The Australian Government announced its support for Wilga Farming, a new agriculture investment vehicle that would encourage the use of low-emissions technology and carbon sequestration throughout Australian farmland.
The Clean Energy Finance Corporation (CEFC) has made a $50 million investment alongside global investment organisation CDPQ to contribute a total of $200 million to Wilga Farming to assist in reducing carbon emissions and boosting productivity in the industry.
Wilga Farming has purchased The Glen, a 1200-hectare property near Delungra in northern NSW, where it will consider a variety of initiatives to improve farm productivity, such as reducing synthetic fertiliser use and improving irrigation, grazing, and soil carbon management.
According to the Federal Government, this is an excellent chance to illustrate the economic benefits of different on-farm practices that will not only cut emissions but also assist Australian agriculture in being more robust and adaptable to climate change while remaining competitive in shifting global markets.
Wilga Farming will be managed by Gunn Agri Partners, an Australian company focused on sustainable agricultural management. CDPQ and the CEFC have also acquired a $750 million minority investment in Gunn Agri Partners, allowing them to accelerate decarbonisation activities throughout its portfolio.
Minister for Climate Change and Energy Chris Bowen emphasised the importance of this initiative in demonstrating the potential economic benefits of cutting emissions through food and fibre production.
“Agriculture is responsible for over 15% of Australia’s greenhouse gas emissions, and by supporting initiatives like this we’re investing in solutions to drive up farm productivity and profits and drive down emissions at the same time,” Minister Bowen said.
Minister for Agriculture, Fisheries and Forestry Murray Watt welcomed the investment.
“Australian farmers are doing great things on the land, and I’m very pleased to see the Albanese Government supporting that work,” Minister Watt said.
According to Minister Watt, lowering farm costs via effective energy, fertiliser, and water usage is good for business and the environment.
“It’s important we look at ways to be more sustainable in order to reduce emissions, build resilience, develop new income streams, and ensure Australia’s long-term agricultural productivity and food and fibre security, especially as the changing climate impacts what we can grow, where and how,” Minister Watt added.
