Corteva Announces Expansion of Corteva Carbon Initiative for 2022 Crop Year
Corteva (NYSE: CTVA) has expanded its Carbon Initiative for the 2022 crop year, collaborating with Indigo Ag to enable farmers to earn carbon credits. Farmers will receive 75% of the credit value, potentially earning up to $30 per credit, with a guaranteed minimum of $15. The initiative now spans 11 states and includes more crops and practices, allowing farmers to receive credits for eligible actions taken since post-harvest 2020. This program aims to help farmers realize sustainable profits while positively impacting the environment.
- Farmers can earn up to $30 per carbon credit with guaranteed minimum earnings of $15.
- Expanded offering now available in 11 states, increasing market reach.
- Increased eligible practices, allowing more farmers to participate and benefit.
- None.
WILMINGTON, Del., Aug. 26, 2021 /PRNewswire/ -- Corteva, Inc. (NYSE: CTVA) today announced the expansion of its Carbon Initiative for the 2022 crop year, supported by a strategic collaboration with Indigo Ag. Corteva's program continues to provide a simple path for farmers to maximize the value of their soil health practices, now by producing independently verified credits measured, generated and sold through Carbon by Indigo.
Expanded farmer benefits for 2022 now include:
- Aligned Incentives: Farmers will receive
75% of the credit value so as future prices rise, they capture the majority of the upside. - Premium Prices: Highest quality credits built on Indigo's scientific rigor maximize the value of this opportunity. Based on market projections farmers could earn as much as
$30 or more per credit, with the added security of a guaranteed minimum payment of$15 /credit. - More States: The offering is available across 11 states including Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
- More Practices and More Crops: Increased nitrogen use efficiency is an eligible practice change, in addition to introducing cover crops and reducing tillage. The Initiative also now supports 17 of the most common crop types across the U.S.
- Longer Lookback: Farmers will get paid on eligible practice changes that were conducted post harvest of 2020.
Through this expansion, the Corteva Carbon Initiative's core focus remains to help farmers produce carbon credits simply and for a fair price, with programmatic and agronomic support from a Corteva advisor. Farmers are in control of their practices and can use Corteva's free and easy-to-use digital tool, Granular® Insights™, to securely log those practices, seamlessly measure their impact, and generate premium credits with Carbon by Indigo.
"In a fast-growing agricultural carbon credit market, Indigo's science-based program is committed to demonstrating real climate impact in service of generating real revenue for farmers. Corteva is a partner who shares our position of farmer's choice. As with any crop, quality drives value," said Chris Harbourt, Global Head of Carbon at Indigo. "Mounting demand for high-quality credits has already resulted in price increases of
Rooted in farmer trust and with a focus on transparency, the Corteva Carbon Initiative now harnesses the power of Carbon by Indigo's advanced capabilities for measuring and verifying carbon sequestration and greenhouse gas abatement at scale and aligned with industry standards, signaling a meaningful step forward for establishing carbon credits as a new revenue source for farmers. The collaboration brings access to a guaranteed buyer network for independently certified carbon offsets, including leading global organizations such as Boston Consulting Group and JPMorgan Chase.
"Staying true to Corteva's commitment of delivering farmer-focused sustainable technology to the farm gate, the Corteva Carbon Initiative continues to evolve based on farmer needs," shared Judd O'Connor, President, U.S. Commercial Business at Corteva Agriscience. "Since we first launched in April 2021 to corn and soybean farmers in Illinois, Indiana and Iowa, thousands of U.S. farmers have inquired about our program, so we have worked tirelessly to expand access."
The collaboration builds on both companies' efforts to leverage cross-sector industry cooperation to help farmers optimize their return on investment on soil health practices. For example, by measuring and quantifying farmers' carbon impact in accordance with standards set by the Climate Action Reserve, a nonprofit organization that manages leading GHG offset project registries, the collaboration provides transparency and confidence in credits generated for the benefit of growers and buyers. Additionally, participating growers can unlock government funding through FarmRaise, a startup that helps U.S. farmers easily apply to federal, state and local funding for their soil health practices.
Farmers interested in learning more can quickly estimate their carbon payout here, and those interested in gaining access to new carbon market opportunities through Corteva's Carbon Initiative can learn more here.
About Corteva
Corteva, Inc. is a publicly traded, global pure-play agriculture company that provides farmers around the world with the most complete portfolio in the industry - including a balanced and diverse mix of seed, crop protection and digital solutions focused on maximizing productivity to enhance yield and profitability. With some of the most recognized brands in agriculture and an industry-leading product and technology pipeline well positioned to drive growth, the company is committed to working with stakeholders throughout the food system as it fulfills its promise to enrich the lives of those who produce and those who consume, ensuring progress for generations to come. Corteva Agriscience became an independent public company on June 1, 2019 and was previously the Agriculture Division of DowDuPont. More information can be found at www.corteva.com.
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About Indigo Ag
Indigo Ag improves grower profitability, environmental sustainability, and consumer health through the use of nature-based and digital technologies. The company's core offerings – Biologicals, Carbon, Marketplace, and Transport – integrate across the supply chain to optimize how the world's most impactful crops are produced, sourced, and distributed. Founded in 2014 with a mission of harnessing nature to help farmers sustainably feed the planet, today the company's technology connects stakeholders across the agricultural ecosystem to unlock sustainability and profitability benefits for all. Indigo Ag is headquartered in Boston, MA, with additional offices in Memphis, TN; Research Triangle Park, NC; Sao Paulo, Brazil; and Basel, Switzerland.
™ ® ℠ Trademarks and service marks of Corteva Agriscience and its affiliated companies.
Cautionary Statement About Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and may be identified by their use of words like "guidance", "plans," "expects," "will," "anticipates," "believes," "intends," "projects," "estimates," "outlook," or other words of similar meaning. All statements that address expectations or projections about the future, including statements about Corteva's strategy for growth, product development, regulatory approval, market position, anticipated benefits of recent acquisitions, timing of anticipated benefits from restructuring actions, outcome of contingencies, such as litigation and environmental matters, expenditures, and financial results, as well as expected benefits from, the separation of Corteva from DowDuPont, are forward looking statements.
Forward-looking statements are based on certain assumptions and expectations of future events which may not be accurate or realized. Forward- looking statements also involve risks and uncertainties, many of which are beyond Corteva's control. While the list of factors presented below is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Corteva's business, results of operations and financial condition. Some of the important factors that could cause Corteva's actual results to differ materially from those projected in any such forward-looking statements include: i) failure to obtain or maintain the necessary regulatory approvals for some Corteva's products; (ii) failure to successfully develop and commercialize Corteva's pipeline; (iii) effect of the degree of public understanding and acceptance or perceived public acceptance of Corteva's biotechnology and other agricultural products; (iv) effect of changes in agricultural and related policies of governments and international organizations; (v) effect of competition and consolidation in Corteva's industry; (vi) effect of competition from manufacturers of generic products; (vii) costs of complying with evolving regulatory requirements and the effect of actual or alleged violations of environmental laws or permit requirements; (viii) effect of climate change and unpredictable seasonal and weather factors; (ix) risks related to oil and commodity markets; (x) competitor's establishment of an intermediary platform for distribution of Corteva's products; (xi) impact of Corteva's dependence on third parties with respect to certain of its raw materials or licenses and commercialization; (xii) effect of industrial espionage and other disruptions to Corteva's supply chain, information technology or network systems; (xiii) effect of volatility in Corteva's input costs; (xiv) failure to realize the anticipated benefits of the internal reorganizations taken by DowDuPont in connection with the spin-off of Corteva and other cost savings initiatives; (xv) failure to raise capital through the capital markets or short-term borrowings on terms acceptable to Corteva; (xvi) failure of Corteva's customers to pay their debts to Corteva, including customer financing programs; (xvii) increases in pension and other post-employment benefit plan funding obligations; (xviii) risks related to the indemnification obligations of legacy EID liabilities in connection with the separation of Corteva; (xix) effect of compliance with laws and requirements and adverse judgments on litigation; (xx) risks related to Corteva's global operations; (xxi) failure to effectively manage acquisitions, divestitures, alliances and other portfolio actions; failure to enforce; (xxii) risks related to COVID-19; (xxiii) risks related to activist stockholders; (xxiv) Corteva's intellectual property rights or defend against intellectual property claims asserted by others; (xxv) effect of counterfeit products; (xxvi) Corteva's dependence on intellectual property cross-license agreements; (xxvii) other risks related to the Separation from DowDuPont; (xxvii) other risks related to the Separation from DowDuPont; (xxviii) risks related to the Biden executive order Promoting Competition in the American Economy; and (xxix) risks associated with our CEO transition, including failure to timely identify a successor CEO. Additionally, there may be other risks and uncertainties that Corteva is unable to currently identify or that Corteva does not currently expect to have a material impact on its business. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of Corteva's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Corteva disclaims and does not undertake any obligation to update or revise any forward-looking statement, except as required by applicable law. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements or other estimates is included in the "Risk Factors" section of Corteva's Annual Report on Form 10-K, as modified by subsequent Quarterly Reports on Forms 10-Q and Current Reports on Form 8-K.
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SOURCE Corteva, Inc.
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