Celebrating National Ag Day is about recognising the vital role the agriculture sector plays in our economy, including how farmers embrace innovation to improve productivity while benefiting the environment and paving the way for a more sustainable future.
This year, CBA is proud to highlight two customer stories that showcase how Australia’s agriculture sector is advancing sustainability while supporting a profitable and viable agricultural economy.
Forever Wild, an ecological and social enterprise, and Corporate Carbon, a carbon project service provider, have entered into a $1.7 million carbon credit pre-payment transaction with CBA. Under the financing structure terms, the bank has prepaid for a portion of the Australian Carbon Credit Units to be generated by a carbon project in Western Australia and that will be delivered over a five year period.
The deal supports Forever Wild and Corporate Carbon to acquire and manage pastoral leases for cattle stations at Narndee Station and Mount Magnet in Western Australia, along with an associated carbon credit project.
Gary Wyatt, Managing Director of Corporate Carbon, said the innovative deal recognised the value of the better environmental outcomes of the carbon credit project alongside the agricultural production value of the properties.
“We have a shared mission to help the agriculture sector reduce the impact of climate change while advancing our agri-economy,” Mr Wyatt said. “We believe this is the very beginning and there is substantial opportunity to make these sorts of transactions business as usual.”
Fianchra Kearney, Chief Executive Officer of Forever Wild said the organisation is committed to conserving biodiversity, ecological systems, the cultural heritage of First Nations peoples and working with the broader community.
Banner image: Corporate Carbon Managing Director Gary Wyatt with Corporate Carbon Rangelands Officer Robert Kane in the field at Narndee Station and Mount Magnet in Western Australia
Forever Wild CEO Fiachra Kearney
CBA understood the unique challenges and complexities in advancing sustainability in agriculture, and how to translate that understanding into action.
“Impact investment in sustainable agriculture is at the heart of what we do,” Mr Kearney said. “Agribusinesses need to work towards more regenerative and restorative ways of doing business.
“This transaction demonstrates to other agribusinesses how improving sustainability can be viably achieved.”
