Carbon By Indigo Pays $3.7 Million In Second Tranche of Payments
Farmers earned $30 per carbon credit sold in Carbon by Indigo’s second round of payments.
“This is another notable milestone for Indigo and the agriculture industry as a whole,” said Heather Gieseke, vice president, Carbon Commercial for Indigo Ag in the announcement. “We’re excited to celebrate the growth of Carbon by Indigo with this second round of payments to our farmers. They give farmers a leg up as they make purchasing decisions for next year's growing season and signify the future of improved profitability through farmers' sustainable efforts."
The announcement was made on December 15, and Indigo had 450 farmers participate in the program. For farmers who participated in the first issuance of credit payments, they received an additional payment to reflect the $30 rate, which was 200% increase over the original minimum payment.
“Payments per credit have doubled from our initial payments to farmers in September 2021. We’re excited to see farmers benefit economically for adopting practices that sequester carbon and improve soil health,” Gieseke said. “As we round the corner on our second year, we’re pleased to see that about 90% of farmers in the first issuance continued their practices and generated payments in both years. This illustrates the durability of carbon farming, the attractiveness of our program, and the dependability of income generation for participating farmers.”
The Carbon by Indigo program is available in 30 states and pays farmers for carbon sequestration and abatement outcomes using practices such as cover crops, no-till, reduced tillage, nitrogen application protocols and adding a new crop to the rotation.
Keaton Brenneman, a Carbon by Indigo participant who farms in Ohio said: “We started experimenting on a small scale with cover crops and Indigo just fit our program really well and allowed us to expand. It’s about soil health, increasing carbon in your soil, and building the nutrients that come from organic content. And now that we see the payments coming in, it’s all added up very nicely.”
Indigo says its program doubled in acres in 2022.
