Having wrapped up what ended up being a very difficult year for the voluntary carbon market (VCM), things appear to be looking up as we settle into 2024.
But the space is still very young, and much like any other new market, there is room for mistakes, false starts and the odd bad actor, as Matt Trudeau, CEO of carbon marketplace Nori, told Carbon Herald.
“There’s a lot of things that are still developing and in a new and quickly evolving market,” Trudeau said.
Nori’s CEO has a rich background in the financial sector, with over 25 years of experience building exchanges and marketplaces around the world, which gives him a unique perspective on the still maturing VCM.
With that in mind, today’s carbon markets have undeniable gaps in them, which, however, can be seen as opportunities to come in and develop new products and services.
In fact, that, as Matt Trudeau sees it, is precisely the role that Nori currently finds itself in, particularly with the release of its unprecedented new product to the carbon market – the Nori Net Zero Tonne.
The Nori Net Zero Tonne is a kind of hybrid carbon credit, which combines nature-based carbon removals with carbon dioxide removed via other means, e.g. via direct air capture (DAC) or other technological means.
The novel product is designed to combine carbon removals that are already in existence but may not score high on permanence, which can be said about soil organic carbon, and such that have yet to occur but are much more durable, such as via DAC and others.
By purchasing Nori Net Zero Tonnes, buyers can essentially compensate for their recurrent emissions with the soil organic carbon, and then once the engineered carbon removals component becomes available, the credit ‘rolls and becomes a permanent durable carbon capture credit.’