A cohort of east coast farmers will become part of a pilot program spearheaded by the Commonwealth Bank to baseline their emissions and model the impact of changed farming practices.
Working with agtech platform Ruminati, the pilot, made up of livestock and mixed farmers from Victoria, Queensland and New South Wales, will track what is driving their current emissions and identify practice changes that can improve economic and environmental outcomes. They include grazing practices, alternative stocking rates, cover cropping, biodiversity corridors or reduced chemical usage.
In announcing the program, CBA’s General Manager Agribusiness Natasha Greenwood said; “In addition to being able to identify on-farm benefits and efficiencies, supply chains are starting to mobilise around information that is important to them as they seek to meet their own climate commitments. Emissions measurement will also become increasingly important to strengthening ongoing market access, taking advantage of export opportunities and meeting supply chain expectations.
“CBA’s collaboration with Ruminati will help us to support the sector by providing farmers with data and insights they can use to support these requirements and optimise opportunities within their own farming enterprise.”
Ruminati founders Will Onus (L) and Bobby Miller (R) with Lily Rogers (middle).
Ruminati founder Bobby Miller, himself an Angus and prime lamb farmer from Coolac, NSW, said; “This project is not just about measuring emissions, it's about fostering a movement where producers can own their sustainability story and lead the industry towards a more resilient future from the ground up."
"Farmers and graziers possess the capability to reduce emissions and enhance greenhouse gas sequestration, contributing significantly to mitigating climate change, however they require the necessary tools and capital to make a meaningful impact. This pilot project with CBA aims to chart a course where these tools and capital become accessible, eliminating barriers to proactive climate action.”
Reporting on emisssions is increasingly expected from major food producers, as well retailers such as Coles while investors are also eyeing the potential for sequestering carbon on farms.
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Commbank has unveiled a suite of sustainability-linked finance initiatives, include Australia’s first agricultural green loan, green asset finance, and the pre-finance of carbon credits.
