Payments for over 25,000 acres have been delivered to farmers, making it one of the largest scope 3 emission reduction pilots to deliver payments in the agriculture industry.
INDIANAPOLIS, Oct. 6, 2022 /PRNewswire-PRWeb/ -- Corteva, Inc. (NYSE: CTVA) today announced payments to farmers who produced credits as participants in the 2021 pilot of Corteva Agriscience's Carbon Initiative. This is a significant milestone in the quest to validate carbon markets in the agriculture sector, as building solutions that support and incentivize farmers to reduce these emissions is critical for the food system at large.
This pilot — which first launched Corteva's Carbon Initiative in April 2021 to corn and soybean farmers in Illinois, Indiana and Iowa — was designed to test the ability of the company to deliver scalable scope 3 emissions outcomes for food company buyers that would be consistent with climate accounting guidance. Corteva Agriscience has paired this commercial pilot with fundamental research, including soil sampling acres beyond what current certification agency requirements, creating a dataset that serves as a baseline for monitoring the progress on these acres over time.
"In partnership with our strategic collaborators, Corteva Agriscience is moving the needle when it comes to delivering carbon solutions at scale in agriculture," said Emma Fuller, Carbon and Ecosystems Program Leader with Corteva Agriscience. "Soils are a high-potential pathway for reducing and sequestering carbon to address greenhouse gas emissions – but these programs must deliver real outcomes and work at scale on millions of acres to make an impact. That is where pilots, such as the scope 3 work through Corteva's Carbon Initiative, are critical."
Building on this pilot, Corteva's Carbon Initiative completed its first major expansion in August 2021 through a joint effort with Indigo Ag, a collaborator whose investments in science and technology have continued to expand eligibility and improve the measurement, reporting and verification required to produce high quality carbon outcomes.
"Scientifically rigorous quantification is the key to success for both sides of the agricultural sustainability market – from growers looking to translate their efforts to the most value, to the companies looking to reduce their scope 3 emissions with confidence and trust in the realness of the results," said A.J. Kumar, Vice President of Sustainability Sciences with Indigo Ag. "Our use of the DayCent-CR model to estimate soil organic carbon changes in agriculture in this pilot is a powerful demonstration of how this best-in-class science can be implemented at scale."
As shared at Corteva Agriscience's 2022 Investor Day, there are over one million acres currently enrolled in the program. The company anticipates releasing the next round of farmer payments in the coming months.
Farmers interested in learning more can quickly estimate their carbon payout here, and those interested in enrolling acres in the 2023 program and earning up to $30/credit through Corteva's Carbon Initiative can learn more here.
Corteva, Inc. (NYSE: CTVA) is a publicly traded, global pure-play agriculture company that combines industry-leading innovation, high-touch customer engagement and operational execution to profitably deliver solutions for the world's most pressing agriculture challenges. Corteva generates advantaged market preference through its unique distribution strategy, together with its balanced and globally diverse mix of seed, crop protection, and digital products and services. With some of the most recognized brands in agriculture and a technology pipeline well positioned to drive growth, the company is committed to maximizing productivity for farmers, while working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. More information can be found at http://www.corteva.com.
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Kris Allen, Corteva Agriscience, 403-483-5205, firstname.lastname@example.org
SOURCE Corteva Agriscience