July 22, 2020
Bayer announces carbon capture programme for farmers in the US and Brazil
The Bayer Carbon Initiative, Bayer AG's carbon capture programme will pay farmers in the United States and Brazil for capturing carbon in cropland soils, Reuters reported.
The new programme aims to register 1,200 row crop farmers in its initial season, with plans to increase enrolment and expand the programme to other countries.
EUR 5 million will be invested into the programme in Brazil over three years. Bayer executives did not reveal the overall cost for the programme in the US.
This new programme is the latest environmentally focused initiative by agriculture companies, following Cargill's Iowa greenhouse gas emissions and fertiliser runoff project and agriculture cooperative Land O'Lakes partnership with Microsoft to boost food systemsustainability and technology goals.
In May, the US Treasury Department announced a federal tax credit to attract investment in projects related to carbon capture and sequestration.
In the Bayer Carbon Initiative, farmers must use the company's Climate FieldView digital farming platform. Through the platform, growers will be able to register data regarding their eco-friendly farming practices, which includes no-till farming or planting cover crops. Satellite imagery will confirm their log data.
Farmers that were successful in sequestering carbon will be paid in cash or credits to purchase Bayer PLUS rewards platform products,
Brett Begemann, Bayer's Crop Science divisionchief operating officer said farmers should be rewarded for sequestering carbon as it benefits society and the planet.
500 farmers were selected in 14 states for the 2020 / 2021 crop season involving 60,000 hectares of soy and corn farms.
Bagemann said the carbon sequestered value will be determined by the market, adding that this initiative has to contribute to Bayer's bottom line and benefit company share owners.