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Carbon Markets for Agriculture Still a Work in Progress
The discussion of carbon markets for agriculture has been the topic of much discussion in the past year or so. That’s partly due to a change in presidential administrations and politics that favor such activities as carbon farming. But it also is being driven by the private sector. Large multinational, agricultural companies like Corteva and Bayer are well on the way to developing carbon marketplaces for farming. Others in the ag space are getting on board as well with programs and markets of their own.
Corteva is offering up to $5 to $20 per acre per year by introducing cover crops and/or reducing tillage on farms. The pilot program is available in Illinois, Indiana, and Iowa for 2021 and expanding to additional states in 2022. Bayer will pay growers $3 per acre for reduced tillage (strip-till or no-till), $6 per acre for cover crop adoption, and $9 per acre for adopting both practices. The Bayer program is available in 17 states — mostly in the Midwest.
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