Before redditors were taking the financial world by storm, a different type of marketplace was top of mind. A carbon marketplace -- for buying and trading sustainability solutions. For industry, reducing carbon emissions requires collaboration with people who work with the planet. That’s why companies buy carbon credits, or offsets -- essentially an agreement with another entity to harness a certain amount of carbon in the soil or as renewable energy.
But carbon markets aren’t just a trend, they’re one of the most important ways that industry and agriculture can work together to battle climate change. Business’ interest in carbon credits has skyrocketed, but the supply side has not yet caught up. There have simply not been enough credits available to meet the growing demand from private sector buyers.
That’s where farmers come in. The original stewards of the land, farmers are central to solving the carbon. Because for them, what’s good for the ground both ensures the viability of their operations and a healthier climate.
And now, through our sustainability business Truterra, we’re proud to announce TruCarbon, a transformational new carbon program that will help farmers generate and sell carbon credits to private sector buyers. Our goal, in partnership with farmers, is to drive adoption of on-farm sustainability practices, which open up new revenue streams for farmers andfuture-proofing their business and the land.
A climate solution with farmers at the center
TruCarbon is unlike any other offering on the market because it is built with farmers at the center. We have hand-selected farmers, with whom we have deep connections through our trusted network of agricultural retailers. This group of farmers have used the Truterra Insights Engine to estimate, evaluate and develop practices that sequester carbon through innovative regenerative agriculture practices such as the use of cover crops and conservation tillage.
According to Dr. Wayne Honeycutt of the Soil Health Institute, a collaborator on the TruCarbon program, “Storing more carbon in soils not only benefits a farmer’s bottom line, but also improves water quality and helps fight climate change. Farmers who adopt responsible soil health practices build drought resilience, reduce erosion and minimize nutrient losses.”
Truterra has the tools and ability to help farmers measure the value of the sustainability practices that are already happening on their farms — and to identify more ways to responsibly deal with carbon, incentivizing continued progress.
Through TruCarbon, we are helping farmers identify carbon-credit buyers, too.
Truterra vice president Jason Weller said, “TruCarbon is like no other offering on the market because it is built with the farmer at the center, backed by the most cutting-edge technology platform on the market. That means that companies and others looking to buy trusted carbon credits can connect with farmers and support the adoption of more sustainable practices on farms across the country.”
Microsoft joins as first buyer
TruCarbon launched this month with its first secured buyer in place, Microsoft. Microsoft announced a year ago its ambitious goal to be carbon negative by 2030 — offering that while the rest of the world may be working toward net zero, “those of us who can afford to move faster and go further should do so.”
Now, the company is now looking to TruCarbon and Land O’Lakes to help make that a reality.
For TruCarbon’s initial launch, participating farmers may receive $20 per ton of carbon they sequester. For farmers’ convenience, Truterra will handle soil testing and other activities designed to ensure maximum credit quality and value.
Through TruCarbon, Land O’Lakes is investing in changes that not only preserve the health of the planet, but also the economic and social health of our member-owners’ businesses and communities.
For more information about TruCarbon visit https://www.truterraag.com/Carbon.