Good read in Hemp Grower today…
President Joe Biden has proposed creating a carbon bank in his first 100 days in office. Here’s what it means and how hemp growers could use it.
Hemp is re-emerging as an agricultural commodity at a time of unusual social and geopolitical unrest, driven in part by a global pandemic and the resulting economic fallout. Hemp markets are developing as a wide range of programs roll out funding to address the above issues. These financial programs, along with additional funding opportunities that incentivize sustainability, are creating abundant opportunity within developing hemp markets.
But of all the funding opportunities emerging for hemp producers, a larger focus on climate change by the Biden administration may be the most compelling. President Joe Biden and his administration are looking to mobilize billions of dollars over the next several years for climate change initiatives via agricultural policy.
In the administration’s Climate21 Transition Memo, the Biden team outlines the importance of the U.S. Department of Agriculture and, more broadly, agricultural practices in mitigating climate change: “While the U.S. Department of Agriculture (USDA) has not historically been at the center of the public conversation on federal climate policy, the Department has enormous and underappreciated discretionary financial resources and agency expertise,” the memo states.
It goes on to say these resources allow the USDA to facilitate the reduction of greenhouse gases (GHGs), bolster the resilience of farms and forests to climate change, promote bioenergy and more.
The administration is aiming to give the USDA, and agriculture, a prominent role in the campaign against climate change. In addition to increasing agency staffing and overall capacity—with a focus on cultivating agency leadership—President Joe Biden plans to roll out programs that involve promoting climate-smart practices at both farms and forests, creating incentives through existing programs like crop insurance, as well as developing a carbon bank.
In the climate priorities laid out by the executive branch for the administration’s first 100 days, establishing carbon markets is right up at the top…..