Natural solutions offer immediate, low-cost impact and are critical to restoring the earth’s carbon sinks. Global croplands and grasslands can capture and store up to 8.6 gigatons of CO2 per year, which is equal to ~1.3 times the U.S.’s yearly emissions (Supply). In October 2020, protocols for soil carbon credits were approved and published by two of the world’s leading offset standard-setting bodies: Verra and the Climate Action Reserve. Agri- tech companies, such as Indigo Ag, are developing soil carbon programmes and partnering with companies such as JPMorgan Chase and The North Face to purchase the soil carbon credits.
Governments are creating support mechanisms:
- Prime Minister Scott Morrison of the Liberal Party of Australia.
- President Biden Growing Climate Solutions Act in the US.
- Prime Minister Johnson’s UK Government includes ‘protecting or improving the quality of soil’ within the Agriculture Act.
The EU Commission promotes carbon farming practices under the Common Agricultural Policy (CAP), other EU programmes such as LIFE and Horizon Europe, and adopting the Communication on Sustainable Carbon Cycles. But there’s only so much arable land, and there are currently limitations for farmers with smaller acreage and is prohibitively expensive for some. As initial soil sampling and monitoring costs start at €15,000. Improving carbon sequestration of soil Carbon sequestration is strongly influenced by soil type, starting carbon content and past farming practices.