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Australia launches $300M initiative to help farmers adopt lower-emission practices, offering loan discounts.
The Australian government has launched a $300 million initiative to help farmers and agribusinesses transition to lower-emission machinery and practices.
Through a partnership with the National Australia Bank, the Clean Energy Finance Corporation offers loans with discounts of up to 1.15% on interest rates, ranging from $1 million to $5 million.
This program aims to aid in reducing greenhouse gas emissions and support economic growth.
Farmers can use the savings to invest in technologies like low-emission fertilizers and methane-reducing livestock feed additives, helping them become more resilient to climate change.
Despite these incentives, the National Farmers' Federation has raised concerns about the high costs and technological barriers to decarbonization.
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