(31 July 2023 – Australia) Commonwealth Bank (CBA) has closed a deal with plant nutrition group RLF AgTech to develop a pilot soil carbon credit program as part of its strategy to accelerate the development of the quickly growing Australian carbon credit market.
CBA will provide financial backing for RLF AgTech to undertake a pilot program encompassing 5000 hectares of grain growing land, to show how its products and technologies can be used to sequester carbon.
“The deal is strategically important for the bank. It is a signal of other things we are looking to do to help explore different methodologies to unlock the supply of carbon credits that we think Australia has a natural competitive advantage in generating” stated CBA Institutional Banking and Markets Group Executive, Andrew Hinchliff.