Menthol Protocol partners with Nori to advance Web3 Carbon Removal

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deZENtro
Menthol Protocol partners with Nori to advance Web3 Carbon Removal

Founded in 2017, Nori’s mission is to reverse climate change by drawing down enough CO2 to restore the atmospheric carbon balance back to 300ppm. This is the greatest challenge of our time, and Nori is laser-focused on creating an entirely new carbon removal industry to meet the challenge.

Nori’s partnership with Menthol Protocol will mean expanded access to high-quality carbon removal offsets for Web3 and beyond— from individual wallet users to entire blockchain networks. Protocol users can look forward to efficient carbon emissions calculations from Menthol’s CoolBots, then the ability to select Nori’s Carbon Removal Tonnes (NRTs) to purchase, and transparently becoming carbon-negative. Our product will include a CoolLeaderboard to showcase users that are removing the most carbon.

Generating High-Quality Carbon Removal Offsets

Nori created a marketplace for carbon dioxide removals, building the infrastructure to measure and monetize carbon removal activities. They started with a focus on soil-carbon sequestration via regenerative agricultural practices but will incorporate more carbon removal methods into their marketplace in the future.

Their marketplace is a voluntary, two-sided marketplace that connects suppliers,  who verifiably remove CO2 from the atmosphere, with buyers, who want to address their emissions and go carbon-neutral or carbon-negative

The overall process for creating Nori Carbon Removal Tonnes, or NRTs, is divided into five basic steps:

  1. Register: Projects are created when a supplier provides sufficient data on carbon removal.
  2. Estimate the impact: Once project data is completely entered, an independent 3rd party (Soil Metrics) estimates the carbon removal amount. Nori is not involved in generating a project’s carbon removal baselines and estimates to avoid conflict of interest.
  3. Project Verification: In order to ensure the NRTs represent real carbon removal and storage, Nori requires another independent 3rd party to verify the carbon removal project data and provide credibility. Nori approves reputable verifiers in existing registries to review a supplier’s project data.
  4. NRT Creation: Nori uses the carbon removal estimates generated by the carbon quantification tool to determine how many NRTs to create for a project. They generate one NRT for farmers for every tonne of removed CO2 and stored in soils for a minimum of 10 years.
  5. Sell NRTs: Buyers purchase NRTs directly from the supplier. Suppliers receive the total price of purchased NRTs, and Nori charges an additional 15% transaction fee to the buyer to keep the marketplace running.

Nori is in the process of migrating NRT tracking onto Polygon (from Ethereum) and is gearing up for the launch of their cryptocurrency, $NORI. The NORI price will float relative to supply and demand, allowing the market to determine the true price of carbon, while the token itself can also be used to purchase NRTs.

Blockchain’s transparent and trackable qualities make it the ideal technology for both Nori and Menthol Protocol to utilize in furthering climate goals. With Nori on board in Menthol’s ecosystem, carbon removal will be integrated into the daily life of Web3 users, allowing any individual, community, DApp, or entire blockchain network to reverse their carbon footprint. We are excited to collaborate in making climate action part of everyday life and thus accelerate the way to a regenerative world.

About Nori

Nori is a blockchain-based carbon removal marketplace built in Seattle, Washington. Founded in 2017, Nori is on a mission to reverse climate change by creating financial incentives for people to remove trillions of tonnes of carbon from the atmosphere. Currently, Nori sources carbon removal by supporting farmers adopting regenerative agriculture practices that sequester CO2 from the atmosphere. In the future, Nori will enable various methods of carbon removal. To learn more about Nori, check out nori.com/token.

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About Menthol Protocol

Menthol Protocol is the first multi-chain decentralized sustainability protocol that will automatically offset carbon emissions for user or dApp transactions with verified renewable energy and carbon credits from around the world. Menthol’s goal is to empower climate leaders within decentralized communities to drive the transformation towards sustainable growth.

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