Barclays teams up with rugby ref Nigel Owens to launch £250m agri-tech fund
Barclays has teamed up with world-renowned rugby referee Nigel Owens to launch a £250m fund to help farmers make their businesses carbon neutral.
The new funding comes as research showed that 83 per cent of UK farmers said they could achieve net zero by 2035, five years before the deadline set by the farming union.
With farmers due to spend an average of £195,000 over the next decade on improving sustainability, the “Sustainability through Agri-tech” money will allow them to upgrade irrigation, waste management and slurry systems.
Some farmers also use such tech solutions for practices as diverse as automating feeding systems, monitoring their livestock’s health, or even robotically milking cows.
Many are also planning to invest in solar and wind power or in planting trees and hedgerows.
Owens, who keeps 35 cows on a farm in his native 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.”
According to Barclays, the average consumer is willing to pay an extra £192.40 a year for more sustainable food.
Across the whole country, that amounts to as much as £10bn in additional spending.
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.
“That’s why we have made available £250 million and with our team of agricultural relationship managers we can help to advise on investments and their carbon net zero ambitions.”