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Source: PRESS RELEASE, 8/26/21 Corteva, Inc. (NYSE: CTVA) today announced the expansion of its
Carbon Initiative for the 2022 crop year, supported by a strategic
collaboration with Indigo Ag. Corteva's program continues
to provide a simple path for farmers to maximize the value of their soil health
practices, now by producing independently verified credits measured, generated
and sold through Carbon by Indigo.Expanded farmer benefits for 2022 now include:
- Aligned
Incentives: Farmers will receive 75% of the credit value so as
future prices rise, they capture the majority of the upside.
- Premium
Prices: Highest quality credits built on Indigo's scientific rigor
maximize the value of this opportunity. Based on market projections
farmers could earn as much as $30 or
more per credit, with the added security of a guaranteed minimum payment
of $15/credit.
- More
States: The offering is available across 11 states
including Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
- More
Practices and More Crops: Increased nitrogen use efficiency is an
eligible practice change, in addition to introducing cover crops and
reducing tillage. The Initiative also now supports 17 of the most common crop
types across the U.S.
- Longer
Lookback: Farmers will get paid on eligible practice changes that
were conducted post harvest of 2020.
Through this expansion, the Corteva Carbon Initiative's core focus remains
to help farmers produce carbon credits simply and for a fair price, with
programmatic and agronomic support from a Corteva advisor. Farmers are in
control of their practices and can use Corteva's free and easy-to-use digital
tool, Granular® Insights™, to securely log those
practices, seamlessly measure their impact, and generate premium credits
with Carbon by Indigo. "In a fast-growing agricultural carbon credit market, Indigo's
science-based program is committed to demonstrating real climate impact in
service of generating real revenue for farmers. Corteva is a partner who shares
our position of farmer's choice. As with any crop, quality drives value,"
said Chris Harbourt, Global Head of Carbon at Indigo. "Mounting demand for high-quality credits has already resulted in price increases of 35% in the first year of our program – before the first credit verification is even fully complete. By collaborating with Corteva to empower farmers to become producers of the highest-quality carbon credits today, farmers stand to maximize their return-on-investment tomorrow and in the future as demand continues to climb." Rooted in farmer trust and with a focus on transparency, the Corteva
Carbon Initiative now harnesses the power of Carbon by
Indigo's advanced capabilities for measuring and verifying carbon
sequestration and greenhouse gas abatement at scale and aligned with industry
standards, signaling a meaningful step forward for establishing carbon credits
as a new revenue source for farmers. The collaboration brings access to a
guaranteed buyer network for independently certified carbon offsets, including
leading global organizations such as Boston Consulting Group and JPMorgan
Chase. "Staying true to Corteva's commitment of delivering farmer-focused
sustainable technology to the farm gate, the Corteva Carbon Initiative
continues to evolve based on farmer needs," shared Judd O'Connor, President, U.S. Commercial Business at
Corteva Agriscience. "Since we first launched in April 2021 to corn and soybean
farmers in Illinois, Indiana and Iowa,
thousands of U.S. farmers have inquired about our program, so we have worked
tirelessly to expand access." The collaboration builds on both companies' efforts to leverage
cross-sector industry cooperation to help farmers optimize their return on
investment on soil health practices. For example, by measuring and quantifying
farmers' carbon impact in accordance with standards set by the Climate Action Reserve,
a nonprofit organization that manages leading GHG offset project registries,
the collaboration provides transparency and confidence in credits generated for
the benefit of growers and buyers. Additionally, participating growers can
unlock government funding through FarmRaise, a startup
that helps U.S. farmers easily apply to federal, state and local funding for
their soil health practices. Farmers interested in learning more can quickly estimate their carbon
payout here, and those
interested in gaining access to new carbon market opportunities through
Corteva's Carbon Initiative can learn more here.
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