Value of climate credits, foreign ownership concern U.S. farmers

Farmers believe they can play a part in reducing greenhouse gas emissions, but they want money for what they do. That demand is proving to be tough for Congress to do. A House-passed climate bill would allow farmers and landowners to earn credits for measures that can remove or keep carbon out of the atmosphere. When farmers stop tilling their fields or convert cropland to pasture, carbon in the form of plant material is kept in the soil rather than released into the air. The credits then could be sold to utilities or other companies that would be required to reduce emissions of carbon dioxide and other greenhouse gases. However, the House bill includes restrictions on farmers' carbon-saving projects that could make the credits virtually worthless, according to farm groups. David Miller, who helped set up a carbon-credit program for Iowa Farm Bureau, said credits could be worth "next to nothing." The legislation also includes provisions to guarantee that most of the credits permitted by the bill would go to landowners overseas who agree not to cut down rain forests. Senators have expressed concern that allowing the buying and selling of credits will primarily benefit foreign landowners who generate the credits and hedge funds and other big investors who speculate in them. There are differences over how tightly the credit market should be regulated: Some lawmakers fear a repeat of the financial meltdown tied to subprime mortgages...DesMoinesRegister




















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