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CBA pilots emissions tracking program with Ruminati for Australian farmers
Wed, 21st Feb 2024

The Commonwealth Bank of Australia (CBA) has initiated a commercial pilot project with emissions platform Ruminati. The innovative venture provides farming clients with a baseline to track and model emissions, with the aim of reducing net emissions and aiding in the establishment of long-term resilience and profitability.

Launched in partnership with Ruminati, this pioneering pilot programme is currently available to a specified group of mixed farming and livestock customers across the states of Victoria, Queensland, and New South Wales. The initiative focuses on how changes in farming practices can impact farming emissions, providing important data to the farmer.

At the heart of the programme is the role of understanding in driving emission reductions. By gaining insight into their current emission levels, producers can better utilise opportunities within their supply chain and in the farming operation itself. Proposed practice modifications to bolster both economic and environmental outcomes could encompass changed grazing practices, alternative stocking rates, biodiversity corridors, cover cropping, and the reduction or alteration of chemical usage.

This collaboration with Ruminati follows in the wake of CBA's investment in AgTech integrator Pairtree Intelligence, another step in CBA's commitment to reducing farm operational complexity. The partnership with Pairtree Intelligence facilitates seamless integration with over 100 top-tier AgTech firms, providing invaluable support for farmers.

Paul Fowler, CBA's Executive General Manager of Regional and Agribusiness Banking, highlighted the significance of the Ruminati pilot project, stating, "The pilot with Ruminati is a further demonstration of our commitment to support farmers through transition as they build future-fit farming businesses."

Fowler noted the important shift in attitude towards climate issues in the agricultural sector, observing, "The conversation is shifting from curiosity towards intent and from intent towards action. We want to support customers with access to tools and resources which help them make informed decisions, so they are well placed to take advantage of the opportunities to improve productivity and profitability with the benefit of enhancing natural capital."

The Ruminati pilot allows Commonwealth Bank to serve its agri-customers through data-driven tools designed to predict and control emissions, thus continuing the institution's goal of contributing to a more sustainable agricultural sector. This commitment is just one of the many steps being taken by CBA to support farmers in adapting to and thriving within the challenges of the 21st century.

The Commonwealth Bank of Australia, often referred to as CommBank is one of the largest banks in Australia and a key player in the country's financial sector. With a wide range of banking and financial services, CommBank serves millions of customers, including individuals, businesses, and institutions. It offers services such as personal and business banking, wealth management, insurance, and investment solutions. As a major financial institution, CommBank plays a significant role in Australia's economy and financial landscape.