$150B farm succession challenge looms for NZ agriculture
Within the next 10 years, New Zealand agriculture will need to manage its largest-ever intergenerational transfer of wealth, conservatively valued at $150 billion in farming assets.
Lachlan Monsborough, head of sustainable business for Rabobank, believes such negative comments tend to put farmers off and they will remain on the outer, instead of gaining more knowledge and information and being part of the solution on environmental matters.
Monsborough was one of the keynote speakers at the recent Agricultural Climate Change Conference held in Wellington, which attracted more than 300 participants. The focus of his presentation was on aligning climate ambitions with realities.
Speaking to Rural News at the event, Monsborough noted that farmers are extremely pragmatic people and respond positively when presented with unassailable facts. He added that everyone is a part of environmental matters and finding ways of mitigating emissions and adapting to climate change.
"Farmers want to do things, they don't want to sit back waiting," Monsborough says. "Once they understand the issues and the options, then a lot of the emotion that has driven the debate in the past comes away."
He sas, in terms of climate change, governments, industry bodies and markets have invested heavily in getting the message out. Monsborough says it is up to farmers to invest and collaborate to get the right answers "We see our role as bankers to challenge their investment decisions and make sure it's the right choice. As part of that, we provide information and networks to support those decisions so that farmers have the products to fit those decisions."
Monsborough acknowledges that there is a lot of misinformation out in the public arena, especially on social media.
He says Rabobank is trying to counter this by sourcing the best objective minds in the business to give their clients' the best information.
"For example, in Australia we are trialling our 60 sessions in the country with Professor Richard Eckard of Melbourne University - who is a highly regarded expert in sustainable agriculture."
He says Eckard's role is teaching 'carbon 101': how the emissions are generated on farm, what the sequestration opportunities are, and helping farmers to know their actual number as a farming business.
Monsborough says it's not widely recognised that farming is and always has been constantly evolving.
"This is in a number of areas, including efficiency and dealing with the environment, but ultimately it's about meeting societal and other expectations."
