By George George Idowu
The CEO and Founder of HeavyFinance, European climate tech firm, Laimonas Noreika, is spearheading an ambitious mission to remove 1 gigaton of CO₂ emissions by 2050 through innovative agricultural practices.
Noreika’s vision centres on transforming agriculture from a carbon emitter into a vital carbon sink.
While climate solutions often highlight wind turbines, solar panels, and electric vehicles, Noreika advocates for regenerative agriculture, a method that enhances soil health to sequester atmospheric carbon dioxide.
“Soil, following the oceans, is the second-largest natural carbon sink,” he notes. Practices like planting cover crops and reducing tillage can significantly boost soil’s carbon storage capacity, reducing agriculture’s overall carbon footprint.
Being from Lithuania, a nation deeply rooted in agriculture, Noreika’s passion for farming and sustainability was ignited by his early exposure to the farming community’s challenges.
He said: “Despite their crucial role, farmers face significant hurdles, particularly in securing financing. HeavyFinance aims to bridge this gap by providing loans and a platform for investing in agriculture, thereby supporting the transition to regenerative practices.”
He said regenerative agriculture not only sequesters carbon but also enhances the resilience of crops to extreme weather, improves soil health, and reduces the need for chemical pesticides and fertilizers these benefits can fortify food security and protect water quality by minimizing chemical runoff into waterways.
However, Noreika acknowledges substantial challenges to adopting regenerative agriculture, particularly financial barriers. The EU lost over 5 million farms between 2005 and 2020, mainly small operations unable to compete with larger entities.
In 2022, the financing gap for the agriculture sector in the EU surpassed 62 billion Euros. Securing funds for transitioning to sustainable practices remains a significant hurdle for many farmers.
To overcome these challenges, coordinated efforts from investors, businesses, and policymakers are essential.
Noreika suggests that investors focus on projects with credible carbon measurement methodologies and consider the risk of permanence and potential for leakage. Diversifying investments and supporting projects with co-benefits, such as biodiversity enhancement and community development, can also add value.
For businesses, fostering partnerships with regenerative farmers and sourcing from suppliers who employ sustainable practices can drive demand for regenerative agriculture.
This market support can accelerate the adoption of methods that promote environmental resilience.
Noreika’s call to action emphasizes the pivotal role that agriculture can play in combating climate change.
By integrating financial support and sustainable practices, the agricultural sector can transition to a more resilient and eco-friendly future, aligning with HeavyFinance’s mission of a greener planet.