Bank’s climate report reveals strategies for success

Rural Bank released its first Climate Report for primary producers this month.

Our key takeaway – reporting farm emissions and having a plan in place to reduce emissions is good for business. The outcome? The farm stays a farm long into the future, and a better managed one at that.

Commercial changes and legislation around carbon footprint and climate are marching towards the farm gate. The likelihood of more legislation coming into place is high and could fuel demand for carbon credits.

The finesse of current technologies such as soil methods and technologies for quantifying carbon sequestered is only going to gain ground. These advancements will make carbon farming more appealing to farm business operators.

After 10 years of sluggish action, the registration of carbon projects is now coming along in leaps and bounds.

It’s shiny and promising, but the appeal of the market for carbon credits shouldn’t blind you to other crucial elements in agribusiness. The beckoning new line of business and income needs to be established calculatedly and correspond with decarbonisation of your farming business.

From the biggest banks to the mum-and-pop shops, we’re all being asked to reduce our greenhouse gas emissions. The best way to look at this reporting isn’t as a political decision – it’s a business decision.

There’s currently no penalties for putting the decision to take up carbon farming opportunities on the backburner, but there may be commercial disadvantages for businesses not reporting on their greenhouse gas emissions when required - and making moves to minimise them.

The Climate Report is designed to be a guide on that journey.