The investment will focus on driving innovation, advancing clean air travel technologies, accelerating reductions in waste and emissions, and establishing new offsetting and natural carbon sequestration projects, the company said.
Mainstream green finance initiatives conceptualize environmental funding gaps as examples of market failures. Nature- and climate-related risks are perceived as underpriced in financial markets, resulting in negative externalities borne by society and the natural world.
"In the second half of 2019 Nori launched its marketplace and completed the Techstars Sustainability program. As well as delivering on their milestones, the company closed (and oversubscribed) their $1.3M pre-seed round in December."
As part of California’s cap-and-trade program, major polluters in the state are charged for the carbon emissions they generate. Some of that money is set aside for programs that both promote economic development and cut carbon pollution in disadvantaged communities.