Fertilizer producers Nutrien Ltd are paying growers for every acre of land dedicated to trapping carbon underground, known as sequestering it.
Agricultural companies use the credits to offset the climate impact of other parts of their businesses or sell them to companies looking to reduce their own carbon footprints.
Agriculture covers nearly 40% of the world’s land and is responsible for 17% of global emissions, according to the United Nations.
Some farmers view the programs run by the giant agricultural corporations with suspicion – as a method to harvest their data that will be used to sell them more products, according to interviews with more than a dozen farmers, analysts and farm groups.
Sequestering carbon, however, can provide a new revenue stream for farmers looking to diversify in a volatile industry.
Agriculture companies can measure success through the number of acres farmers devote to their programs and commitments from other corporations to eventually buy the credits generated, said Alejandro Plastina, associate professor in economics at Iowa State University.
Nutrien’s program has secured 200,000 acres in the United States and Canada this year.
“It’s a tough thing to ask of farmers, but that’s what buyers actually value,” Bell said.
“I smell complete bullshit – it’s a terrible idea,” said Manitoba farmer Gunter Jochum, president of the Western Canadian Wheat Growers Association.
But North Dakota farmer Justin Topp decided to give carbon farming a try.
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