In a landmark $75 million commitment in the pastoral sector, the Clean Energy Finance Corporation (CEFC) is targeting cuts to on-farm methane emissions, together with Paraway Pastoral Company (Paraway), one of Australia’s largest pastoral operators. The CEFC commitment, through an agricultural fund managed by Macquarie Asset Management, will see Paraway aim to reduce its methane intensity by at least 30 percent by 2030, aligned with the principles of the Global Methane Pledge.
Operating 28 pastoral and cropping farms over more than 4.5 million hectares across Australia, Paraway has capacity to run more than 220,000 cattle and 250,000 sheep, as well as a mixture of dryland and irrigated cropping.
As part of the commitment, Paraway will trial and showcase new technologies and practices to cut emissions, including altered herd management and genetics selection, changes to feed additive and farm practices, vegetation management and enhanced emissions measurement. Progress will be shared with other producers to encourage further emissions reduction in the vital agriculture sector.