The Federal Government has announced a significant funding boost to help reduce emissions in the agriculture sector.
The announcement, made at the inaugural Sustainable Agriculture Summit in Toowoomba, details $63.8 million from the 2024-25 Budget aimed at supporting farmers in a changing climate.
The funds will enhance on-farm action, improve emissions accounting, and invest in long-term research. This initiative builds on the $519 million allocated to rejuvenate the Future Drought Fund.
The funding aims to increase the capacity of Australian farmers and advisors, improve greenhouse gas accounting at various levels, and drive innovation in agricultural emissions reduction and carbon sequestration.
Minister for Climate Change and Energy Chris Bowen said as supply chains, international markets and the finance sector are increasingly requiring farmers to report on their emissions, providing standardised estimation and reporting frameworks was essential.
“Decarbonisation in the agriculture sector will unlock new opportunities for Australian farmers and landowners,” Bowen said.
“The Agriculture and Land Plan presents an opportunity to chart a way forward and will play an important role in achieving our whole-of-economy emissions reduction targets.”
Minister for Agriculture, Fisheries and Forestry Murray Watt said because the sector manages a large percentage of Australia’s landmass, the industry has a lot to gain from a sector-wide reduction in agricultural emissions.
“Australian farmers are on the frontline of climate change and it is costing them every single day,” Watt said.
“We want producers to access the benefits of becoming more sustainable while remaining productive and profitable.”
The funding breakdown includes $28.7 million over 10 years to improve greenhouse gas accounting, $30.8 million over four years to accelerate on-ground action, and $4.4 million over 10 years for the Department of Agriculture, Fisheries and Forestry to partner with the Zero Net Emissions Agriculture Cooperative Research Centre, starting 1 July 2024.
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