Minister for Climate Change and Energy, the Hon Chris Bowen MP
Minister for Agriculture, Fisheries and Forestry, Senator the Hon Murray Watt
Accelerating on farm action, improving emissions accounting and investing in long term research are the latest tool being funded by the Albanese Government to help farmers become more profitable in a changing climate.
The government has released the details of $63.8 million announced in the 2024-25 Budget to support the reduction of emissions in the agriculture industry and contribute to the whole-of-economy transition to net zero.
The announcement was made at the Albanese Government's inaugural Sustainable Agriculture Summit being held in Toowoomba today and builds on the $519 million in funding allocated to rejuvenate the Future Drought Fund.
The funding will help build the capacity of Australian farmers and trusted advisors, improve greenhouse gas accounting at national and farm levels, and drive innovation for emissions reduction and carbon sequestration in the sector.
Minister for Climate Change and Energy Chris Bowen said as supply chains, international markets and the finance sector are increasingly requiring farmers to report on their emissions, providing standardised estimation and reporting frameworks was essential.
"Decarbonisation in the agriculture sector will unlock new opportunities for Australian farmers and landowners," Minister Bowen said.
"The Agriculture and Land Plan presents an opportunity to chart a way forward and will play an important role in achieving our whole-of-economy emissions reduction targets.
"Our government will work in close collaboration with the agriculture industry to guide us towards a net-zero future.
"The funding provided in the Budget will help the agriculture industry to take action and be recognised for that action."
Minister for Agriculture, Fisheries and Forestry Murray Watt said because the sector manages a large percentage of Australia's landmass, the agriculture industry has a lot to gain from a sector-wide reduction in emissions.
"Australian farmers are on the frontline of climate change and it is costing them every single day," Minister Watt said.
"We want producers to access the benefits of becoming more sustainable while remaining productive and profitable.
"A lot of this work has already begun with many farm businesses adapting their business models to reduce their emissions.
"This funding will go towards the continuation of innovative practices, enhanced training, long-term research and on-ground action.
"While we aren't setting an emissions reduction target for the agriculture industry, it is our responsibility as the government to help the industry contribute to our economy-wide net zero target. This funding will do just that."
The funding includes:
- $28.7 million from 2024-25 to 2027-28 (and $0.9 million ongoing from 2028) to improve greenhouse gas accounting in the agriculture and land sector at the national through to farm level.
- $30.8 million over 4 years from 2024-25 to 2027-28 to accelerate on-ground action to reduce agriculture and land emissions. This funding will build on the existing Carbon Farming Outreach Program.
- $4.4 million over 10 years for DAFF to become a partner to the Zero Net Emissions Agriculture Cooperative Research Centre (CRC). The CRC, to be established on 1 July 2024, will be a major vehicle for long-term research into emission reductions from Australian agriculture.
