The US Department of Agriculture (USDA) published A General Assessment of the Role of Agriculture and Forestry in the US Carbon Markets.
The study offers a comprehensive overview of the current market activity in the country and assesses existing barriers to participation, along with the opportunities to make access to the carbon market easier for forest landowners and farmers.
Released under the Growing Climate Solutions Act (GCSA), signed into law in December last year, this study is the first of its kind from the USDA.
Furthermore, as stated by Agriculture Secretary Tom Vilsack, the landmark report showcases the immense potential that carbon markets have for the forestry and agriculture sectors.
“The Biden-Harris Administration is working aggressively to ensure farmers, ranchers, forest landowners, and tribal communities have opportunities to be part of the solution to climate change, all while cultivating new revenue streams and fostering investment in rural communities,” Vilsack said.
Both compliance markets and voluntary carbon markets are examined in the 83-page report, as well as the different carbon registries that are currently being developed.
Relevant: Only 1% Of US Farmers Have Carbon Farming Contracts
The USDA report looks at carbon markets as a ‘promising tool’ to help mitigate the climate crisis and reach net zero emissions.
It argues that by generating carbon credits, farmers, ranchers, and forest landowners may benefit from new income opportunities while switching to practices that will also be beneficial to the environment.
Furthermore, these carbon credits can be used to help companies offset their emissions and reach their climate targets.
Read more: 2023 Farm Bill Represents A Tremendous Opportunity For Carbon Removal – Carbon Business Council
