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Exploring a carbon bank to benefit farmers
The USDA is exploring structuring a federal carbon bank that would reward farmers for climate-smart practices. Speaking during the Agri-Pulse Ag and Food Policy Summit, Ag Secretary Tom Vilsack said existing carbon markets are not set up for farmers and the USDA would like input on how a bank could help meet those needs.
There is some opposition to funding a carbon bank through the Commodity Credit Corporation.
House Ag Committee Ranking Member Glenn G.T. Thompson says he doesn’t believe Vilsack has the authority to leverage CCC funds for a climate program.
“I think this concept does have bicameral and bipartisan opposition and I recommend that USDA not pursue climate action unilaterally, especially when it comes to creating new programs without authority from Congress,” he says. “The private markets have seen some success and they’re just at the start of some exciting things we’re going to see. I’d hate to see the federal government bigfoot around in this new and growing market.”
Thompson says, at this point, he supports private carbon markets, but not government intervention into them.
USDA Climate Advisor Robert Bonnie says bipartisan support will be critical in addressing climate challenges.
“If we want policy to last for the long term we’re going to need to support and that’s part of the reason you’re seeing the emphasis on outreach to stakeholders now and that’s going to continue,” he says.
The USDA is seeking stakeholder input on a climate-smart agirulcutre and forestry strategy now until April 30.
Bonnie believes the USDA has authority to use CCC funding.
“One of the important aspects of the CCC that’s talked about in the charter is expanding existing markets and creating new markets for US ag commodities,” he says. “There’s a lot of interest in the role agriculture and forestry can play in climate change and if we can use tools in the department, including the Commodity Credit Corporation, to bolster those markets to create new market opportunities then I think that’s a good use of the authorities.”
He says the goal is to invite private investment into agriculture and forestry in a way that will provide price support, loan authorities, and direct investments to help reduce risk.
There is a lot of learning on measuring and how to pay etc, but I believe the the private ones that have started this are in it to make more as the middle man than the farmer, and they want to steal all the data they can get, also they do not pay for current practices so we need to quit what we are doing first and then restart, also there are ways to capture without no till, and there should be a way to skip the middleman, to many companies that have started up also need to buy credits, maybe instead they work at reducing their carbon footprint.