The Food and Agriculture Climate Alliance (FACA), now more than 70 members strong, has worked over the past three months to develop specific recommendations for how the U.S. Department of Agriculture (USDA) should approach a potential carbon bank. FACA began sharing those recommendations with USDA and Congress today.
A voluntary, USDA-led carbon bank is one policy mechanism being considered to help reduce barriers that producers and landowners face to participating in voluntary carbon markets and adopting climate-smart practices.
FACA recommends that USDA lay the foundation for a potential carbon bank by first developing a series of pilot projects that would focus on the following four areas:
Scaling climate solutions: Pilot projects should help increase adoption of climate-smart practices that reduce, directly capture or sequester greenhouse gas emissions, and/or increase climate resilience. Pilots should deploy “critical climate infrastructure” to increase the capacity of farmers, ranchers and forest owners to adapt to climate change, while ensuring food and economic security.
This approach will lay essential building blocks for a voluntary carbon bank that creates opportunities for all producers and landowners to participate in rapidly developing voluntary private markets and leverages private investment in agricultural and forestry climate solutions. As USDA develops a carbon bank, it must protect all existing funding for farm bill conservation and insurance programs, and it must ensure that a USDA-led carbon bank doesn’t undermine voluntary private markets.
FACA included a portion of these recommendations in its response to USDA’s recent request for information about the agency’s climate strategy. The alliance is also actively working on additional in-depth tax credit policy recommendations to help ensure farmers, ranchers and forest owners have the tools and resources they need to contribute to climate solutions and benefit from doing so.
Read FACA’s full carbon bank recommendations and see a full list of member organizations at agclimatealliance.com.