Last week, EFG held its second Member’s meeting at the The Stalls, Sutton Mandeville. Nearly 90 farmers, agents and industry players came to share knowledge on natural capital. The EFG presented its learning so far on the industry and its plans to help guide farmers through this growing marketplace. The day was a true outline of the EFG’s science-backed, farmer-led approach.
Science-backed has become an important pillar of the EFG model. This is demonstrated in the EFG’s cautious but progressive approach to soil carbon. Trusted soil scientist, Mark Kibblewhite (Emeritus Professor at Cranfield University), delivered a presentation which outlined to Members the basis to this approach. The talk was a timely reminder that we cannot rush to provide natural capital services without first ensuring we are happy that an environmental benefit is being delivered. Mark highlighted some of the key flaws of many of the current methods to soil carbon trading and suggested some interesting alternatives around how the market could develop.
Farmer-led is the basis of the EFG model. Teresa Dent CBE (Chief Executive of the Game and Wildlife Conservation Trust) outlined how the EFG can use this approach to deliver its first large-scale environmental project. By ensuring farmers retain accountability for decision making on their own farm and bringing this together with common environmental objectives through the cluster and group structure, this is how environmental change can realistically be delivered at scale. To attract the private investment from the green finance industry, the EFG is looking to deliver this as its first packaged ‘green bond’.
Christopher Sparrow, Managing Director of Natural Capital Advisory, then updated Members on the commercial context of the EFG and the opportunities the group has already taken. This includes building a funnel of trades for Members to sell their natural capital products, organising biodiversity baseline audits across 44 Member farms and building the commercial approach to soil carbon. The EFG will continue to guide farmers in this very quickly moving market through being involved first-hand and by building important strategic partnerships.
Finally, Chairman of the EFG and local farmer, Rob Shepherd, updated Members on the EFG’s current Membership position (now with nearly 70 Members covering over 26,000ha). A range of questions were fielded from the audience and the Second EFG Members meeting came to a close. The EFG Board would like to thank its sponsors Old Mill Accountants, Trethowans Solicitors, Kings and SOYL for their support as well as the continued feedback and support of all its Members.