Minister for Climate Change and Energy, the Hon Chris Bowen MP
Minister for Agriculture, Fisheries and Forestry, Senator the Hon Murray Watt
The Albanese Government is investing $9.3 million in soil technology that could help Australian farmers increase soil carbon in cropping systems, improve soil health and resilience, and diversify farm income.
Finance from the Clean Energy Finance Corporation (CEFC) has been invested in regional company Loam Bio that is developing technology to store carbon in agricultural soils.
Increased soil carbon helps soil to retain more water and improves plants' ability to take up nutrients, resulting in better agricultural productivity and resilience.
One of the major challenges for soil carbon storage is that carbon naturally reacts with oxygen and water, releasing it back into the atmosphere.
Loam's Carbonbuilder microbial technology works with the root system of crops, enhancing a plant's natural ability to store carbon in the soil.
Minister for Climate Change and Energy Chris Bowen said the technology could help lower emissions and improve soil carbon storage, enabling farmers to participate in valuable carbon markets.
"Our government is committed to equipping farmers with the tools they need to combat the climate crisis that is delivering more extreme and intense weather events," Minister Bowen said.
"By boosting water retention in soils, the Loam technology has the potential to help Australian farms to become more drought resistant and more sustainable."
Minister for Agriculture Murray Watt said the Government was proud to be backing a regional agricultural success story.
"Loam began in Orange and now has expanded to four laboratories and a presence in the United States and Canada," Minister Watt said.
"Government finance will support the development of this crucial soil technology that will support regional jobs and development while benefitting Australian farmers."
"The Albanese Government is committed to working with the ag industry to help achieve their goals to become even more sustainable."
The CEFC has already invested $5.8 million in Loam, taking its total investment to $15.1 million.
