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Cover cropping is one strategy to keep water and nutrients on a field.
Nori Inc. is looking to scale up its agricultural carbon credit program through a partnership with agrochemical giant Bayer AG and its new digital platform that is designed to help producers implement and manage regenerative practices such as cover crops and conservation tillage.
As part of the program, Bayer will aggregate about 400,000 acres of farmland to generate about 720,000 tons of carbon offsets, known as Nori Removal Tonnes, or NRTs, for a guaranteed 10-year period. The offsets are currently worth $20 per ton, or $14.4 million for the initial tranche of credits.
Farmers enrolled in Bayer’s ForGround platform are paid a flat rate of up to $12 per acre. In return, In return, participating farmers transfer their credit rights to Bayer, which plans to sell offsets through the Nori marketplace.
The credits, known as NRTs, can be purchased with cash or NORI tokens.
The initial 400,000 acres will represent six times the total supply of credits that Nori has sold.
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“With this partnership, Nori looks forward to not only generating hundreds of thousands of additional NRTs with Bayer-owned carbon removal offsets but also to gaining acceptance of the NORI token by one of the world’s largest agricultural companies,” said Nori CEO Paul Gambill.
Bayer’s ForGround platform was announced in August. Farmers participating in ForGround can use Bayer’s digital app, Climate FieldView, to track the performance of fields.
“Key to Bayer’s vision is collaborating with innovative companies that are committed to advancing the carbon removal marketplace,” said Leo Bastos, Bayer’s head of global commercial ecosystems. “Through working with groups like Nori, we’re able to enhance the offering within our ForGround platform to potentially enable even more growers to benefit from their environmentally sustainable farming practices.”
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Philip Brasher
Executive Editor
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This week’s guest on Open Mic is Todd Van Hoose, President and CEO of the Farm Credit Council. While there are challenges with various commodities in different regions of the country, Van Hoose says generally 2022 should be profitable for most producers. However, the outlook for 2023 and beyond appears much more daunting with higher interest rates, increased input costs and uncertain outlook with both government regulations and legislation. In this interview, Van Hoose discusses potential changes to farm risk management tools, permanent disaster assistance and land values.
In this opinion piece, Rep. Jim Baird, R-Ind., discusses his new bill, the Farmers Deserve Notification Act.
The Department of Agriculture rolled out $800 million in assistance for producers behind on loans this week as well as a new protocol for servicing debt in the future. Ag Secretary Tom Vilsack joins Newsmakers to discuss why the department is taking this particular approach and also how he envisions future action on climate-smart commodities and more.
Then, Dana Brooks with the Pet Food Institute, Michael Dykes with the International Dairy Foods Association and Dave White with the 9b Group offer their thoughts on the current sustainability discussions taking place in ag policy and how they will impact the next farm bill.
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