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Project title

Developing Farmland Nature Credits to Accelerate the Sustainable Transition in Irish Agriculture

Primary Funding Agency

Department of Agriculture, Food and the Marine

Co-Funding Organisation(s)

Lead Organisation

Trinity College Dublin (TCD)

Lead Applicant

Not listed

Project Abstract

Irish agriculture faces three critical environmental challenges � reducing greenhouse gas emissions, restoring nature to farmland, and mitigating impacts on water quality. The recent iteration of the Common Agricultural Policy is designed in response to these three environmental challenges, yet there is increasing interest from farmers, the agrifood industry and financial institutions in the potential of private incentives that are 1) additional to public incentives and 2) accelerate the sustainable transition of the agri-food system. Carbery, the third largest cheese producer in Ireland with 1200 dairy suppliers, have created FutureProof, an incentive by which farmers who engage in production and sustainability improvements are rewarded with a higher milk price. The Woodland Nature Credit, set up by Coillte Nature, demonstrated an interest by corporates to invest in well-designed natural capital instruments. To explore the potential of Farmland Nature Credits, NatureCredit will co-design the tools required to package rigorous, robust and transparent on-farm sustainability improvements into an investable credit. Robust monitoring, reporting and verification (MRV) platforms have been developed to measure soil carbon, biodiversity and assess the carbon footprint of farms. NatureCredit will work with two leading MRV technology companies to measure soil carbon, biodiversity extent and the carbon footprint of participating farms. In conjunction with our financial partners, dairy processor partners and advisory board, NatureCredit will co-design a credit instrument that farmers can realistically engage in, and that agri-food corporates want to invest in. Finally, NatureCredit will consult stakeholders to produce a white paper for how to regulate a potential Farmland Nature Credit market and detail the enforcement needed to ensure proper market functioning for social and environmental benefit. The tools developed in NatureCredit will be transferable to any dairy farm in Ireland, other sectors of agriculture, and other businesses with land holdings

Grant Approved

�349,768.97

Research Hub

Climate Change

Research Theme

3. Climate Solutions, Transition Management and Opportunities

Start Date

01/05/2024

Initial Projected Completion Date

30/04/2026