Carbon marketplace Nori shuts down

(VAN) In a saddening turn of events, carbon marketplace Nori has announced that it is officially shutting down.

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The announcement was made by one of the company’s co-founders, Alexsandra Guerra, in a LinkedIn post.

“While it’s disappointing, I feel deeply honored and grateful for the journey. Founding Nori, growing our team, and receiving support from our investors, customers, and colleagues has been a gift,” Guerra wrote.

According to the post, the reason cited by CEO Matt Trudeau for the closure was ‘the challenges of a stagnant Voluntary Carbon Market (VCM) and tough funding environment’.

This marks the second notable shutdown resulting from a lack of VCM demand, following the close of ocean carbon removal company Running Tide in June this year.

As one of the pioneers of nature-based carbon removal and carbon farming in particular, the news of carbon marketplace Nori closing its doors has rippled across the carbon dioxide removal (CDR) space.

Nori supporters and various stakeholders acknowledged the company’s role in paving the way for new ideas and future generations of carbon market players.

Nori, which is based in Seattle and founded in 2016, aims to support the scale-up of the CO2 removal sector and address climate challenges through the establishment of a large-scale CO2 removal market. The carbon marketplace has set a target to develop solutions to remove 1.5 trillion metric tons of carbon from the atmosphere.

H.D

(Carbonherald)