Commbank rolls out Ruminati baseline tool to customers

Commonwealth Bank will roll out the Ruminati online emissions baselining tool to agribusiness customers following a successful trial program.

From July, the Ruminati PRIME tool will be made available on an opt-in basis, which the bank hopes will encourage customers to take actionable steps in the sustainability journey.

The trial program, which saw 50 customers participate across Queensland, NSW, Victoria and Tasmania, found that 75% felt very confident in completing their emissions baseline. Most participants had never prepared a baseline before.

Natasha Greenwood, General Manager, Agribusiness at Commbank said customers were seeking out tools that would not only help them baseline, but also model the impact of practice changes on farm.

“There is a deep curiosity from customers to think about how transitioning to

lower carbon will impact their farming enterprise and they are looking for a trusted partner to do that,” Ms Greenwood said.

“The potential for impact is great, as strategies around herd management, grazing and pasture management practices, increasing shelter belts, and reduced input usage and management are aligned with improving both the economic and

environmental outcomes for Australian farmers.”

The rollout comes as the CSIRO-led review into the livestock industry’s carbon footprint showed a 78% reduction in emissions since 2005. The review found that while the emissions drop has mainly come from changed land use practices, direct emissions form livestock had only come down 10%.

Ruminati Co-Founder and farmer, Bobby Miller, said: “The results from our pilot with CommBank have really demonstrated the appetite producers have for tracking and managing emissions. Within the ag industry we’re witnessing a real paradigm shift in emissions management, with a greater emphasis being put on practical strategies and measurement. We’re proud to be working with CommBank on setting the gold standard for emissions tracking that supports and informs both producer and industry targets.”

Read more: Eight-fold increase in carbon sequestration from land needed to reach net zero target

Sustainability is a key theme at Beef 2024 this year, as the industry grapples with a target of carbon neutral by 2030. That goal is being driven by new regulations coming into force this year that will require major corporations to report on their supply chain emissions. That regulation will start hitting large private businesses next year. Australia’s major banks, including CBA, have signed up to the global Net Zero Banking Alliance, which commits signatories to achieve credible science-based net zero targets for 2030.

Ms Greenwood said that bank was keen to talk to agribusiness clients about how their green-agri loan package might assist them in making climate-friendly improvements to their property. Farmers were particularly showing interest in renewables, but the bank was also looking at projects like converting diesel water pumps to solar water pumps, environmental plantings, rotational grazing or restoration of degraded soil.

“Regardless of what the activity is, we've got Australia's first agri-green loan, which is available to help finance the investment in those activities, and we're delighted that as customers start to think about undertaking those activities, we've got a ready made solution for them that enables them to actually take those activities forward with confidence,” Ms Greenwood said.