Barclays launches £250m in financial support to help farmers drive Sustainability through Agri-Tech

Barclays has teamed up with Nigel Owens MBE, world-renowned rugby union referee and Welsh cattle farmer, to launch a campaign to drive awareness amongst consumers on the benefits of helping the food system become carbon net zero. Sustainability Through Agri-Tech will provide farmers with access to £250 million which is available to support their business to become carbon net-zero through Agri-Tech solutions.

In a survey of 1,000 UK farmers, eight in ten (83 per cent) say that they believe they could be carbon neutral by 2035, five years ahead of the 2040 target set by the National Farmers Union (NFU). One in six (16 per cent) believe that they have already reached this goal, while 65 per cent said they were thinking about how to make their businesses more sustainable in the wake of the pandemic. More than two thirds of respondents (69 per cent) also said that becoming greener will increase their farm’s competitiveness after the UK has left the EU, indicating Brexit could accelerate their transition to becoming carbon neutral.

Barclays has also uncovered a growing appetite across the South East for carbon neutral foods, with research indicating that the average consumer in the South East would pay £191.88 per year on top of their shopping basket totals for more sustainable produce. This equates to more than a billion pounds in total each year in the South East alone, with the whole UK population prepared to pay an additional £10 billion for carbon neutral foods annually.

Nigel Owens MBE, rugby union referee and farmer in Pontyberem, Wales said: “It’s great we’re starting to talk more about how farmers can further enhance the environment and be part of the climate change solution while keeping the nation fed and healthy, which is especially important at times like this.

“I’m a proud owner of 35 Herefordshire cows, and cattle play an important role in the ecosystem when managed properly. Grassland is very good at capturing carbon from out of the atmosphere, and soil is key to carbon sequestration policies, an underrated solution to tackling climate change. I’ll continue to plant more trees and will look into Technologies that can help the farm to become more efficient too.

Mark Suthern, National Head of Agriculture at Barclays Business Bank, said: “There’s already a huge amount of work going on across farming enterprises of all types so their businesses can reach the carbon net zero goal by 2040. It’s also encouraging to see consumers willing to pay for carbon neutral foods, as we all consider our role in helping the industry become carbon neutral from farm to fork.

“Without doubt, investment in Technologies will play a part in businesses becoming carbon neutral, but it’s important that we continue to support the sector in the supply chain, both as an industry and with Government policy.