NFF president, Fiona Simson, said the NFF is launching an exciting program to give real power to farmers, in being able to show buyers, markets and banks the value of a farm's natural resources or natural capital.
"We are inviting farmers, either directly or through their farm advisor or accountant, to take the opportunity to be part of shaping the tool needed for an easy-to-use measure of natural capital value for Australian farmers," Simson said.
The NFF is partnering with Farming for the Future, who will work closely with farmers, ag advisors and accountants to develop a farm-friendly tool which will add value to farm businesses.
Applications are now open, for a limited number of eligible farms, to obtain a complimentary farm assessment. Only three days per year (on-farm) are needed for data and participating in the program.
Starting this autumn, the program will cover four states and about 150 farms. The goal is to have assessed 1500 farms by 2025-26.
Participating farms will gain a clear measure of their natural resource assets which enables better decision making to add value to their natural capital for more profitable production.
Farming of the Future Research director, Sue Ogilvy, said when farmers have a measure of these natural capital values they can be integrated with the farm's normal production and accounting systems.
"In due course this will mean farmers and their advisors can at last attach an asset value to the farm's all essential soil, water, production and ecological assets. These assets can be built for future generations and also prove to the marketplace and banks the farm's true sustainability," Ogilvy said.
"The process will enable farmers to readily show the value of their natural capital and work towards their own farm's sweet spot of managing their own environmental assets and production to suit.
"The end goal is to improve the profitability and resilience of crop and livestock production and to more easily handle climate fluctuations with less stress and greater profits," Ogilvy said.
Farming for the Future is not-for-profit research and capacity-building program with support from the Macdoch Foundation and philanthropists, in partnership with the NFF.
More details can be found here: Resources - Farming for the future
