Fonterra methane joint venture announces latest investment
Fonterra CEO Miles Hurrell was joined at Fieldays by New Zealand Prime Minister Chris Hipkins and Agriculture Minister Damien O’Connor to announce the new trading name of the Centre for Climate Action Joint Venture and its latest investment.
The newly named AgriZeroNZ is a world-first investment fund established between Government and major agribusiness companies to make sure New Zealand pasture-based farmers have equitable access to affordable and effective tools and technology to reduce their agricultural emissions, while maintaining efficiency, production and profitability.
AgriZeroNZ’s shareholders are Fonterra, ANZCO Foods, Rabobank, Ravensdown, Silver Fern Farms and Synlait, jointly owning 50%, with the other 50% owned by the Government through MPI.
Fonterra will contribute up to $50 million over four years. AgriZeroNZ’s third and latest investment is $4 million in a methane measurement facility, taking its confirmed investments to over $8 million since launching in February this year.
The measurement facility will be constructed at the Massey University dairy research farm in Palmerston North and will house twelve new cattle respiration chambers and associated infrastructure. AgriZeroNZ’s investment is in addition to $11.7 million from Government, $2 million from AgResearch, and support from Massey University who will supply the land.
In April, AgriZeroNZ announced its investment of $1.8 million for a stake in Ruminant Biotech, a New Zealand-based start-up that is developing a slow-release, biodegradable methane-inhibiting bolus for livestock. In May, AgriZeroNZ committed $2.5 million to ensure the continuation of research underway in New Zealand toward developing a methane vaccine and methane inhibitor for use in livestock.