Locus AG and Nori partner to monetize carbon farming
Locus Agricultural Solutions (Locus AG) and Nori have announced a partnership that provides a pathway for carbon payments to farmers.
Providing farmers incentives to grow crops in a way that removes atmospheric carbon by using advanced nature-based technology can help turn one of the largest sources of greenhouse gas emissions into one of the largest sinks, say company officials. This can help combat climate change and increase food security, they add.
“This collaboration takes advantage of Locus AG’s immediately scalable microbial solution that can be used to treat tens of millions of acres here and abroad and can make a significant impact by putting carbon in the soil where it belongs, said Paul Zorner, Locus AG’s chief agronomist.
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 record amounts of carbon that can be sequestered by using Locus AG’s Rhizolizer line of customized soil amendments. “Working with Locus AG is an exciting start for us to help us scale our platform quickly and reward farmers for practices that will draw down carbon from the atmosphere,” said Paul Gambill, Nori’s CEO in a company news release. “Our goal is to make it as easy as possible for farmers to get paid for taking action to remove and store carbon.”
Locus AG develops fresh, customized soil “probiotics” that company officials say 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 uses its COMET-Farm carbon and greenhouse gas accounting system supported by the NRCS and developed by the Natural Resource Ecology Laboratory at Colorado State University. This approach establishes a conservative estimate for creating standardized carbon baselines while having a pathway for innovative products like Rhizolizer to realize future carbon payments, according to company officials.