Article Summary: Like in every part of our lives, technology is progressing at an astonishing rate to provide convenience, accuracy and speed to everything we do. If it’s good for the planet and our hip pockets, too, well, that’s even better, and never before have we seen so many earth-first alternatives. In the agri-world, it’s no different. We’re now seeing new sectors and revenue streams emerge through satellite technology innovations. This blog covers two carbon-friendly, money-saving advancements that will make their way to your paddocks, or rather, overhead skies, soon— carbon farming through satellite sensors and the rise of spatial finance. The best news is that they will benefit you as a farmer financially and sustainably.
Like in every part of our lives, technology is progressing at an astonishing rate to provide convenience, accuracy and speed to everything we do. If it’s good for the planet and our hip pockets, too, well, that’s even better, and never before have we seen so many earth-first alternatives.
In the agri-world, it’s no different.
Satellite technology is advancing, and so is the data it is producing.
One aspect of AgriTech, or FarmTech, is satellite technology and, more specifically, satellite measurement. Since we last spoke about these advances and how they can help you with measuring your pastures in 2020, there have been new studies, developments and new ways of automating the management of your farm.
So what’s happened in the world of satellite measurements since then? Plenty. Because satellites are growing capable of monitoring, sensing and measuring more aspects of the land, producing an increasing amount of data that’s fit for using to our advantage as a sector, the economy and the planet as a whole.
This blog will update you on two carbon-friendly, money-saving advancements that will make their way to your paddocks, or rather, overhead skies, soon.
Carbon Farming Through Satellite Sensors
This innovation is a way to leverage the carbon cycle, remove carbon from the atmosphere, and store it in the soil. It works hand in hand with sustainable on-farm practices and amazing technologies, thanks to satellite measurement advances.
Emerging tech, such as satellite imaging, remote sensing, and AI modelling, are transforming how farmers and agronomists evaluate soil carbon stocks—bringing about a faster, more scalable, and cost-effective method to analyse the amount of carbon in the soil.
With carbon farming, you not only help combat climate change but also open doors to earn additional revenue through carbon markets. It's a win-win! Plus, there are co-benefits like improved soil health, increased yields, and better water retention to address food security concerns.
We know transitioning to these methods and technologies can be a high business risk, but fear not! Financial support is available to help you along the way, and the research being put into these areas is growing.
And forget about those expensive and time-consuming traditional soil carbon measurements—innovative, more efficient methods are emerging.
To unlock this new revenue stream and help to combat carbon, there are a couple of things that need further development and establishment in world agriculture:
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Building a credible soil carbon market and
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Continuing to promote early-stage funding for carbon farming tech
Currently, there is no universally established global framework for accurately measuring and verifying soil carbon stocks. Yet. But this is significant as the world increasingly recognises the importance of climate- and drought-resilient farming practices.
Nevertheless, it's a truly exciting space to keep an eye on because it involves additional revenue streams for farmers and a way to improve the carbon footprint of every farm, hopefully mitigating widespread misconceptions about its impact on the planet.
We hope to see more innovations and a gradual introduction of ways we can adopt carbon farming on our lands soon.
Spatial Finance In Agriculture
Spatial finance is a burgeoning field intersecting with farmland in intriguing ways. This emerging discipline leverages geospatial data and advanced analytics to enhance financial decision-making, particularly concerning land and natural resources.
By incorporating spatial data, such as satellite imagery, remote sensing, and geographic information systems (GIS), spatial finance provides valuable insights into land-based investments, including farmland.
It enables investors, lenders, and policymakers to better assess and manage risks associated with agricultural properties by considering factors like soil quality, water availability, climate patterns, and land-use dynamics. Through spatial finance, stakeholders gain a deeper understanding of the spatial dimension of farmland investments, allowing for more informed and sustainable decision-making in the realm of agriculture and land management.
More banks and insurers have recently been tapping into satellite-generated data to unlock fresh capital ideas. There are even start-ups getting into this space.
Spatial finance is becoming its own market fast because, until recently, banks could not ascertain the exact dimensions and boundaries of properties, nor could they accurately measure individual risks of floods and drought, for example. It’s equipping these financial institutions with data to make more calculated decisions.
But it’s not just lenders and big corporations that can benefit from the work being done in this area.
Here’s how developments in spatial finance can benefit you, the farmer:
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Risk assessment and informed decision-making: With spatial finance, you can assess the risks specific to your land, such as soil quality and climate patterns, equipping you with valuable insights to make well-informed decisions and mitigate those risks effectively.
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Resource management optimisation: Harness the power of spatial data to optimise the management of your resources, including water, fertilisers, and pesticides. This approach allows you to save costs, reduce environmental impact, and enhance the sustainability of your farming practices.
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Access to financial resources: Embrace spatial finance to gain comprehensive land information that opens doors to accessing financial resources for expanding your farm, adopting new technologies, and implementing sustainable practices. It's your ticket to unlocking opportunities for growth and resilience.
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Precision farming and efficient decision-making: By leveraging geospatial data, spatial finance empowers you to implement precision farming techniques. Get ready to boost your productivity, minimise input wastage, and make more efficient decisions regarding crop selection, input application, and resource allocation.
To summarise, spatial finance is here to stay. It will empower you by providing valuable insights, risk assessment tools, and access to financial resources. It will also enable you to make informed decisions, optimise your resource management, embrace precision farming techniques, and enhance your farm's overall productivity and sustainability.
Safe to say, there are good news stories in the world, and the future indeed does seem bright for farming. Stay tuned for more updates in this space and additional in-depth reporting about these fascinating innovations in agriculture. All thanks to satellite technology!
To learn more about what Pasture.io does and how we embrace this tech to deliver you real-time, accurate pasture readings, head to our website or contact our friendly team today!
Until we meet again, Happy Farming!
- The Dedicated Team of Pasture.io, 2023-05-25