Nori is pitching carbon trading … on the blockchain! –
Summary
Founded by Paul Gambill, a former Deloitte Technology employee who left the firm in 2015 to begin working on a company that would tackle climate change, Nori uses blockchain to solve the “double counting” that exists in the carbon offset market. Gambill believes that carbon markets are the right solution for the climate change problem, which he sees as a matter of engineering. This is the next great engineering project that humanity must undertake … by 2017 i had put together a team and a business model and we were off to the races.” The problem that Gambill set out to solve in 2017 was the way carbon markets have failed to operate by separating out the certificate for the offsets from the payment mechanisms. The company operates an e-commerce front end where people can buy Nori tokens to offset their purchases (the company already has a customer in Shopify) and then there are trading mechanisms where Nori will list its token to trade on exchanges that also address carbon emissions mitigation and financing for projects. Companies like Wren and Cloverly are also pursuing emissions reductions, but Gambill says that they’re approaching the issue from the wrong side of the equation.