Emiko Terazono and Leslie Hook reported yesterday at The Financial Times Online that, “Indigo Agriculture, a Boston-based agritech start-up, will start paying farmers to store carbon in soil, as it seeks to spur a novel market that could help address climate change.
“The new initiative is part of a growing field of climate-related agricultural practices — which have been supported by companies including General Mills and Cargill — that seek to reduce the amount of carbon dioxide in the air.
“Indigo, which has raised $650m from investors including Baillie Gifford and the Investment Corporation of Dubai, said the initiative was part of its efforts to encourage sustainable agricultural practices and address climate change.”
The FT article noted that, “Founded five years ago, Indigo sells crop microbials to replace chemical fertilisers and pesticides, and operates a digital marketplace for grains akin to an ‘Ebay for farmers,’ as well as a grain transport service.
“Indigo said it hoped to sign up more than 3,000 growers, covering more than 1m acres this year. They will be paid $15 for every tonne of carbon dioxide that is stored underground.
“It plans to sell the carbon credits that can offset a company’s inherent emissions to the food and agriculture sector.”
