Carbon Yield Supports USDA Assessment on Agriculture and Forestry in Carbon Markets
press release
Chicago, Illinois, Oct. 24, 2023 – This week, the U.S Department of Agriculture (USDA) released A General Assessment of the Role of Agriculture and Forestry in the U.S. Carbon Markets (PDF, 1.3 MB), a comprehensive look at current market activity, barriers to participation, and opportunities to improve access to carbon markets for farmers and forest landowners. The report is the first of USDA’s deliverables under the Growing Climate Solutions Act (GCSA), which was signed into law on December 29, 2022, as part of the Consolidated Appropriations Act of 2023. Carbon Yield, in partnership with Lindahl Reed, is proud to have supported the development of this report.
As part of a broader effort to combat climate change, carbon markets offer a promising tool to achieve net-zero emissions. Farmers, ranchers, and forest landowners can generate carbon credits by adopting practices to reduce emissions or sequester carbon on their land, and carbon markets provide them new income opportunities through carbon credit sales.
“Carbon Yield is working closely with USDA to assess the current state of voluntary carbon markets in the United States,” said CEO Sam Schiller. “We hope the analysis in this report helps contribute to the evolution of these markets in ways that allow carbon incentives to serve as a meaningful income driver for producers and land managers. Purchasing offset credits may also help companies achieve voluntary greenhouse gas reduction goals, so long as credits are well substantiated, adhere to rigorous quality standards, and are purchased alongside good faith efforts toward internal reductions.”
“The mission of Carbon Yield is to help farmers access new revenue streams like carbon markets to restore their soil and institute a healthy, profitable growing system,” said Co-Founder and COO, Claire Pluard. “We hope the recommendations in this report clarify the road ahead where carbon markets serve as more equitable and accessible tools for those adopting regenerative practices and replenishing essential soil resources.”
The report identifies a variety of barriers that have hindered the participation of agriculture in these markets. Among other things, farmers face limited returns on investment due to high transaction costs in carbon markets, including the costs of greenhouse gas quantification, verification, and reporting. However, a clear assessment of these barriers gives federal agencies, scientists, farmers, and other partners valuable insight into what kinds of solutions can facilitate increased and more beneficial participation by farmers.