Carbon development company Veteran’s Carbon Holdings said it’s ready to help Midwest farmers reap the financial benefits of climate-smart agricultural practices.
The North Dakota-based company announced that it will distribute $1.1 billion in direct payments over the next nine years to U.S. farmers and land owners who bury organic carbon. Dubbed the Carbon Development Program, the initiative will pay farmers for sequestering organic carbon such as plant waste in agricultural soil.
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“We designed this program with farmers, for farmers,” said Stephen J. Gorton, owner, scientist and program developer at Veteran’s Carbon Holdings. “Veteran’s Carbon Holdings will work side-by-side with agricultural leaders in North Dakota and Minnesota to build a carbon contract. All information and projects are transparent and offer flexibility and dependable annual income thanks to real climate impact.”
Gorton said the Carbon Development Program covers 2.5 million acres of American farmland and is projected to capture an estimated 41 million tons of C02 over its lifetime. He estimates participating farmers will enjoy 5-9 percent increases in crop production and greater biodiversity, as well as resilience against climate challenges thanks to improved soil health.
“And 55 percent of all carbon credit revenue is returned directly to farmers, infusing revenue into rural economies and incentivizing climate-smart agricultural practices,” Gordon said.
Veteran’s Carbon Holdings partnered with Dovu, a Web3 sustainability platform that will use blockchain technology to mint verified carbon credits as digital assets. Dovu’s operating system will ensure that each credit is fully traceable, tamper-proof and transparent by using Hedera’s Guardian framework. Guardian is an open-source platform that facilitates auditable, traceable and reproducible records that document the process and lifecycle of environmental assets.
Offsetting the carbon emissions of agriculture has been a major push around the globe in recent years. In 2022, the U.S. Department of Agriculture (USDA) began pursuing the formation of a new Greenhouse Gas Technical Assistance Provider and Third-Party Verifier Program, the main component of the Growing Climate Solutions Act.
Carbon offset programs such as the one launched by Veteran’s Carbon Holdings are designed to not only promote sustainable agricultural practices, but also to improve the economies of rural communities.
“Effectively, Veterans’ Carbon Holdings sends the lion’s share of revenue back into rural communities, where the money is best used and belongs,” said Katie Lorenz, president, Veteran’s Carbon Holdings.
