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New report says farm lenders need to include climate risks
A new report says the U.S. ag lending sector has not proactively assessed its climate risks which threatens farmers’ long-term profitability.
The Environmental Defense Fund report says climate risks are a blind spot for ag lenders. It says the ag sector faces substantial climate risk which makes ag lenders vulnerable, too. The report says crop insurance is not enough and won’t protect farmers, lenders or the broader ag economy from climate risk over the long haul.
The report says farmer investments in conservation practices like no-till and cover crops are not a part of short-term financial products. They suggest lenders include data on the benefits of conservation practices in the credit rating process.
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