Developed by Soil Association Exchange, the new Exchange Market will operate as an insetting fund without any sales of carbon credits. Instead, it will pool funds from a range of companies with shared supply chains to pay farmers to reduce emissions. Support to develop the scheme has been given by Lloyds who have helped to convene key retailers and landowners including the Co-Op, Lidl, Tesco and the Church Commissioners for England to contribute to the fund.
It has also been devised in close and ongoing collaboration with a farmer steering group and farmers will receive funding for cutting emissions by adopting action plans that work for them. These plans will be led by the farmer and put together with the support of Soil Association Exchange expert advisors and could include actions such as reducing fertiliser usage by introducing nitrogen-fixing companion crops, better fuel efficiency or investing in solar. Soil Association Exchange Chief Executive Joseph Gridley said: “Exchange Market is about creating real, measurable change within farming systems while empowering farmers to make decisions that work for them. “This carbon insetting programme demonstrates that delivering true environmental outcomes can go hand in hand with financial resilience when farmers and businesses collaborate to build a sustainable future for food and farming. “It represents a major step forward in aligning farming activities with climate goals and demonstrates the power of what can happen when businesses and farmers work together. Collaboration like this enables greater scalability, affordability, and ultimately more impact in reducing agricultural emissions and advancing positive environmental outcomes.” Farmers participating in the scheme can earn £60 per tonne of CO2e (carbon dioxide equivalent) reduced annually, with half of payments provided upfront to help fund their transition
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