent, and agnostic.
Bob: So you’re telling me that I can purchase a new cryptocurrency that might make me money, and give me a new way to make our carbon footprint zero, or even beyond zero?
Bob: What’s it going to cost me?
Alice: Today, we can buy a mix of Class A and Class B SAFTs (Simple Agreement for Future Tokens). Both convert into a token after a one year lock up period. Class A SAFTs are $0.075 and need to be first spent for carbon removal certificates, Class B are $0.15 and can be treated as a speculative investment.
Bob: This sounds like going to Vegas.
Alice: Vegas is gambling. This is taking a calculated risk. Nori has a stacked team with carbon market experts, software engineers who worked at google and facebook, and an all around winning attitude. They have been working diligently to build a more efficient marketplace than what exists today. They’ve been working with farms across the United States to prove out their first methodology. They are taking all the necessary steps to ensure a legally compliant token sale. Each day that goes on de-risks this company.
Bob: Is this an investment or something that we need to pay in the future?
Alice: This can be both.
Bob: Why should I believe Nori is legitimate? I thought all blockchain companies were just scams.
Alice: It’s the exact opposite. Nori has taken a transparent approach, they even have their own weekly podcast. They have already developed the code and are designing the first methodology with a pilot that will make it possible to pay people sequestering carbon dioxide in their soils. They are a ten person start-up with an office based in Seattle. Nori won the ConsenSys Blockchain for Social Impact Hackathon in the energy and environment category over a year ago.
Bob: Who else is involved?
Alice: Volans, a leading sustainability firm for Fortune 500 companies is launching a webinar series with them to help demystify this opportunity for corporations like ourselves. And for the last year, Nori has been working with COMET-Farm out of Colorado State University to establish their first methodology. They’ve got a number of groups like Red Hen Systems, Mad Agriculture, Team Ag, Carbon Cycle Institute, Delta Institute, Propagate Ventures, and Regen Network connected to their pilot. They’re under NDA with a number of major brands and software platforms who plan on announcing the collaboration in the near future. The movement to store carbon dioxide in soils is here, and we can participate through Nori.
Bob: So what you’re telling me is that Nori is piloting a new blockchain tool that will allow me to think about what previously was a liability as a way to generate revenue, an opportunity to increase brand positioning as a carbon negative company?
Alice: That’s exactly what I’m telling you.
Bob: What’s the worst that could happen?
Alice: The NORI token loses value, or the company is unable to deliver the platform that generates carbon removal certificates (CRCs). We will purchase carbon offsets from elsewhere. But get this! Nori has already written the code to make carbon removal certificates with their first methodology, and this would allow us to participate in a blockchain pilot to better understand how this new technology is going to work.
Bob: What’s the best that could happen?
Alice: We take part in a new carbon removal marketplace and can exhibit leadership with a new blockchain use case. We also learn about blockchain technology. And we can meet our obligations for an amazing deal!
Bob: You know it’s my job to ask the tough questions about this. Where can I find more information?
Alice: Here’s a link to their white paper. And watch this video!