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Soil carbon market could grow quickly globally
Carbon markets are already providing income to Australian and some Canadian and US farmers for trapping carbon dioxide in their soil and reducing carbon emissions on the farm. How are these markets expected to grow and when will European farmers begin cashing in?
To understand the state of carbon markets globally, we must start with Australia, which has led the world in terms of farmers being paid to increase soil organic carbon (SOC) sequestration and reduce on-farm production of greenhouse gases (GHG).
Over 3 million tonnes of soil carbon sequestration
Under Australia’s ‘Emissions Reduction Fund,’ there are currently contracts in place to supply over 3 million tonnes of soil carbon sequestration over the next ten years, notes Louisa Kiely, Direct of Carbon Farmers of Australia (CFA).