Farmers who work with Locus AG and Nori can sell their carbon credits for every ton of CO2 sequestered.
Locus Agricultural Solutions and Nori, both startups in the carbon farming space, announced a partnership that is to provide a pathway for payments to farmers harvesting carbon.
This way, the companies aim to give farmers an incentive to grow crops in a way that removes carbon from the air.
Farmers who work with Locus AG and Nori this year and have been practicing regenerative agriculture since on or after January 1, 2010 will be able to sell their resulting carbon credits – currently selling for $ 15 – for every ton of carbon dioxide (CO2) sequestered.
After 2020, the price will be set by the open market. “Starting in 2023, there could be an even bigger payout based on the amounts of carbon that can be sequestered by using Locus AG’s Rhizolizer line of customised soil amendments,” the companies state in a joint press release.
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“We could not be more excited about partnering with Nori to immediately monetise regenerative farming practices to benefit growers- and the entire planet,” said Paul Zorner, Locus AG’s Chief Agronomist. “This collaboration takes advantage of Locus AG’s immediately scalable microbial solution that can be used to treat tens of millions of acres in the U.S. and abroad and can make a significant impact by putting carbon in the soil where it belongs.”
According to Paul Gambill, Nori’s CEO, their goal is to make it as easy as possible for farmers to get paid for taking action to remove and store carbon.
Supercharge soils’ ability to sequester carbon
By adopting specific soil management and crop production practices, farmers can draw CO2 from the atmosphere and deposit it in cropland soils. “By using Rhizolizer – an inexpensive treatment that requires no changes to regenerative growing practices – growers gain additional benefits including reduced use of chemical fertilisers and related costs and improved soil health that boost yields and profit,” says Local Ag.
The company develops customised soil “probiotics” that are to supercharge soils’ ability to sequester carbon up to an additional 9 metric tons of CO2 equivalents per acre annually when compared to grower practices.
Nori is using the COMET Farm carbon and greenhouse gas accounting system supported by the U.S. Department of Agriculture’s Natural Resources Conservation Service and developed by the Natural Resource Ecology Laboratory at Colorado State University.