In an effort to address climate change, the U.S. Department of Agriculture is making a historic investment into new revenue streams and research for farmers -- some 11% of U.S. greenhouse gas emissions in 2020 came from the agriculture sector.
In an effort to address climate change, the U.S. Department of Agriculture is making a historic investment into new revenue streams and research for farmers and other agriculture producers who embrace practices to improve soils and mitigate carbon emissions.
Most of the best-known agriculture companies are using precision technology to help farmers use fewer resources, such as crop equipment companies like John Deere DE, -3.44% and AGCO AGCO, -3.88%, or irrigation firms such as Lindsay LNN, -3.02% and Valmont Industries VMI, -3.33%. But the pilot programs funded by USDA look for ways to allow farmers to change practices to one day allow agriculture to become a carbon sink, which removes carbon dioxide from the atmosphere, than a carbon emitter.
MarketWatch discussed this program and climate change with her. This interview has been edited for length and clarity.Fitzgerald: Government support is what’s been missing [to encourage climate-focused programs in agriculture]. Quite often we hear “the government should do this, the government should do that.” Well, now it’s happened. The fact that the government put this front and center now means it’s time for the private sector to really step up.
In agriculture, we constantly deploy old technology and new technology on our farms, but what’s new is how to measure carbon cycles. This will unleash innovation. Now we need the mechanism to pay for it. Fitzgerald: Globally, of all the ESG investing, only 2% is going to nature-based solutions. Many of the financial institutions who take a portfolio approach to climate change are … invested in renewable energy. We need to increase the amount of investment in agriculture. Agriculture is really the only way we can start recycling and carbon. Ag needs to be seen as an ESG investment. There’s the environmental and social aspect; 10% of the American workforce is in food and ag.
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