They may not work on every farm or even be suitable for every farmer, but where the gears mesh carbon farming projects can be of significant financial benefit to an agricultural business.
That was the message coming from a comprehensive panel discussion led by Dave McKeon from Thomas Elder Sustainable Agriculture during Beef 2024.
Mr McKeon said as a still relatively new industry, it was important producers clearly understood why they wanted to be involved in carbon farming and how it would fit it with their existing farm business.
"At Elders, our starting point is that carbon farming has to have an agricultural approach," Mr McKeon said.
"That requires understanding what the options are, obtaining the necessary advice, and identifying how carbon farming will work within the existing agricultural business."
Panel member and Monto-based grazier James Henderson, who also co-founded the natural capital advisory company Isodore, said carbon projects were an opportunity that needed to be thoroughly investigated.
"Where I see people go wrong in carbon farming is that they do not seek out the right advice and end up with the wrong methodology for their business," Mr Henderson said.
Where I see people go wrong in carbon farming is that they do not seek out the right advice and end up with the wrong methodology for their business.
- James Henderson
"Too often people take the word of the first carbon aggregator they speak with, who may or may not be providing exactly the right information for that situation.
"There is also a lack of legal advice sought on the contract, and what impact the project can have on the day to day management of the business.
"An accountant can provide tax advice, but the contract side also needs to be clearly understood and that can require obtaining some specialist legal advice."
However, he said where carbon farming worked it could be a profitable undertaking that increased the per hectare return of a farm business, he said.
Australian Agricultural Company head of sustainability Naomi Wilson said considerable effort had gone into understanding the potential impact of carbon farming on a diverse business that ran more than 430,000 cattle on about 6.5 million hectares of land.
"We're spent the past four years studying our cattle herd as part of our commitment to sustainability," Ms Wilson said.
"It's been a slow process, but we are developing a better understanding of how carbon farming could work for AACo.
"Our focus is production and carbon is just one component of the business mix."
Thomas Elder Sustainable Agriculture national carbon farming technical manager Dr Thakur Bharrarai, who is based at the University of Central Queensland at Rockhampton, reinforced it was important for landholders to identify the carbon farming methodology for their particular situation.
"My top tip is that farmers need to very clearly understand what potential carbon farming projects involve and also who is the most suitable service provider," Dr Bharrarai said.
"There is a lot of important information available and it is important to understand what is being presented."
Mr McKeon said there were several different forms of carbon farming, including soil projects in higher rainfall areas, vegetation based programs, as well as savannah burning.
"A conversation with the right people is a great starting point in this journey that is creating so much interest," he said.
"There is certainly a lot to understand."
