If you’re in the process of evaluating carbon market opportunities currently available, don’t overlook the new Corteva Agriscience carbon initiative the company is rolling out now.
The new program has some similarities to others already in the marketplace, including the payment available. The carbon marketplace is compensating U.S. farmers between $7 and $20 per ton, depending on the program, and Corteva is in that range.
“Corteva is guaranteeing farmers $15 a ton ($5 to $20 per acre) per year,” says Ben Gordon, Carbon and Ecosystems Global Portfolio Leader for the company.
Like nearly all the carbon initiatives currently in the marketplace, this one requires farmers to use cover crops, strip tillage or no-till on new acres. No payment is available for existing acres already committed to those conservation practices.
The company is working with Ecosystem Services Market Consortium (ESMC) to generate the credits, Gordon says.
“Farmers use our free software tool, Granular Insights, to easily collect their data and to generate their credits from our independent third-party marketplace partner, that’s ESMC. We then pay the farmer and give those credits over to the buyers,” he says.
Two features of the Corteva plan are different from what some of the other existing programs offer.
One of the most significant is that the company is asking farmers to make a two-year commitment – as opposed to the seven to 10-year commitment some of the programs require.
Another feature is the company is telling farmers it will work with them and their trusted advisors to implement the Corteva program on their acreage.
“We’ll work with the retail partner that knows your operation – your existing advisor – and your existing data systems to help make those (agronomic) changes,” Gordon says. “Our job is to bring some technologies and tools and information to you to make it simpler for you.”
For 2021, only farmers in Iowa, Illinois and Indiana can qualify for the Corteva program.
More information on the program is available at https://granular.ag/carbon/
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