This investment is part of a broader effort by President Joe Biden’s administration to decarbonize the US economy within decades and position the United States as a leader in the fight against global climate change.
Agriculture generates nearly 10% of US greenhouse gas emissions, according to data from the Environmental Protection Agency.
“This will allow the US agriculture and forestry industry to play a leading role internationally,” Agriculture Secretary Tom Vilsack said in a call with reporters Tuesday. “It really is a great day for American agriculture.”
The program will fund 70 projects in 50 states and Puerto Rico that would encourage farmers to reduce emissions in a variety of ways. This would include planting cover crops to improve soil health and absorb carbon, improving manure management to reduce methane emissions, and collecting data on environmentally friendly cattle and grass grazing practices. bison.
The USDA first announced in February that it would commit $1 billion to the effort, which it called the Partnerships for Climate-Smart Commodities program.
But after receiving 1,050 applications seeking more than $20 billion in funding – far more than the agency had anticipated – it turned to the Commodity Credit Corporation (CCC) for more money, said Mr. Vilsak.
The CCC is a pool of funds provided by the US Treasury to support the agricultural economy.
The projects announced on Wednesday will receive $2.8 billion and range in size from $5,100 million. The private sector has pledged an additional $1.4 billion for these projects, Vilsack said.
The agency said it would announce a second round of funding later in the year for other climate-related projects.