AgCarE assesses agricultural properties for carbon and biodiversity offset opportunities, providing economic benefits to landowners while contributing to broader environmental goals. By focusing on natural capital, the program seeks to improve sustainability and resilience within the agricultural sector.
Michael Guerin, interim CEO of AgCarE, emphasized the dual role of farmers in food production and environmental conservation. He stated that strengthening food security can be done concurrently with improving environmental outcomes, with the key being baselining, leveraging, and investing in natural capital at a property and landscape level.
Andrew Beer, Executive General Manager at WFI Insurance, highlighted the importance of comprehensive farm management in mitigating climate risks. He noted that by acknowledging the importance of holistic land management, WFI aims to recognize customers who take a proactive approach to managing their risks and emissions by reducing their insurance premium.
Through this partnership, WFI will offer premium reductions to customers who achieve AgCarE certification. The amount of savings will vary depending on factors such as the size of the property and the type of insurance coverage. Over the duration of a policy, these savings could amount to several thousand dollars.
Beer highlighted the mutual benefits of the initiative, stating that it rewards farmers for their progressive risk approach while gaining potential new revenue streams. This initiative not only provides financial incentives but also encourages farmers to adopt practices that enhance the natural capital of their land, leading to long-term sustainability and resilience.
For farmers, this partnership offers a tangible benefit for adopting sustainable practices. By achieving AgCarE certification, they can access reduced insurance premiums, reflecting the lower risk associated with well-managed, sustainable farming operations. This collaboration underscores the growing recognition of the link between environmental stewardship and financial performance in the agricultural sector.
