June 05, 2024 | Teagasc | Source |
The EU's upcoming carbon removals and carbon farming (CRCF) regulations present significant opportunities for Irish agriculture, according to David Dolan, Nuffield Scholar and dairy farmer. Speaking on the Teagasc Signpost Series webinar, Dolan highlighted key findings from his international study on net-zero emissions farming. He noted the lack of standardized frameworks for carbon credits in Irish agriculture, but praised the EU's efforts to develop a voluntary framework for carbon removals, which could benefit small and medium-sized businesses, including farms.
By 2030, one tonne of carbon could be worth €100, rising to €200 by 2045. Dolan emphasized that the EU's standardization of carbon credits could attract new investments into Irish agriculture. He also highlighted the need for more sophisticated accounting systems to integrate innovative greenhouse gas reduction approaches, such as renewable energy production and afforestation, within the agricultural sector. Dolan recommended enhancing the National Inventory Report's data accuracy and developing a long-term plan to support farmers' investments. Additionally, he suggested establishing a carbon baseline program and a carbon insetting bank to facilitate carbon trading within Irish agriculture.