PCM Receives Grant From International HSBC Bank
The Precision Conservation Program Management (PCM) will receive grant funds from HSBC Bank via the Midwest Row Crop Collaborative (MRCC), the only U.S.-based project included in their Climate Solutions Partnership. PCM will expand into a new region around Paris, Illinois using the funds, allowing more farmers access to the one-on-one partnership with a conservation specialist and the economic analysis of conservation practices that is a hallmark of the program.
“HSBC’s new global Climate Solutions Partnership is about investing in tangible, high-potential methods to attack climate change, and there were no other efforts in the U.S. that impressed us as much as the work being done by MRCC,” said Kelly Fisher, Head of Corporate Sustainability, HSBC USA. “These regenerative agriculture practices will help farmers to keep producing food in a meaningful and sustainable way long into the future.”
The U.S.-based work, driven by MRCC members Kellogg Company, PepsiCo, and The Nature Conservancy partnering with members Unilever and Cargill, is made possible through direct relationships with row crop farmers, in a region where row crops account for 75 percent of agricultural land. As farmers depend on healthy soil and water resources, which are being depleted rapidly, the benefits of regenerative practice adoption can offer a lifeline for individual farms over the long term. These practices protect against the flooding and erosion impacts of increasingly extreme weather, improve crop yields, and reduce production costs.
The Climate Solutions Partnership is part of HSBC’s ambitious climate strategy. HSBC aims to align its provision of financing to net zero by 2050 or sooner, in line with the Paris Agreement goals, and to work across the financial sector and beyond to accelerate solutions that increase the pace of change.
The grant funds will also benefit farmers in Iowa and Nebraska, building on existing projects being implemented by Practical Farmers of Iowa and farmers in Michigan through a sustainably grown grain pilot program.
Precision Conservation Management
PCM is a conservation program that integrates conservation practices and financial data to help farmers understand how specific management changes can impact both their environmental impact and their bottom line. The program was born from USDA Regional Conservation Partnership Program funding with the leadership from IL Corn. Today, IL Corn and Illinois Soybean Association partner to provide the farmer leadership and direction of the program.
Midwest Row Crop Collaborative
Administered by Environmental Initiative, the Midwest Row Crop Collaborative explores new approaches to agricultural challenges to find solutions that increase productivity while ensuring soil health, protecting water, addressing the factors contributing to climate change, and supporting farm families. Members include Bayer, Cargill, Environmental Defense Fund, Kellogg Company, PepsiCo, The Nature Conservancy, Unilever, Walmart, and World Wildlife Fund.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through retail banking and wealth management, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of $2,959bn at 31 March 2021, HSBC is one of the world’s largest banking and financial services organizations.