FBN's Sustainable AgTech Platform, Gradable, and Sustainable Lending Expertise Will Support USDA Climate-Smart Commodities Grants to Expand Markets and Revenue Streams for Farmers
FBN (Farmers Business Network), a global farmer-to-farmer network and AgTech company, announced their carbon-scoring technology, Gradable, and sustainable financing expertise will support two major projects in the first round of the Partnerships for Climate-Smart Commodities funding opportunity announced yesterday by Agriculture Secretary Tom Vilsack as part of a $2.8 billion programme to expand markets for climate-smart commodities.
FBN’s industry-leading carbon scoring tech platform, Gradable, will serve as the Measuring, Monitoring, Reporting and Verifying (MMRV) technology for a grant of up to $90M awarded to Archer Daniels Midland (ADM) for quantifying verifiable greenhouse gas impacts of Climate-Smart Commodities and decarbonising the agriculture supply chain; and FBN will also serve as a financial innovation partner to Field To Market on grant of up to $70M for the development of sustainable financing programs for farmers.
FBN Head of Sustainable Business Steele, Lorenz, said:
"FBN is thrilled to partner with both ADM and Field to Market on their innovative and ambitious programs which will reward thousands of farmers for adopting sustainable growing practices. With support from FBN’s carbon accounting technology and novel farm financing mechanisms, these projects will catalyse markets for Climate-Smart Commodities while decarbonising the agriculture sector – a win-win for farm businesses and the environment.”
Agriculture Secretary Tom Vilsack announced yesterday that these initial projects will expand markets for climate-smart commodities, leverage the greenhouse gas benefits of climate-smart commodity production, and provide direct, meaningful benefits to production agriculture, including for small and underserved producers.
Applicants submitted more than 450 project proposals in this first funding pool, and the strength of the projects identified led USDA to increase its investment in this opportunity from the initial $1 billion Vilsack announced earlier this year.
FBN Head of Government Relations Ken Barbic said:
"As climate-smart agricultural policy and markets develop, it is critical that the concerns and perspectives of the farmer remain at the forefront. I am encouraged that USDA is endeavouring to do just that, and we will work aggressively to see that any future efforts from Congress, States, Regulators, and the private sector take a farmer-first approach."
Source: Globe Newswire