Global commodities trader Cargill Inc kicked off a project this spring targeting greenhouse gas emissions and fertilizer runoff in Iowa, while agricultural cooperative Land O’Lakes Inc last week announced a multi-year partnership with Microsoft Corp to tackle sustainability and technology goals in the food system. Bayer AG just made its first purchase of tech-based carbon removal credits from German startup Novocarbo. The program is the latest in a string of recent environmentally focused initiatives by agriculture companies, which have been criticized for using harmful chemicals and not doing enough to stop deforestation in Brazil. Executives declined to disclose the overall program cost in both countries. The company announced Tuesday that its Carbon Initiative will initially include about 500 farmers in Brazil and 700 in the U.S., and will involve rewarding those farmers for generating. In Brazil, Bayer expects to invest 5 million euros ($5.76 million) via the program over three years, the company said in a separate statement in Portuguese. Farmers in the important rice-growing region may be eligible for carbon credits if they implement sustainable measures that reduce greenhouse gas emissions.
The company seeks to enroll about 1,200 row crop farmers in its Bayer Carbon Initiative in the first season, scale up in upcoming seasons, and ultimately expand to other countries, company executives said. But environmental groups claim that creating a market-based trading system for farmers to sell carbon credits to companies will only. Unlike offsetting, where tradable assets like carbon credits are created and sold.
FILE PHOTO: A bridge is decorated with the logo of a Bayer AG, a German pharmaceutical and chemical maker in Wuppertal, Germany August 9, 2019. Bayer/Soil Health Partnership Conservation Innovation Project Overview. 2 days ago &0183 &32 Bayer Crop Science plans to expand into adjacent markets dealing with crop fertility, biologicals, biofuels, carbon farming, and precision application services more than doubling the division. In June, Bayer began rewarding farmers in Brazil and the US for generating carbon credits by adopting climate-smart practices such as no-till farming and the use of cover crops designed to help agriculture reduce its carbon footprint and greenhouse gas (GHG) emissions. General Mills, Quantis and Regrow developed a scalable system to baseline scope 3 GHG emissions for General Mills and monitor agricultural practices and their.
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