Nori Carbon Marketplace Announces Closure Amidst Voluntary Carbon Market Challenges

Nori, a notable player in the carbon marketplace sector, has announced its closure. Co-founder Alexsandra Guerra shared the news through a LinkedIn post, expressing gratitude despite the disappointing turn of events.  

“While this is disappointing, I am grateful for the experience. Founding Nori, growing our team, and receiving support from investors, customers, and colleagues has been meaningful,” Guerra wrote. 

In his statement, CEO Matt Trudeau attributed the closure to “the challenges of a stagnant Voluntary Carbon Market (VCM) and a difficult funding environment.”  

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This shutdown follows the recent closure of Running Tide, an ocean carbon removal company, which also struggled due to weak demand in the VCM. 

Founded in 2017, Nori set out with the mission to advance carbon removal efforts and reverse climate change. 

The company’s fully integrated carbon removal program, registry, and marketplace were designed to streamline a complex market, enhancing transparency, trust, efficiency, and impact for both buyers and sellers. 

Nori’s Marketplace Standards were developed to ensure that its carbon removal methodologies and credits led the industry in integrity and reliability. Despite these rigorous standards, the company faced challenges that have now led to its closure. 

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Nori aimed to simplify the carbon market by providing businesses with access to verified carbon removal credits, supporting regenerative farmers in the US, and scaling promising technologies.  

Suppliers benefited from streamlined processes for developing, verifying, and selling carbon removal credits, while Nori also engaged with federal agencies and policymakers to advocate for supportive policies and consistent standards. 

With the goal of removing between 5 and 10 billion tonnes of carbon dioxide annually to meet global climate targets, Nori worked to enable broad participation in carbon removal efforts.