Economists estimate that Texas’ continuing drought has cost farmers up to $8 billion so far. [ScottOlsson/Getty]
The report released this week by a group of prominent and politically diverse business leaders and public officials stood out, in part, because of the alarming losses it forecasts for America’s agricultural industry.
This matters to all of us, because commodity agriculture is big business in the United States, putting food on our plates every single day.
This September, a new crop will be made available to rice producers: carbon offsets.
The California Air Resources Board (CARB) took another important step forward last week when it published the latest draft standard for the development of carbon offsets. The standard lays out the steps a producer needs to take in order to sell his new crop. Once it is approved, producers will be able grow and sell it as a new revenue stream.
So how does this work?
Rice fields are flooded as a part of growing this worldwide staple. It’s necessary for its growth. However, when water comes in contact with organic matter, the organic matter decomposes, generating methane – a strong greenhouse gas. By reducing the amount of methane generated through rice cultivation, a farmer can generate a carbon credit that can be sold to companies to offset their carbon emissions.
What are the practices that produce credits? Read More
Fertilizer use is key to increasing the productivity necessary for farms to feed rising populations. However, not using the right amount in the right place at the right time is one of the biggest threats to a stable climate. Nitrogen fertilizer not used by crops emits nitrous oxide, a heat-trapping gas 300 times more powerful than carbon dioxide. It also contaminates water supplies, causes algae blooms downstream and erodes soil health.
So, it was welcome news last week when the first greenhouse gas credits for fertilizer efficiency made their debut in the North American carbon market.