The National Farmers Federation (NFF) has thrown its weight behind an aspirational economy-wide target of net carbon zero by 2050 (NCZ2050). Members have voted in favour of the landmark policy – which includes strict caveats regarding fair implementation and economic viability.
NFF President Fiona Simson warned the goal of NCZ2050 would be just an aspiration without ongoing innovation and policy support. She noted that:
“This will require new investment in research and development, so we have more robust baseline information, new pathways to reduce emissions, and fewer barriers to participation in carbon markets.”
In this context, a clear area of need for the farming sector, and many others, is accurate and timely data that links environmental stocks and flows to different investment activities – both at the farm level and across the sector. Natural capital accounting provides a framework to baseline and report changes in not only emissions, but also carbon sequestration and storage on farms, such as in in soils, trees and pasture. Natural capital accounting also integrates data on biodiversity, ecosystem extent and ecosystem health, all of which are needed if farm biodiversity and stewardship certification and environmental markets are to be successful.
The development and adoption of natural capital accounting in the farming sector is an emerging trend and one that we’d be happy to discuss with you.
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