Viresco Solutions has a long history of monetizing carbon removals in both the Province of Alberta as well as Nationally. Thanks in part to the leadership and efforts of Viresco Solutions, along with many other committed allies, Canada continues to be a leader in the adoption of Natural Climate Solutions (NCS – also known as Nature Based Solutions). The impact of NCS goes far beyond the farm, for example, by keeping and building organic matter in the soil, conservation tillage can significantly remove produced carbon dioxide that enters the atmosphere, and convert it to soil organic carbon through a process known as carbon sequestration. Since the early 1980’s, innovative collaborations between members of the value chain in agriculture including federal government researchers, provincial government extension specialists, equipment manufacturers, input suppliers, farm groups and farmers themselves have reached a point of adoption in conservation tillage where farmlands across Canada are now removing over 10 Mt of CO2 from the atmosphere every year through conservation tillage.
Monetizing Canada’s Agricultural Sector
A recent cost-benefit analysis conducted out of the University of Saskatchewan quantified the impact of the shared value partnerships in deploying and innovating no-till technology across prairie landscapes from 1985 to 2010. This study demonstrates the power of value chain partners in scaling emission reductions and removals across landscapes in agriculture. The direct on-site benefits (fuel, equipment, labour, and productivity) were worth $24.3 B over that time period (2014 CAD$), including 50% of the benefit captured through technology innovation, and resulting jobs in the no-till and direct seeding equipment manufacturing sector in Canada. The indirect benefits (GHG reductions and carbon sequestration) resulted in over $1B (2014 CAD$) worth of value at $5/tonne emission reductions. The return to investment in the R&D and shared value partnerships by extending/deploying this technological shift in conservation farming is valued at a benefit:cost ratio of 60.8:1, relative to a delayed adoption scenario. Viresco Solutions is ready to help you drive change with today’s new digital and precision ‘Smart’ agricultural technologies by tapping into the economic benefits.
The Canadian Nitrous Oxide Emission Reductions Protocol (NERP) is becoming a Global Standard
Viresco Solutions has been a driving force in the development of the NERP. The NERP is an agricultural carbon offset protocol being adapted across Canada, that gives growers a new way to benefit from reducing greenhouse gas emissions from their farms. The NERP provides producers the opportunity to generate revenue from N2O reductions by switching to an integrated set of Beneficial Management Practices (BMPs) for applying nutrients, referred to as 4R Nutrient Stewardship. 4R Nutrient Stewardship in the context of the NERP involves applying nitrogen sources in a more sophisticated way following the “4R’s” of right source at the right rate, right time and right placeTM. Implementing 4R Nutrient Stewardship results in applied nitrogen being used more effectively, which increases economic performance for farmers by reducing the input costs per unit of crop yield produced.
NERP is a win – win! In addition to reducing GHG emissions, the NERP helps growers:
• Increase food security and prosperity,
• Deploy precision farming by employing variable rate nitrogen fertilizer application; along with other inputs, and,
• Improve soil health and water quality through the application of regionally specific best management practices.
The approach of 4R Nutrient Stewardship and integrated BMPs is gaining global acceptance as a simple systems-based stewardship platform for agriculture that is science-based and supports the Sustainable Development Goals (SDGs). Recently, the NERP and 4R were recognized in the SDG Industry Matrix, published by the UN Global Compact, as an example solution to Climate Change and as a global good practice. The 4R NERP approach is also being deployed through shared value partnerships with members of the agriculture supply chains including the adoption of the approach by Field to Market members in the US (see: https://fieldtomarket.org/update-proposed-revision-greenhouse-gas-emissions-metric-approved/). The 4R NERP approach has also been endorsed by the United Nations Food and Agriculture Organization as a climate-smart agricultural practice. NERP is globally scalable and partnerships continue to grow internationally with the World Business Council and Sustainable Development and others to make a meaningful impact.