Jan 20, 2025 (MarketLine via COMTEX) --
The fund will help farmers receive sustainability payments above existing compensation for their products.
The British Co-operative Group, known as the Co-op, has unveiled a AGBP820,000 ($997,390) fund to bolster sustainability initiatives among British farmers.A
The initiative is poised to provide financial incentives for farmers who adopt measures to reduce carbon emissions and enhance nature on their farms, with a focus on the beef, lamb and dairy industries.A
Allocated across two principal projects, the fund will enable participating farmers to receive sustainability payments in addition to existing compensation for their products.AA
The first project, targeting the dairy industry, involves a collaboration with the Soil Association Exchange to assist the 140 farmers within Co-op's Dairy Farming Group.AA
The objective is to lessen their carbon footprint and establish baselines for crucial environmental indicators such as biodiversity and soil health.A
Farmers will be eligible for sustainability payments and will have the autonomy to select an action plan tailored to their specific needs.AA
Guidance will be provided by advisors from the Soil Association Exchange, offering strategies ranging from reducing fertiliser usage to enhancing fuel efficiency and investing in renewable energy sources such as solar power.A
The second initiative, known as Co-opaEUR(TM)s Beef Sustainability Scheme, incentivises farmers for implementing sustainable practices on their farms.AA
Initially launched as a two-year pilot programme, it will encompass 15% of Co-op's beef supply chain in 2025 and will extend its reach to include lamb producers for the first time.AA
The scheme anticipates cuts of 100,000 tonnes of carbon emissions over five years by increasing coverage of beef and lamb supplies.AA
Participating farmers will engage in environmentally friendly actions such as breeding more efficient livestock and improving feed quality.A
Co-op managing director Matt Hood stated: aEURoeBacking UK agriculture is more important than ever - at Co-op, this means investing hundreds of millions every year to be one of the few UK retailers to be totally 100% British across meat, poultry and dairy throughout our own supply chain and committing support for farmers addressing the growing need for sustainability and climate resilience.AA
aEURoeWe know our members and customers feel the same and they value being able to buy the high quality, British-sourced products they love.aEURA
In a separate development, Co-op inaugurated its first new outlet of 2025 on 17 January 2025 at Salford Quays.AA
The opening of the new Salford Quays store follows the retailer's announcement of plans to launch up to 75 new locations during the year, including both Co-op estate stores and franchise outlets.A
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