Michael Beer, managing director of business development for AgriFutures Australia, said farming of Asparagopsis is still in its infancy, with no large-scale production currently in Australia.

“With better control of the operating environment, including water quality, temperature, and frequency of harvesting, in a land-based aquaculture system, it could become the dominant production system for Asparagopsis. “said Mr. Beer.

“Terrestrial aquaculture systems are likely to have quite different establishment and ongoing cost structures than oceanic systems. The scale will undoubtedly reduce the costs of establishing and operating these facilities.

Carmel Onions, managing director of Commonwealth Bank Agribusiness, said Asparagopsis could make a significant contribution to the Australian red meat and livestock industry’s goal of achieving carbon neutrality by 2030.

“Livestock is a key segment of Australian agriculture and our biggest agricultural export,” Ms Onions said.

“The sustainable development of the livestock industry is recognized as an important part of the solution to meeting the complex challenges of producing food sustainably to feed a growing world population.

“Commonwealth Bank is committed to achieving net zero emissions by 2050 and is proud to support research that drives innovation by Australian farmers and the agricultural sector to develop new sustainable farming techniques.”

What you need to know :

The Scoping study of the capital requirements for commercial production of Asparagopsis for methane reduction in cattle (the report) has been published for general information purposes only. The Bank believes that the information contained in the report is correct and that all opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its compilation, but no representation or guarantee, express or implied, n is made or provided as to the accuracy, reliability or completeness of any statement made in the report. All opinions, conclusions or recommendations stated are subject to change without notice. All projections and forecasts are based on a number of assumptions and estimates and are subject to contingencies and uncertainties. Different assumptions and estimates could cause materially different results. The Commonwealth Bank accepts no responsibility for any loss or damage resulting from the use of all or part of the report.