The
agency is due to announce the Partnerships for Climate-Smart
Commodities program later on Monday.
The program will tap funds from the USDA's Commodity Credit
Corporation, which provides up to $30 billion annually from the
U.S. Treasury to help stabilize agricultural product prices and
support farm income.
The investment is the latest Biden administration initiative
aimed at combating climate change, with a goal to cut the farm
sector's greenhouse gas emissions in half by 2030 and put the
United States on a path to net-zero emissions by 2050.
Qualified projects could include initiatives that cut or capture
methane emissions on dairy farms or programs which expand the
use of farming practices that soak up more climate-warming
carbon from the atmosphere and store it in the soil.
Expanding such practices could raise the value of U.S. farm
products as food companies and exporters increasingly push to
decarbonize their supply chains, Vilsack said.
"We think there is an emerging opportunity here, as consumers
demand more sustainably produced food here in the United States
and certainly in the export market," he told Reuters in an
interview.
Some climate-focused initiatives have struggled to scale up as
costs often exceed returns.
"This program ... can essentially reduce the risk to farmers so
that they can learn how to do it and see the positive results,"
Vilsack said.
Funding will be awarded to qualified public and private entities
including state and local governments, non-profits, small
businesses, tribal governments and organizations, and colleges
and universities.
Applications seeking grants from $5 million to $100 million are
due by April 8, while those seeking smaller grants are due May
27.
(Reporting by Karl Plume in Chicago; Editing by Marguerita Choy)
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