News in Brief:
– The Biden-Harris Administration allocates $145 million to facilitate landowners’ participation in climate markets, aiming to democratise access and bolster rural economies.
– The funds prioritise equitable support for underserved landowners, driving inclusivity and aligning with broader environmental justice and sustainable agriculture initiatives.
Biden-Harris administration recently invested a staggering $145 million from the Inflation Reduction Act (IRA) to facilitate the participation of landowners in emerging climate markets.
This initiative, part of the Investing in America agenda, is set to revolutionise the landscape of climate-resilient farming practices across the nation.
Recognising the pivotal role of private landowners in fostering climate resilience and forest vitality, Agriculture Secretary Tom Vilsack emphasized the significance of these investments during the announcement of the fund.
The allocated funds aim to democratise access to climate markets, previously inaccessible to underserved and small-acreage forest landowners, thus championing climate action while bolstering rural economies.
Forests stand as formidable allies in combating climate change, and the advent of private-sector climate markets introduces economic incentives to preserve forest health sustainably. By encouraging practices like reforestation and improved forest management, these markets pave the way for long-term environmental stewardship while fostering economic growth.
Of the allocated funds, $116 million is dedicated to 20 Forest Landowner Support projects which focus on equitable access for underserved communities. Notably, initiatives like the Center for Heirs Property Preservation in Arkansas and the US Endowment for Forestry and Communities underscore a concerted effort to extend support to marginalized landowners.
This initiative aligns with President Biden’s Justice40 Initiative, striving to ensure that the benefits of federal investments reach disadvantaged communities disproportionately impacted by environmental challenges. Moreover, it reinforces the America the Beautiful initiative, empowering local conservation efforts nationwide.
With an additional $29 million allocated to states and territories, the initiative aims to foster technical assistance programs, enhancing access to incentives and markets for underserved landowners. Furthermore, ongoing proposals offer avenues for additional projects, promising further strides in climate-conscious agriculture.
