Selwyn_Times: December 07, 2022

46 Selwyn Times Wednesday December 7 2022
SELWYN RURAL LIFE
Adapting to climate change
A new report released by Lincoln University and Westpac
NZ finds agile farm management will be critical in
reducing emissions and adapting to climate change.
Authored by Lincoln University’s
Agribusiness and Economics Research
Unit on behalf of Westpac, The
Westpac NZ Agribusiness Climate
Change Report assesses the risks
and opportunities presented by
climate change, as well as the sector’s
vulnerabilities and potential responses.
Westpac NZ Head of Agribusiness
Tim Henshaw says the report and a
series of factsheets were designed to
provide Westpac customers and other
farmers and growers with impartial
information about the way climate
change may affect their location and
type of production, and how they can
respond.
“Importantly, the report finds
there is already a range of existing
management options available to assist
farmers in strengthening the physical
resilience of their farming systems
and meeting New Zealand’s 2030
agriculture climate targets, with only a
few requiring an initial investment of
capital.
“However, applying these options
more widely will require uptake of best
practice farm management. This may
require a significant uplift in skills and
training to ensure a greater number
of farmers have sufficient expertise to
both reduce emissions and adapt to
climate change.”
Mr Henshaw says the report makes
information relevant to farmers and
growers by exploring credible case
studies. He says the optimal response
to climate change will be different for
every producer.
“There is no single off-the-shelf
solution. I’d encourage primary
producers to think about how the
climate is changing in their part of
the country, and what effect that will
have on production. They also need
to consider what expertise they have
available to adapt their operations, and
plan to fill that gap if it exists.”
Mr Henshaw says the report also
explores the opportunities that
may arise for producers that adapt
quickly. “In some cases, land may
become suitable for different types of
production that were not previously
viable.”
In another finding, the report also
assesses the way de-stocking combined
with improved productivity can help
both reduce emissions and maintain
profitability. He says many initiatives
should be regarded as ‘win-win’ as
they will have side benefits such as
improving soil health or biodiversity.
The report was produced
as part of a wider body of
work undertaken by Lincoln
University for Westpac NZ
looking at the impact of
climate change on agriculture
in New Zealand.
Mr Henshaw says Westpac can play a
key role as a lender in helping farmers
and growers prepare for a warmer
future.
“Earlier this year we launched a pilot
of our new Sustainable Agribusiness
Loans with a small group of farming
customers. The loan is the first of its
kind to require a customer to meet all
parts of the Sustainable Agriculture
Finance Initiative guidance. This
guidance includes practices to
reduce emissions, improve long-term
resilience and deliver more sustainable
outcomes in terms of water, waste,
pollution and ecosystems.”
Once farmers commit to meet the
guidance, they have two years to
achieve that goal and will be supported
with discounted loan pricing.
Westpac plans to make the loan
available to its agri customers in 2023.
To read the report visit: www.westpac.
co.nz
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