Take Two: Truterra Opens Second Round of Carbon Market Enrollment for 2022
It’s another window of opportunity. Truterra has announced buyer demand created a second enrollment period for its carbon program.
This year’s program had its first round of enrollment beginning in December. Since then, an additional nine ag retailers in its network have been added, and this second round closes June 30.
Farmers who have a qualifying change in practice from crop years 2019, 2020, or 2021 are eligible to enroll and receive up to $25 per ton for carbon stored in their soils.
“Now is a great time for farmers to enroll if they’ve made a change practice in the past three years,” Mariah Murphy, Senior Manager of Member Owner Engagement for Truterra LLC, says. “They’ve already made the change, and if they keep waiting, they’ve going to wait themselves out of an opportunity.”
There are two paths to get enrolled: go to the Truterra website or work with one of the 50 Truterra retailers across 17 states.
“This additional enrollment period builds upon high farmer interest and buyer demand following the first enrollment announcement in December 2021,” Murphy says. “Truterra is trying to create a very farmer-friendly contract and experience. We can provide an estimated offer to the farmer and they can go through the data collection phase before they sign a contact—it gives them full visibility.”
Along with the high level of transparency, Murphy says one of the program’s strength is its network of ag retailers, which can help segment and identify grower candidates who would be good participants.
“We aren’t able to take data we have and make assumptions. Farmers own their data, and anything we have access to or use is aggregated and anonymous,” she says. “We lean on the ag retailers to scout out the potential farmers.”
Notably, for its 2021 enrollment, Truterra paid more than $4 million to farmer participants. The company has said the buyer is Microsoft Corporation, which they’ve confirmed a buyer relationship with through 2023.
Murphy says Truterra has now created a track record in being able to facilitate a reputable program at scale.
“Overall, I’d say carbon is causing a lot of stress on the ag retail environment and on the farmer relationship. There isn’t a consistent contract. There aren’t consistencies across the programs,” she says. “We are providing farmers and retailers the most transparent information we can provide: buyers, practice changes, the total carbon stored.
She adds, “The future state of carbon markets will continue to evolve over the next 1 to 2 years. We are still going to be in the messy space. The future of sustainability will be more about nitrous oxide credits and low carbon intensity grain.”
And as such she encourages those who are interested to do their research, work with trusted advisers, and get ready to get enrolled.
