In a lead up to the Sustainable Agriculture Summit in Indianapolis, the Ecosystem Services Market Consortium (ESMC) and the Foundation for Food and Agriculture Research (FFAR) jointly announced on November 19 the award of $10.3 million from FFAR to establish the research component of ESMC that supports the development of a national environmental credit marketplace. ESMC and its members will match the grant over three years to fund research and development projects in this public-private partnership for a total investment of $20.6 million.
FFAR-funded research will better quantify, monitor and verify the environmental impacts of agricultural producers’ conservation efforts to recognize and pay them through an ecosystem services marketplace. The Ecosystem Services Market Research Consortium (ESMRC), the research arm of the ESMC, will develop tools and technologies to assure the validity of the credits cost-effectively, and at-scale.
“Farmers and agriculture can be a constructive force in reversing climate change and preserving natural resources. Farmers are the largest group of land stewards and when they implementation climate-smart practices, it helps us all,” said FFAR’s Executive Director Sally Rockey. “I expect this Consortium to be at the center of creating new value for these practices and bringing that value back to the farmers who are so deserving to be compensated for their good work. FFAR is thrilled to be the major funder of this unique effort.” Read the full press release here.