WEBVTT 00:00:10.490 --> 00:00:13.789 Hey there, dairy disruptors. Welcome to the Bullvine 00:00:13.789 --> 00:00:16.789 Podcast, where we dig into the real stories and 00:00:16.789 --> 00:00:19.949 real profits shaping our industry. Today, we're 00:00:19.949 --> 00:00:22.429 cracking open a topic that's turning manure into 00:00:22.429 --> 00:00:25.429 money. You've heard the hype. Carbon credits 00:00:25.429 --> 00:00:28.710 could net you $1 ,200 per cow. But is this a 00:00:28.710 --> 00:00:32.100 gold rush? or a green mirage. We're cutting through 00:00:32.100 --> 00:00:34.880 the barnyard BS to expose how methane reduction 00:00:34.880 --> 00:00:37.920 is flipping environmental compliance into cold, 00:00:38.000 --> 00:00:40.880 hard cash. From anaerobic digesters that fuel 00:00:40.880 --> 00:00:43.960 trucks to feed additives that slash cow burps, 00:00:43.960 --> 00:00:46.479 we'll break down the tech, the risks, and the 00:00:46.479 --> 00:00:49.539 payouts. Strap in. This isn't your granddad's 00:00:49.539 --> 00:00:53.140 dairy farm. Forget milk price volatility. The 00:00:53.140 --> 00:00:56.399 next big profit center on your dairy farm might 00:00:56.399 --> 00:00:59.420 just be the area your cows are breeding. Or maybe 00:00:59.420 --> 00:01:01.380 more accurately, what they're belching. Exactly. 00:01:01.859 --> 00:01:04.920 We're diving deep today into this, well, surprisingly 00:01:04.920 --> 00:01:07.980 real potential of turning methane reduction into 00:01:07.980 --> 00:01:12.640 cold, hard cash. Yeah. It sounds a bit wild, 00:01:12.700 --> 00:01:15.280 maybe, but this could actually be a game changer. 00:01:15.459 --> 00:01:17.780 It really is a fascinating evolution, isn't it? 00:01:18.409 --> 00:01:21.209 Dairy producers are already masters at an incredible 00:01:21.209 --> 00:01:23.849 conversion. Right. Feed into milk. Precisely. 00:01:23.909 --> 00:01:26.189 Taking feed, turning it into that essential product. 00:01:26.409 --> 00:01:29.430 And now we're looking at a, well, a similar kind 00:01:29.430 --> 00:01:32.290 of opportunity. But this time it's about transforming 00:01:32.290 --> 00:01:35.109 what's often seen as, you know, an environmental 00:01:35.109 --> 00:01:37.730 headache. Yeah. Another cost center. Into a genuine 00:01:37.730 --> 00:01:40.170 revenue stream. Yeah. It's really about spotting 00:01:40.170 --> 00:01:42.870 value in a whole new place on the farm. Absolutely. 00:01:42.930 --> 00:01:45.629 And let's face it, the moment we hear environmental 00:01:45.629 --> 00:01:48.670 initiatives. The first instinct for many of us 00:01:48.670 --> 00:01:51.590 is probably to brace our wallets, right? It often 00:01:51.590 --> 00:01:54.030 feels like just another cost, you know, right 00:01:54.030 --> 00:01:56.390 up there with keeping somatic cell counts low 00:01:56.390 --> 00:01:59.409 or navigating the latest farm program updates. 00:01:59.689 --> 00:02:02.170 But our sources this week, they actually paint 00:02:02.170 --> 00:02:04.709 a, well, a pretty different picture. They highlight 00:02:04.709 --> 00:02:07.450 some really forward -thinking producers who are 00:02:07.450 --> 00:02:11.530 kind of quietly tapping into profits. That could 00:02:11.530 --> 00:02:15.189 maybe even rival those top tier component premiums 00:02:15.189 --> 00:02:17.889 we all chase. That's interesting. Yeah. The core 00:02:17.889 --> 00:02:20.629 message seems to be either you're positioning 00:02:20.629 --> 00:02:23.810 yourself to gain from cutting methane or, well, 00:02:23.930 --> 00:02:26.069 you're potentially leaving a serious chunk of 00:02:26.069 --> 00:02:27.889 change on the table. And that really is the core 00:02:27.889 --> 00:02:30.909 of it. Yeah. Dairy farmers are experts at optimizing 00:02:30.909 --> 00:02:33.949 one biological process, right? Milk production. 00:02:34.250 --> 00:02:36.610 Right. Now, there's a pretty strong case to extend 00:02:36.610 --> 00:02:39.050 that expertise to another emissions. Okay. Look. 00:02:39.389 --> 00:02:41.770 The global push to address agriculture's environmental 00:02:41.770 --> 00:02:44.770 footprint, that's not going anywhere. No, definitely 00:02:44.770 --> 00:02:47.069 not. So the real question for you, the listener, 00:02:47.250 --> 00:02:49.030 isn't necessarily if you'll need to think about 00:02:49.030 --> 00:02:51.210 reducing emissions, but how you'll approach it. 00:02:51.310 --> 00:02:54.780 Right. Proactive or reactive. Exactly. Will you 00:02:54.780 --> 00:02:58.300 proactively turn this into an advantage, maybe 00:02:58.300 --> 00:03:01.139 a new income source, or will you find yourself 00:03:01.139 --> 00:03:04.099 sort of playing catch up later? And this whole 00:03:04.099 --> 00:03:06.039 system, by the way, revolves around something 00:03:06.039 --> 00:03:08.159 called carbon markets, driven by regulations 00:03:08.159 --> 00:03:11.280 like the Low Carbon Fuel Standard, the LCFS in 00:03:11.280 --> 00:03:13.879 California, and the Federal Renewable Fuel Standard, 00:03:13.979 --> 00:03:16.580 the RFS. These are basically systems that put 00:03:16.580 --> 00:03:20.219 a value on reducing emissions. Okay, let's unpack 00:03:20.219 --> 00:03:22.099 this because I know what's going through a lot 00:03:22.099 --> 00:03:24.460 of your minds right now. Is this carbon gold 00:03:24.460 --> 00:03:28.379 mine talk actually legit? Or is it just, you 00:03:28.379 --> 00:03:30.259 know, the latest shiny object being waved around 00:03:30.259 --> 00:03:32.599 by consultant? Maybe right up there with those 00:03:32.599 --> 00:03:34.960 milk price forecasts that always seem a little 00:03:34.960 --> 00:03:37.419 optimistic. Yeah, I agree. We've even seen some 00:03:37.419 --> 00:03:39.620 pretty eye -popping figures circulating like 00:03:39.620 --> 00:03:43.759 $800, even $1 ,200 extra per cow. annually from 00:03:43.759 --> 00:03:46.300 these programs. Right. So what's the real story? 00:03:46.379 --> 00:03:48.560 What's the unvarnished truth here? Yeah, it's 00:03:48.560 --> 00:03:51.159 really crucial to inject a strong dose of reality 00:03:51.159 --> 00:03:54.520 here. That $800 to $1 ,200 figure, our sources 00:03:54.520 --> 00:03:57.879 suggest that's definitely way up in the realm 00:03:57.879 --> 00:04:00.460 of an extremely optimistic best case scenario. 00:04:00.780 --> 00:04:02.860 Okay. It's not the typical result you should 00:04:02.860 --> 00:04:04.900 be, you know, factoring into your budget. Like 00:04:04.900 --> 00:04:07.419 expecting every heifer to catch first service. 00:04:07.479 --> 00:04:10.300 Exactly. Or every cow hitting some record peak 00:04:10.300 --> 00:04:15.060 milk. theoretically possible, maybe, under perfect 00:04:15.060 --> 00:04:17.060 conditions, but certainly not something you'd 00:04:17.060 --> 00:04:19.480 bet the farm on, literally. Okay, so what's the 00:04:19.480 --> 00:04:21.240 more down -to -earth picture then? Give us the 00:04:21.240 --> 00:04:25.240 realistic numbers. Okay, so based on recent analyses 00:04:25.240 --> 00:04:28.779 of anaerobic digester projects, the ones that 00:04:28.779 --> 00:04:30.339 are actually up and running producing renewable 00:04:30.339 --> 00:04:34.959 natural gas, or RNG, the typical annual revenue, 00:04:35.060 --> 00:04:38.579 it's looking more like... $400 to $450 per pound. 00:04:38.759 --> 00:04:41.360 $450, okay. Now that's when you combine the credits 00:04:41.360 --> 00:04:45.079 you get from California's LCFS and the federal 00:04:45.079 --> 00:04:48.139 RFS credits. Yeah. So look, it's still a significant 00:04:48.139 --> 00:04:50.259 amount. No, it's not nothing. No, it's in the 00:04:50.259 --> 00:04:53.920 neighborhood of $1 .25 to $1 .50 per hundred 00:04:53.920 --> 00:04:55.560 weight equivalent, according to our sources. 00:04:56.009 --> 00:04:58.430 But it's definitely not the guaranteed carbon 00:04:58.430 --> 00:05:00.769 gold mine that maybe some folks are leading you 00:05:00.769 --> 00:05:03.069 to believe. Right. So the opportunity is real, 00:05:03.170 --> 00:05:05.550 but maybe not quite the instant riches some are 00:05:05.550 --> 00:05:07.850 suggesting. Precisely. Which leads to the obvious 00:05:07.850 --> 00:05:10.490 question then. If this is such a potentially 00:05:10.490 --> 00:05:13.189 profitable area, why aren't more dairy producers 00:05:13.189 --> 00:05:15.990 diving in head first? What's holding the industry 00:05:15.990 --> 00:05:19.009 back? That's the million dollar question, isn't 00:05:19.009 --> 00:05:22.350 it? Or maybe the $450 per cow question. Uh -huh. 00:05:22.350 --> 00:05:26.110 Yeah. Is it just a natural caution about venturing 00:05:26.110 --> 00:05:28.509 into unfamiliar territory? Could be. Is there 00:05:28.509 --> 00:05:31.649 a healthy skepticism towards yet another green 00:05:31.649 --> 00:05:34.470 initiative that might promise more than it actually 00:05:34.470 --> 00:05:36.870 delivers? Always a possibility. Or perhaps it 00:05:36.870 --> 00:05:39.410 reflects the dairy industry's, well, let's be 00:05:39.410 --> 00:05:42.189 honest, sometimes well -known tendency towards 00:05:42.189 --> 00:05:44.850 a more measured pace of change. That if it ain't 00:05:44.850 --> 00:05:47.709 broke mentality. Yeah, that ingrained, if it's 00:05:47.709 --> 00:05:51.350 not broken, don't fix it. approach that sometimes 00:05:51.350 --> 00:05:53.870 maybe leaves us a bit behind the curve on new 00:05:53.870 --> 00:05:56.949 opportunities. Well, let's dig into why our sources 00:05:56.949 --> 00:05:59.769 indicate that the dairy sector might actually 00:05:59.769 --> 00:06:03.730 be sitting on a particularly valuable methane 00:06:03.730 --> 00:06:07.490 -shaped asset. What makes our methane special, 00:06:07.709 --> 00:06:10.269 so to speak? It really boils down to two main 00:06:10.269 --> 00:06:13.360 things. First, the sheer power of methane itself 00:06:13.360 --> 00:06:16.519 as a greenhouse gas. Right. And second, the specific 00:06:16.519 --> 00:06:19.379 ways it's accounted for within these carbon crediting 00:06:19.379 --> 00:06:22.060 programs. Okay. Methane power. Break that down 00:06:22.060 --> 00:06:24.139 for us. Right. So it's been known for, gosh, 00:06:24.160 --> 00:06:27.180 over a century now. Methane is way more effective 00:06:27.180 --> 00:06:29.920 at trapping heat in the atmosphere than carbon 00:06:29.920 --> 00:06:32.439 dioxide. Significantly more, right? Yeah. Roughly 00:06:32.439 --> 00:06:35.579 28 times more potent over a 100 -year time frame 00:06:35.579 --> 00:06:38.560 based on the science our sources cite. 28 times. 00:06:38.639 --> 00:06:42.379 Wow. So to put it simply. Every little bit of 00:06:42.379 --> 00:06:45.000 methane we cut has a much bigger bang for the 00:06:45.000 --> 00:06:47.060 buck environmentally. Makes sense. And that's 00:06:47.060 --> 00:06:49.040 what the carbon markets are recognizing. Think 00:06:49.040 --> 00:06:52.120 of it this way. Reducing just one ton of methane, 00:06:52.240 --> 00:06:55.639 that is the same short -term warming impact as 00:06:55.639 --> 00:06:58.819 cutting 28 tons of CO2. So that immediately amplifies 00:06:58.819 --> 00:07:01.160 the potential value of any methane reduction 00:07:01.160 --> 00:07:03.600 efforts in the carbon market. It's kind of like 00:07:03.600 --> 00:07:05.779 the difference between hauling a load of whole 00:07:05.779 --> 00:07:08.600 milk versus a super concentrated protein supplement. 00:07:08.939 --> 00:07:11.680 Ah, okay. Same truck, different value. Exactly. 00:07:11.920 --> 00:07:14.699 Same truck, but vastly different impact and value. 00:07:14.839 --> 00:07:16.879 That's a great way to visualize it. So where 00:07:16.879 --> 00:07:19.800 does all this potent methane actually come from 00:07:19.800 --> 00:07:22.399 on a working dairy? Primarily two main sources. 00:07:22.639 --> 00:07:25.540 First, you've got enteric fermentation. The cow's 00:07:25.540 --> 00:07:27.800 digestion. Yeah, the natural digestive process 00:07:27.800 --> 00:07:29.920 happening in the rumen, that amazing fermentation 00:07:29.920 --> 00:07:32.740 vat inside the cow. Right. Microbes in there 00:07:32.740 --> 00:07:35.759 break down feed. And, well, as a byproduct, they 00:07:35.759 --> 00:07:38.259 produce methane. And that comes out how? Mostly 00:07:38.259 --> 00:07:40.379 through belching. Erectation is the technical 00:07:40.379 --> 00:07:43.279 term. Gotcha. And those high -producing Holsteins, 00:07:43.319 --> 00:07:45.620 the ones cranking out incredible milk volumes. 00:07:45.779 --> 00:07:48.860 Yeah. Each one can release over 500 liters of 00:07:48.860 --> 00:07:53.800 methane. Yeah. Every single day. 500 liters per 00:07:53.800 --> 00:07:56.480 cow per day. Yeah. Now, while your jerseys might 00:07:56.480 --> 00:07:59.120 produce a bit less methane per head, it's worth 00:07:59.120 --> 00:08:01.379 noting they can actually have a higher methane 00:08:01.379 --> 00:08:04.019 intensity when you look at it per pound of milk 00:08:04.019 --> 00:08:06.730 solids produced. Interesting nuance there. Okay, 00:08:06.790 --> 00:08:09.389 so that's the cows themselves. What's the second 00:08:09.389 --> 00:08:12.750 big source? The second major contributor is manure 00:08:12.750 --> 00:08:16.410 management. Ah, the lagoons. Exactly. When manure 00:08:16.410 --> 00:08:19.069 decomposes in an anaerobic environment, meaning 00:08:19.069 --> 00:08:22.009 without oxygen. Like in a big lagoon or a deep 00:08:22.009 --> 00:08:25.730 pit. Right. It also releases methane. And just 00:08:25.730 --> 00:08:28.089 to give you a sense of the scale, our sources 00:08:28.089 --> 00:08:32.379 mention a large... say 5 ,000 cow freestall operation 00:08:32.379 --> 00:08:35.899 with a sizable lagoon. Yeah. Could potentially 00:08:35.899 --> 00:08:39.399 generate enough methane to power maybe a thousand 00:08:39.399 --> 00:08:42.460 homes. A thousand homes for manure. Yeah. That's 00:08:42.460 --> 00:08:44.379 a significant energy source just, you know, going 00:08:44.379 --> 00:08:46.659 up into the atmosphere currently on many farms. 00:08:46.879 --> 00:08:49.820 Wow. Okay. So potent stuff coming from both ends, 00:08:49.899 --> 00:08:52.320 so to speak. Pretty much, yeah. Now you mentioned 00:08:52.320 --> 00:08:54.820 this exceptionally favorable treatment under 00:08:54.820 --> 00:08:57.500 California's LCFS. What's so special about that 00:08:57.500 --> 00:09:00.220 particular? Okay, this is where it gets really 00:09:00.220 --> 00:09:02.600 interesting from a market perspective. The LCFS 00:09:02.600 --> 00:09:06.200 assigns negative carbon intensity scores to dairy, 00:09:06.440 --> 00:09:09.860 renewable natural gas, or RNG. Negative scores, 00:09:10.039 --> 00:09:12.360 how does that work? They specifically give credits 00:09:12.360 --> 00:09:14.299 for what they call avoided methane emissions. 00:09:15.629 --> 00:09:18.190 Essentially, they're recognizing and actively 00:09:18.190 --> 00:09:20.950 rewarding the prevention of that potent methane 00:09:20.950 --> 00:09:23.129 from ever entering the atmosphere in the first 00:09:23.129 --> 00:09:25.070 place. So it's not just capturing it. It's the 00:09:25.070 --> 00:09:27.429 avoiding part that gets the credit. Exactly. 00:09:27.549 --> 00:09:29.789 And this particular accounting approach is what 00:09:29.789 --> 00:09:32.529 creates this really significant value for dairy 00:09:32.529 --> 00:09:35.090 RNG projects that can tap into that California 00:09:35.090 --> 00:09:38.970 market. These carbon intensity scores, they basically 00:09:38.970 --> 00:09:42.120 represent the life cycle. greenhouse gas emissions 00:09:42.120 --> 00:09:44.980 of a fuel. Right. And a negative score means 00:09:44.980 --> 00:09:48.220 producing and using that fuel actually reduces 00:09:48.220 --> 00:09:50.879 overall emissions compared to, say, baseline 00:09:50.879 --> 00:09:53.000 fossil fuel. So it's almost like we're getting 00:09:53.000 --> 00:09:55.720 credit not just for capturing the methane, but 00:09:55.720 --> 00:09:57.899 for preventing it from being emitted, like a 00:09:57.899 --> 00:09:59.799 double bonus. You could kind of think of it that 00:09:59.799 --> 00:10:02.120 way. And our sources are quite direct about this. 00:10:02.159 --> 00:10:04.120 They state the Gary industry has essentially 00:10:04.120 --> 00:10:07.080 been handed a gift with this LCFS accounting. 00:10:07.299 --> 00:10:10.279 A gift. OK. But. they also raise a really valid 00:10:10.279 --> 00:10:13.440 concern. Which is? How long will regulators keep 00:10:13.440 --> 00:10:16.360 such a generous approach if the dairy sector 00:10:16.360 --> 00:10:19.019 doesn't really demonstrate a widespread effort 00:10:19.019 --> 00:10:22.120 to adopt these methane reduction practices? Ah, 00:10:22.340 --> 00:10:25.500 the use it or lose it scenario. Kind of. There's 00:10:25.500 --> 00:10:27.440 a real sense of urgency here in the sources. 00:10:27.700 --> 00:10:30.500 Yeah. A call to action, really, to seize this 00:10:30.500 --> 00:10:33.019 opportunity before that regulatory landscape 00:10:33.019 --> 00:10:35.779 potentially shifts. Okay, so methane is potent. 00:10:36.139 --> 00:10:38.539 We've got two main sources on the farm cows and 00:10:38.539 --> 00:10:42.039 manure, and there's a favorable regulatory environment, 00:10:42.139 --> 00:10:44.279 at least for now, especially in California. Right. 00:10:44.379 --> 00:10:46.759 So how do we actually go about capturing this 00:10:46.759 --> 00:10:49.759 value? What tools are in the methane reduction 00:10:49.759 --> 00:10:52.419 toolkit right now for dairy producers? Well, 00:10:52.440 --> 00:10:54.559 the current landscape really offers a couple 00:10:54.559 --> 00:10:56.820 of main pathways. Each one has its own set of 00:10:56.820 --> 00:10:59.000 economics, its own level of accessibility for 00:10:59.000 --> 00:11:00.700 different farm sizes. Okay, let's start with 00:11:00.700 --> 00:11:03.539 the big one. The technology that seems to offer 00:11:03.539 --> 00:11:06.590 the most significant potential revenue. Anaerobic 00:11:06.590 --> 00:11:09.330 digesters. Right. Anaerobic digestion, or AD, 00:11:09.750 --> 00:11:12.250 is definitely considered the leading option right 00:11:12.250 --> 00:11:14.210 now if you're aiming for the highest potential 00:11:14.210 --> 00:11:17.490 carbon revenue. Especially when the biogas produced 00:11:17.490 --> 00:11:20.549 is upgraded into renewable natural gas, RNG, 00:11:20.789 --> 00:11:23.710 for use as transportation fuel. That's where 00:11:23.710 --> 00:11:25.809 the big credits often are. But we touched on 00:11:25.809 --> 00:11:28.330 this. They're not exactly a small investment, 00:11:28.409 --> 00:11:30.509 are they? No, you're absolutely right. The economics 00:11:30.509 --> 00:11:32.730 are heavily, heavily dependent on scale. The 00:11:32.730 --> 00:11:35.759 bigger is better, usually. Generally, yes. Farms 00:11:35.759 --> 00:11:38.580 with larger herds typically say over 2 ,000 cows. 00:11:39.059 --> 00:11:42.159 They benefit from economies of scale. Okay. That 00:11:42.159 --> 00:11:45.840 scale can make the substantial upfront capital 00:11:45.840 --> 00:11:48.940 investment, we're talking often $3 million, up 00:11:48.940 --> 00:11:51.779 to maybe $10 million. Wow. It makes that more 00:11:51.779 --> 00:11:53.820 financially feasible. So what about the medium 00:11:53.820 --> 00:11:56.480 -sized farms, you know, 300 to 1 ,000 cows maybe? 00:11:56.779 --> 00:11:59.940 Yeah, for them, the viability of AD often hinges 00:11:59.940 --> 00:12:02.340 on a few other factors. Securing significant 00:12:02.340 --> 00:12:04.919 grant funding is a big one. Finding opportunities 00:12:04.919 --> 00:12:08.059 for co -digestion. Bringing in food waste from 00:12:08.059 --> 00:12:10.179 off -farm sources. Right, and getting paid for 00:12:10.179 --> 00:12:12.480 taking the tipping fees. Exactly. Those tipping 00:12:12.480 --> 00:12:15.320 fees can really help the economics. Or participating 00:12:15.320 --> 00:12:17.840 in these cooperative hub -and -spoke models. 00:12:18.179 --> 00:12:20.940 Where several farms share a central digester. 00:12:21.240 --> 00:12:23.700 Precisely. Sharing the cost and the output. And 00:12:23.700 --> 00:12:25.799 it's not just about the carbon credits and the 00:12:25.799 --> 00:12:28.600 RNG, right? Digesters produce other valuable 00:12:28.600 --> 00:12:31.600 things, too. Oh, absolutely. Beyond the carbon 00:12:31.600 --> 00:12:34.240 credits and the gas, digesters generate several 00:12:34.240 --> 00:12:37.159 valuable co -products. Such has. Well, one key 00:12:37.159 --> 00:12:39.639 one is renewable energy that can often be used 00:12:39.639 --> 00:12:41.399 right there on the farm. Cutting electricity 00:12:41.399 --> 00:12:44.340 bills? Potentially, yeah. They also produce separated 00:12:44.340 --> 00:12:47.559 solids. For bedding. Exactly. Which can be really 00:12:47.559 --> 00:12:49.620 comfortable, cost -effective bedding. Yeah. Our 00:12:49.620 --> 00:12:52.980 sources estimate potential savings of maybe $80 00:12:52.980 --> 00:12:56.700 to $100 per cow annually compared to buying sand 00:12:56.700 --> 00:12:59.970 or sawdust. That adds up. It does. And finally, 00:13:00.009 --> 00:13:01.970 the liquid digesting. The leftover stuff. Yeah, 00:13:02.009 --> 00:13:04.830 but it's nutrient -rich material. Great fertilizer 00:13:04.830 --> 00:13:07.389 for your forage crops. Right. It can potentially 00:13:07.389 --> 00:13:10.370 reduce your reliance on and the cost of commercial 00:13:10.370 --> 00:13:12.570 fertilizers. It's sort of a closed -loop system 00:13:12.570 --> 00:13:15.009 with multiple benefits. Sounds promising. But 00:13:15.009 --> 00:13:17.830 our sources also mention some practical challenges, 00:13:18.070 --> 00:13:20.330 hurdles producers need to know about with digesters. 00:13:20.529 --> 00:13:22.610 Yeah, there are definitely practicalities. One 00:13:22.610 --> 00:13:26.120 significant one is sand bedding. Ah. Great for 00:13:26.120 --> 00:13:29.279 cows, maybe not for digesters. Exactly. Sand 00:13:29.279 --> 00:13:31.799 is excellent for cow comfort, helps with mastitis, 00:13:31.980 --> 00:13:34.879 but it can be pretty problematic for many traditional 00:13:34.879 --> 00:13:38.620 digester systems. It can settle out, cause wear, 00:13:38.840 --> 00:13:42.080 often requires sophisticated and expensive additional 00:13:42.080 --> 00:13:44.940 separation equipment. Okay. What else? Another 00:13:44.940 --> 00:13:47.720 crucial factor is the dry matter content, the 00:13:47.720 --> 00:13:50.279 DM of the manure going in. Right. Too wet, too 00:13:50.279 --> 00:13:52.639 dry. Ideally for scraped manure, you're looking 00:13:52.639 --> 00:13:55.379 for a DM content somewhere in the 8 % to 12 % 00:13:55.379 --> 00:13:59.240 range for optimal biogas production. Okay. Farms 00:13:59.240 --> 00:14:01.480 using flush systems, though, which use a lot 00:14:01.480 --> 00:14:04.139 of water, often end up with manure that's way 00:14:04.139 --> 00:14:07.480 too watery, sometimes below 3 % DM. And that 00:14:07.480 --> 00:14:09.759 hurts biogas production. Significantly. Makes 00:14:09.759 --> 00:14:11.960 a whole system less efficient. On the flip side, 00:14:12.120 --> 00:14:14.879 really thick scraped manure might need different, 00:14:14.960 --> 00:14:17.679 maybe more specialized, digester designs too. 00:14:17.820 --> 00:14:19.620 So it's not a one -size -fits -all technology? 00:14:19.980 --> 00:14:22.210 Definitely not. It sounds like the industry hasn't 00:14:22.210 --> 00:14:25.070 quite figured out how to make digesters a universally 00:14:25.070 --> 00:14:28.149 accessible solution, especially for those mid 00:14:28.149 --> 00:14:31.070 -sized farms. Our source seemed a bit critical 00:14:31.070 --> 00:14:33.950 there. That's a key point raised. Yeah. Our source 00:14:33.950 --> 00:14:36.570 argues that the way things have developed, it's 00:14:36.570 --> 00:14:39.250 largely created a system where only the really 00:14:39.250 --> 00:14:42.610 big operations can realistically tap into those 00:14:42.610 --> 00:14:46.190 highest value carbon pathways from AD. And the 00:14:46.190 --> 00:14:49.220 question is posed. Why aren't we seeing more 00:14:49.220 --> 00:14:52.340 of these cooperative models? Multiple mid -sized 00:14:52.340 --> 00:14:55.360 farms pooling resources for a shared digester. 00:14:55.500 --> 00:14:58.139 And the suggested answer was? It points towards 00:14:58.139 --> 00:15:00.480 what's called our stubbornly independent mindset. 00:15:01.929 --> 00:15:04.649 That again. Yeah. That, you know, deeply ingrained 00:15:04.649 --> 00:15:06.850 tendency in agriculture to operate individually. 00:15:07.009 --> 00:15:09.389 Right. And the source argues this same mindset 00:15:09.389 --> 00:15:11.330 has maybe hindered progress in other areas, too, 00:15:11.389 --> 00:15:13.750 like faster adoption of advanced genetics or 00:15:13.750 --> 00:15:16.570 more equipment sharing or even developing more 00:15:16.570 --> 00:15:18.769 innovative collective marketing efforts. It's 00:15:18.769 --> 00:15:20.850 an interesting, maybe uncomfortable point to 00:15:20.850 --> 00:15:23.409 consider. It is. Are we sometimes our own worst 00:15:23.409 --> 00:15:25.769 enemy when it comes to collaboration? Maybe. 00:15:25.950 --> 00:15:29.250 OK, so digesters are one path. Mainly for larger 00:15:29.250 --> 00:15:32.190 farms or through serious collaboration, what's 00:15:32.190 --> 00:15:34.509 the other main option our source highlights for 00:15:34.509 --> 00:15:37.110 cutting methane and maybe getting credits? For 00:15:37.110 --> 00:15:39.309 those farms where a digester just doesn't pencil 00:15:39.309 --> 00:15:42.769 out, feed additives offer a much more accessible 00:15:42.769 --> 00:15:45.269 entry point. Okay. Additives that work directly 00:15:45.269 --> 00:15:47.429 in the cow. Exactly. They target that enteric 00:15:47.429 --> 00:15:49.169 methane production right there in the rumen. 00:15:49.529 --> 00:15:51.789 And there are a couple of key players emerging 00:15:51.789 --> 00:15:54.289 in this space right now. That's correct. Our 00:15:54.289 --> 00:15:56.389 sources highlight two leading options becoming 00:15:56.389 --> 00:15:58.590 more available in North America. First what? 00:15:58.769 --> 00:16:01.730 First is 3 -nitroxypropanol, usually called 3 00:16:01.730 --> 00:16:05.250 -NOP, sold under the brand name Bovar, developed 00:16:05.250 --> 00:16:08.169 by DSM Firminic, marketed here in the U .S. by 00:16:08.169 --> 00:16:11.129 Alonco. And how does that one work? It basically 00:16:11.129 --> 00:16:13.789 works by inhibiting a specific enzyme in the 00:16:13.789 --> 00:16:16.429 rumen, an enzyme that's crucial for making methane 00:16:16.429 --> 00:16:18.909 during normal digestion. Gotcha. And the reduction. 00:16:19.630 --> 00:16:22.690 Studies pretty consistently show 3 -NOP can cut 00:16:22.690 --> 00:16:25.450 enteric methane in dairy cows by somewhere in 00:16:25.450 --> 00:16:28.590 the range of 25 % to 30%. 25 % to 30%. That's 00:16:28.590 --> 00:16:30.929 a pretty significant chunk. It really is. But 00:16:30.929 --> 00:16:32.850 what about the economics? Our source indicated 00:16:32.850 --> 00:16:35.830 they're a bit nuanced. They are. The additive 00:16:35.830 --> 00:16:38.710 itself, it has a daily cost. Somewhere around, 00:16:38.710 --> 00:16:43.309 say, 15 to 30 cents per cow per day. Okay. Now, 00:16:43.330 --> 00:16:45.509 economic analyses suggest that direct performance 00:16:45.509 --> 00:16:48.889 benefits, like maybe slightly more milk, might 00:16:48.889 --> 00:16:51.230 not always completely offset that cost on their 00:16:51.230 --> 00:16:53.830 own. Ah, so you need something else. Exactly. 00:16:54.049 --> 00:16:56.350 This is where the revenue from carbon credits 00:16:56.350 --> 00:16:58.789 becomes really critical for the overall economics 00:16:58.789 --> 00:17:02.000 of using 3NOP. Makes sense. Brink and estimates, 00:17:02.179 --> 00:17:04.119 they vary, of course, depending on the carbon 00:17:04.119 --> 00:17:06.380 price and farm performance. But they can range 00:17:06.380 --> 00:17:12.059 from maybe $0 .10 up to $0 .45 per cow per day 00:17:12.059 --> 00:17:15.059 needed from credits. So it really hinges on what 00:17:15.059 --> 00:17:17.440 those carbon credits are worth at any given time. 00:17:17.539 --> 00:17:19.779 Absolutely. It's not necessarily a guaranteed 00:17:19.779 --> 00:17:22.079 profit driver just from the feed efficiency side. 00:17:22.200 --> 00:17:23.799 Right. Our source actually makes an interesting 00:17:23.799 --> 00:17:26.380 comparison to RBST back in the day. Oh, yeah. 00:17:26.880 --> 00:17:29.619 How so? Well, RBST was an additive with a proven 00:17:29.619 --> 00:17:31.660 physiological effect, right? Well, sure. But 00:17:31.660 --> 00:17:33.960 its adoption required farmers to really pencil 00:17:33.960 --> 00:17:36.599 out the return on investment for each dose. Right. 00:17:36.660 --> 00:17:39.500 You had to do the math. Same idea here. With 00:17:39.500 --> 00:17:42.619 these methane feed additives, a precise economic 00:17:42.619 --> 00:17:45.859 calculation, carefully factoring in that potential 00:17:45.859 --> 00:17:48.900 carbon credit revenue, is absolutely essential 00:17:48.900 --> 00:17:51.750 before you commit. Good analogy. Okay, what's 00:17:51.750 --> 00:17:53.569 the other feed additive mentioned? The second 00:17:53.569 --> 00:17:56.190 one highlighted is aglan ruminant. Aglan. This 00:17:56.190 --> 00:17:58.809 one's a blend of essential oils. It's received 00:17:58.809 --> 00:18:01.569 certification from the Carbon Trust for its methane 00:18:01.569 --> 00:18:03.410 -reducing properties. That's reduction level. 00:18:03.569 --> 00:18:06.569 It's generally more modest with aglan, somewhere 00:18:06.569 --> 00:18:09.569 around 10 % to 11%. methane reduction. Okay, 00:18:09.670 --> 00:18:13.069 less reduction than 3 -NOP. Right, but the suggestion 00:18:13.069 --> 00:18:15.549 is it might offer a more favorable overall economic 00:18:15.549 --> 00:18:18.210 picture. How? Through potential improvements 00:18:18.210 --> 00:18:21.170 in feed efficiency and maybe increased milk production. 00:18:21.900 --> 00:18:24.680 Some analyses cited suggest benefit -to -cost 00:18:24.680 --> 00:18:27.619 ratios over 12 to 1 just from performance improvements 00:18:27.619 --> 00:18:31.339 alone. Wow, 12 to 1. Yeah, with any carbon credits 00:18:31.339 --> 00:18:33.480 generated them being sort of additional financial 00:18:33.480 --> 00:18:36.019 upside. So the economic justification might be 00:18:36.019 --> 00:18:38.420 stronger even without relying heavily on the 00:18:38.420 --> 00:18:41.259 carbon market. Potentially, yes. It's presented 00:18:41.259 --> 00:18:43.579 as maybe a more holistic benefit proposition, 00:18:43.859 --> 00:18:47.339 less solely dependent on fluctuating credit prices. 00:18:47.640 --> 00:18:50.869 Interesting. How easy are these additives to 00:18:50.869 --> 00:18:53.950 actually use day to day on a farm? For dairies 00:18:53.950 --> 00:18:57.049 already using computerized feed management systems, 00:18:57.269 --> 00:19:01.069 you know, platforms like FeedWatch, Easy Feed. 00:19:01.789 --> 00:19:04.150 TMR tracker. Yeah, lots of farms have those now. 00:19:04.289 --> 00:19:05.750 The implementation can be pretty straightforward. 00:19:06.009 --> 00:19:08.970 How so? Those systems can easily track and document 00:19:08.970 --> 00:19:11.250 the inclusion rates of the additives in the TMR. 00:19:11.430 --> 00:19:13.789 Okay. And they often track dry matter intake 00:19:13.789 --> 00:19:17.190 too. Both are absolutely critical data points 00:19:17.190 --> 00:19:19.869 for that verification process you need for carbon 00:19:19.869 --> 00:19:22.130 credits. Right, the MRV we talked about. Exactly. 00:19:22.369 --> 00:19:24.569 So if you're already using those systems for 00:19:24.569 --> 00:19:26.930 managing feed, adding another layer to track 00:19:26.930 --> 00:19:29.890 an additive isn't usually a huge leap. That makes 00:19:29.890 --> 00:19:31.470 sense. If you're dialed in on feed management, 00:19:31.650 --> 00:19:34.210 this fits right in. Pretty much. But our source 00:19:34.210 --> 00:19:36.950 also had some rather printed words for dairy 00:19:36.950 --> 00:19:39.690 nutritionists in all this. Yes, the source was 00:19:39.690 --> 00:19:42.829 quite direct there, stating that many dairy nutritionists 00:19:42.829 --> 00:19:45.250 aren't yet proactively bringing up methane reduction 00:19:45.250 --> 00:19:48.170 strategies or these feed additive options with 00:19:48.170 --> 00:19:51.740 their clients. Why not? Supposedly. The suggestion 00:19:51.740 --> 00:19:54.200 is they might still be somewhat entrenched into 00:19:54.200 --> 00:19:56.559 more traditional mindset. Focused only on milk 00:19:56.559 --> 00:20:00.000 per cow. Primarily, yeah. Maximizing milk output. 00:20:00.019 --> 00:20:02.839 Maybe haven't fully embraced the growing importance 00:20:02.839 --> 00:20:05.359 of, you know, environmental sustainability and 00:20:05.359 --> 00:20:08.019 the potential revenue streams tied to cutting 00:20:08.019 --> 00:20:10.339 emissions. Okay. So the call to action from the 00:20:10.339 --> 00:20:14.339 source is for producers, for you, to actively 00:20:14.339 --> 00:20:17.410 engage your feed advisors. Ask them. Demand, 00:20:17.410 --> 00:20:19.450 they bring these methane reduction opportunities 00:20:19.450 --> 00:20:22.410 and the economics behind them to the table. Push 00:20:22.410 --> 00:20:25.069 the conversation. Yeah. It represents a potential 00:20:25.069 --> 00:20:27.670 shift in what we traditionally expect from nutritional 00:20:27.670 --> 00:20:29.750 consulting. Okay, so we figured out some ways 00:20:29.750 --> 00:20:32.470 to actually reduce the methane digesters, additives. 00:20:32.750 --> 00:20:36.069 Now, the big question, how do we actually translate 00:20:36.069 --> 00:20:38.309 those reductions into dollars? What's the step 00:20:38.309 --> 00:20:40.210 -by -step for generating credits and getting 00:20:40.210 --> 00:20:42.390 paid? Right, the show me the money part. Exactly. 00:20:42.990 --> 00:20:45.069 The journey from cutting methane on your farm 00:20:45.069 --> 00:20:48.170 to seeing it hit your lank account involves several 00:20:48.170 --> 00:20:51.569 really crucial steps. And our source emphasizes 00:20:51.569 --> 00:20:55.009 it's a process many might underestimate at first. 00:20:55.490 --> 00:20:57.809 It's kind of likened to the effort and detail 00:20:57.809 --> 00:21:00.630 needed to consistently hit those top quality 00:21:00.630 --> 00:21:05.049 premiums from your co -op. Ah, yeah. Takes work. 00:21:05.230 --> 00:21:07.190 Definitely. The reward's there, but you have 00:21:07.190 --> 00:21:09.670 to actively work the system, meet the criteria, 00:21:09.950 --> 00:21:12.829 follow the protocols diligently. So what's step 00:21:12.829 --> 00:21:15.309 one? Where do you start? Step one is project 00:21:15.309 --> 00:21:17.710 identification and then doing a really comprehensive 00:21:17.710 --> 00:21:19.950 feasibility assessment tailored specifically 00:21:19.950 --> 00:21:22.930 to your farm. Okay. Feasibility. Yeah. That means 00:21:22.930 --> 00:21:25.250 clearly defining your strategy. Is it AD? Is 00:21:25.250 --> 00:21:27.670 it additives? Something else. Then rigorously 00:21:27.670 --> 00:21:29.809 evaluating if it's technically suitable for your 00:21:29.809 --> 00:21:31.970 setup. Makes sense. Then you need to realistically 00:21:31.970 --> 00:21:34.069 estimate the potential methane reductions you 00:21:34.069 --> 00:21:36.170 can actually achieve. Not just pie -in -the -sky 00:21:36.170 --> 00:21:38.750 numbers. Right. Carefully project all the costs, 00:21:38.869 --> 00:21:42.779 upfront capital. ongoing operational costs, and 00:21:42.779 --> 00:21:44.900 thoroughly explore all potential revenue streams, 00:21:45.140 --> 00:21:48.059 not just carbon credits, but co -products, efficiencies, 00:21:48.099 --> 00:21:50.369 everything. Treat it like a major investment. 00:21:50.549 --> 00:21:52.849 Absolutely. The analogy used is perfect. You 00:21:52.849 --> 00:21:54.630 wouldn't build a new parlor without calculating 00:21:54.630 --> 00:21:58.410 throughput, labor needs, projecting ROI, right? 00:21:58.609 --> 00:22:00.670 Of course not. Same level of due diligence needed 00:22:00.670 --> 00:22:04.190 here. And be really wary of developers who only 00:22:04.190 --> 00:22:06.809 show you those rosy best case scenario projections 00:22:06.809 --> 00:22:09.890 without a transparent look at risks and downsides. 00:22:10.049 --> 00:22:13.390 Good advice. Okay, feasibility done. What's next? 00:22:13.710 --> 00:22:16.829 Step two is selecting a recognized, reputable 00:22:16.829 --> 00:22:19.920 carbon crediting program. And identifying the 00:22:19.920 --> 00:22:22.559 specific methodology within that program that 00:22:22.559 --> 00:22:25.099 fits your project. Okay. Programs like VERA, 00:22:25.119 --> 00:22:28.299 CAR. Exactly. VERA, the Climate Action Reserve, 00:22:28.539 --> 00:22:31.400 CAR, American Carbon Registry, ACR. Those are 00:22:31.400 --> 00:22:33.140 some of the main ones. Right. Choosing a program 00:22:33.140 --> 00:22:34.920 is sort of like deciding, you know, are you going 00:22:34.920 --> 00:22:37.339 for organic certification, conventional, A2. 00:22:38.329 --> 00:22:41.210 grass -fed ah okay each has its own rule book 00:22:41.210 --> 00:22:43.390 precisely each comes with its own specific set 00:22:43.390 --> 00:22:45.829 of rules management practices verification protocols 00:22:45.829 --> 00:22:47.990 you have to follow gotcha so picture standard 00:22:47.990 --> 00:22:50.529 picture methodology step three step three is 00:22:50.529 --> 00:22:53.730 often a critical sometimes tricky one establishing 00:22:53.730 --> 00:22:56.609 your baseline emissions and crucially demonstrating 00:22:56.609 --> 00:22:59.950 additionality additionality meaning meaning you 00:22:59.950 --> 00:23:02.990 have to accurately figure out what your business 00:23:02.990 --> 00:23:05.970 as usual emissions, specifically methane, would 00:23:05.970 --> 00:23:08.529 have been without the carbon market project. 00:23:08.809 --> 00:23:11.269 Okay. Your starting point. Right. And then you 00:23:11.269 --> 00:23:13.849 have to rigorously prove that the reductions 00:23:13.849 --> 00:23:16.029 you're achieving are a direct result of your 00:23:16.029 --> 00:23:19.390 project and the carbon market incentive. Prove 00:23:19.390 --> 00:23:21.049 they wouldn't have happened otherwise. You can't 00:23:21.049 --> 00:23:22.769 get credit for something you're going to do anyway. 00:23:22.990 --> 00:23:25.170 Exactly. It's compared to trying to get an operating 00:23:25.170 --> 00:23:27.750 loan. Yeah. If your books show you're flush with 00:23:27.750 --> 00:23:30.450 cash, the lender isn't likely to give you more. 00:23:30.859 --> 00:23:33.460 The carbon market wants to pay for new reductions 00:23:33.460 --> 00:23:35.960 driven by the incentive it provides. Makes sense. 00:23:36.220 --> 00:23:38.660 Okay, baseline set, additionality hopefully proven. 00:23:38.880 --> 00:23:43.160 Step four sounds like paperwork. You could say 00:23:43.160 --> 00:23:45.839 that. Step four is all about implementing rigorous 00:23:45.839 --> 00:23:49.240 measurement, reporting, and verification. KMRV. 00:23:49.380 --> 00:23:51.619 Measurement, reporting, verification. Okay. Carbon 00:23:51.619 --> 00:23:55.039 markets put a huge premium on integrity and accuracy, 00:23:55.299 --> 00:23:58.539 so they demand meticulous documentation to back 00:23:58.539 --> 00:24:01.559 up your claims. What kind of documentation? Well, 00:24:01.619 --> 00:24:04.160 for digesters, it typically means continuous 00:24:04.160 --> 00:24:07.619 tracking of biogas flow rates. Periodic lab tests 00:24:07.619 --> 00:24:10.980 for methane concentration, detailed records of 00:24:10.980 --> 00:24:14.039 animal numbers, manure inputs, stuff like that. 00:24:14.180 --> 00:24:16.640 And for feed additives? You'd need to diligently 00:24:16.640 --> 00:24:19.180 track inclusion rates in the ration. measure 00:24:19.180 --> 00:24:22.039 feed intake, maintain really comprehensive herd 00:24:22.039 --> 00:24:24.480 health and production records. Sounds like DHIA 00:24:24.480 --> 00:24:27.480 verification or an organic audit level of the... 00:24:27.480 --> 00:24:29.579 The very similar level of detail and consistency 00:24:29.579 --> 00:24:32.140 required. Yeah. The good news is many progressive 00:24:32.140 --> 00:24:34.359 dairies already have systems that can help with 00:24:34.359 --> 00:24:36.740 this. Right. Farm management software. Exactly. 00:24:37.000 --> 00:24:39.099 But as our source points out, farms still relying 00:24:39.099 --> 00:24:42.420 on very... basic or incomplete records, they'll 00:24:42.420 --> 00:24:44.539 likely face real challenges meeting these strict 00:24:44.539 --> 00:24:48.180 MRV requirements. So data -driven farms are better 00:24:48.180 --> 00:24:50.779 positioned? Generally, yes. If you're already 00:24:50.779 --> 00:24:52.960 tracking somatic cell by string or preg rates 00:24:52.960 --> 00:24:55.400 by lactation group, you likely have the infrastructure 00:24:55.400 --> 00:24:58.940 and the mindset for MRV. Gotcha. Solid records 00:24:58.940 --> 00:25:02.700 are non -negotiable. Okay, finally, step five, 00:25:02.880 --> 00:25:07.779 the payoff, getting paid. Yes, step five, monetize 00:25:07.779 --> 00:25:10.339 your reductions. How does that work? Once an 00:25:10.339 --> 00:25:12.619 accredited third -party verifier successfully 00:25:12.619 --> 00:25:16.019 confirms your claim reductions are real and meet 00:25:16.019 --> 00:25:18.799 the standard. Right. You get issued carbon credits. 00:25:18.980 --> 00:25:21.740 Each credit represents a quantifiable amount 00:25:21.740 --> 00:25:24.099 of avoided or reduced emissions. And then you 00:25:24.099 --> 00:25:26.319 sell them. Yep. You can sell these credits through 00:25:26.319 --> 00:25:28.619 various channels. Specialized carbon brokers 00:25:28.619 --> 00:25:31.240 exist. Okay. You might have direct contracts 00:25:31.240 --> 00:25:33.259 with companies looking to offset their own emissions. 00:25:33.519 --> 00:25:35.220 Right. Or you might work through partnerships 00:25:35.220 --> 00:25:37.700 with the project developer or an aggregator you 00:25:37.700 --> 00:25:39.559 teamed up with. Like selling milk, different 00:25:39.559 --> 00:25:42.180 channels, different buyers. Exactly. Just like 00:25:42.180 --> 00:25:46.299 milk can go fluid, cheese, powder. Carbon credits 00:25:46.299 --> 00:25:47.900 can be marketed differently depending on the 00:25:47.900 --> 00:25:50.000 buyer, the project specifics, and the market 00:25:50.000 --> 00:25:52.680 they're sold into. Okay, so it's a definite process. 00:25:52.940 --> 00:25:57.049 Demands detail, data. Good partners. Now let's 00:25:57.049 --> 00:25:59.869 zoom back out. Think practically for farms of 00:25:59.869 --> 00:26:02.890 different sizes. What's the most sensible approach 00:26:02.890 --> 00:26:06.089 for small, medium, large dairies looking at this? 00:26:06.309 --> 00:26:09.029 Yeah, the optimal strategy really does vary significantly 00:26:09.029 --> 00:26:11.789 with scale and resources. Our source gives a 00:26:11.789 --> 00:26:13.970 helpful breakdown by herd size. Okay, let's start 00:26:13.970 --> 00:26:17.369 big. Over a thousand milking cows. What's the 00:26:17.369 --> 00:26:19.990 play for them? For these larger operations, the 00:26:19.990 --> 00:26:22.369 recommendation really leans strongly towards 00:26:22.369 --> 00:26:24.650 seriously considering those capital intensive 00:26:24.650 --> 00:26:27.430 technologies. Anaerobic digesters. Especially 00:26:27.430 --> 00:26:30.769 RNG for compliance markets. Exactly. Especially 00:26:30.769 --> 00:26:33.289 systems designed to capture biogas, upgrade it 00:26:33.289 --> 00:26:35.930 to renewable natural gas, and get it into pipelines 00:26:35.930 --> 00:26:38.069 for those compliance markets like California's 00:26:38.069 --> 00:26:40.670 LCFS and the federal RFS. Because they have the 00:26:40.670 --> 00:26:43.390 scale. Right. Their sheer volume of milk and 00:26:43.390 --> 00:26:45.230 manure means they can achieve the economies of 00:26:45.230 --> 00:26:47.410 scale needed to make that big upfront investment, 00:26:47.609 --> 00:26:50.029 the $3 to $10 million potentially pencil out. 00:26:50.150 --> 00:26:51.950 Especially when they can access those higher 00:26:51.950 --> 00:26:54.829 value LCFS and RIN credits for transportation. 00:26:55.309 --> 00:26:57.509 Any examples? Yeah, our source shares a pretty 00:26:57.509 --> 00:26:59.930 compelling anecdote. A large Western dairy, about 00:26:59.930 --> 00:27:04.130 5 ,500 Holsteins. Okay. Their on -farm digester 00:27:04.130 --> 00:27:06.650 is apparently now generating more annual profit 00:27:06.650 --> 00:27:10.490 from carbon credits and RNG, about $1 .4 million 00:27:10.490 --> 00:27:13.970 after expenses. Wow. Then their core milk production 00:27:13.970 --> 00:27:17.150 business, which netted $1 .2 million in what 00:27:17.150 --> 00:27:19.170 was considered a good year. That's incredible. 00:27:19.329 --> 00:27:21.750 The environmental side project out -earning the 00:27:21.750 --> 00:27:24.220 main business. It's a dramatic illustration of 00:27:24.220 --> 00:27:27.400 how this can evolve from a side benefit to maybe 00:27:27.400 --> 00:27:29.819 even a primary economic driver for some large 00:27:29.819 --> 00:27:32.079 operations. Okay, really highlights the potential 00:27:32.079 --> 00:27:34.420 at scale. Now, what about the mid -sized farms, 00:27:34.519 --> 00:27:38.279 say 300 to 1 ,000 cows? Standalone AD sounded 00:27:38.279 --> 00:27:40.440 tougher for them. You're absolutely right. The 00:27:40.440 --> 00:27:42.720 economics of a big standalone digester are definitely 00:27:42.720 --> 00:27:45.019 more challenging for mid -sized farms, spreading 00:27:45.019 --> 00:27:47.539 that capital cost over fewer cows. So what are 00:27:47.539 --> 00:27:49.319 their options? Our source highlights several 00:27:49.319 --> 00:27:52.089 paths. Actively pursuing and landing significant 00:27:52.089 --> 00:27:55.029 grant funding is key. Federal or state programs 00:27:55.029 --> 00:27:57.650 supporting renewable energy or emissions reduction. 00:27:57.950 --> 00:28:00.450 Okay, grants. What else? Aggressively exploring 00:28:00.450 --> 00:28:03.690 co -digestion. Bringing in off -farm organic 00:28:03.690 --> 00:28:06.650 waste, food processing waste, maybe municipal 00:28:06.650 --> 00:28:08.869 waste. And getting those tipping fees. Exactly. 00:28:08.930 --> 00:28:11.369 Those fees can really bolster the revenue side. 00:28:11.589 --> 00:28:14.170 Makes sense. And finally, that cooperative hub 00:28:14.170 --> 00:28:17.009 -and -spoke model becomes really relevant for 00:28:17.009 --> 00:28:20.190 medium farms. Pooling manure, sharing the digester 00:28:20.190 --> 00:28:23.069 cost. Precisely. Several neighbors going in together. 00:28:23.309 --> 00:28:25.450 And of course, for this size farm, feed additives 00:28:25.450 --> 00:28:28.230 become a much more financially accessible, less 00:28:28.230 --> 00:28:31.109 capital intensive option, too. Right. The overall 00:28:31.109 --> 00:28:34.369 advice for midsize farms is also just focus on 00:28:34.369 --> 00:28:36.349 improving overall farm efficiency everywhere 00:28:36.349 --> 00:28:39.789 and implement sustainable cropping practices. 00:28:40.589 --> 00:28:42.430 Those can have their own carbon benefits, too. 00:28:42.549 --> 00:28:44.529 Like deciding whether to buy your own combine 00:28:44.529 --> 00:28:47.650 or just hire custom harvesting. That's the analogy 00:28:47.650 --> 00:28:49.789 used, yeah. The combine is expensive capital. 00:28:50.190 --> 00:28:52.890 Custom harvesting might cost more per acre, but 00:28:52.890 --> 00:28:55.970 avoids the huge outlay. Maintenance may be underutilization. 00:28:56.289 --> 00:28:58.269 Sometimes this is the smarter financial choice 00:28:58.269 --> 00:29:00.710 for a medium operation. Good comparison. Okay, 00:29:00.809 --> 00:29:02.970 that covers medium farms. What about the smaller 00:29:02.970 --> 00:29:07.079 dairies? Under 300 cows. Sounds like individual 00:29:07.079 --> 00:29:09.799 AD is mostly off the table. Generally speaking, 00:29:10.039 --> 00:29:12.500 yeah. The economics for an individual on -farm 00:29:12.500 --> 00:29:14.680 digester just typically don't work for smaller 00:29:14.680 --> 00:29:17.619 farms under 300 cows. Unless there are really 00:29:17.619 --> 00:29:21.039 exceptional local circumstances, massive subsidies 00:29:21.039 --> 00:29:23.900 may be a golden co -digestion opportunity right 00:29:23.900 --> 00:29:27.519 next door. So what should their focus be? Primarily, 00:29:27.519 --> 00:29:30.200 carefully evaluating those methane -reducing 00:29:30.200 --> 00:29:33.319 feed additives. But with careful math. Absolutely. 00:29:33.849 --> 00:29:36.710 thorough cost -benefit analysis, factoring in 00:29:36.710 --> 00:29:38.950 any incentives or premiums they might access 00:29:38.950 --> 00:29:41.769 for lower -emission milk, optimizing their existing 00:29:41.769 --> 00:29:44.490 manure handling and storage to minimize emissions, 00:29:44.869 --> 00:29:47.230 maximizing overall production efficiency and 00:29:47.230 --> 00:29:49.809 animal health, adopting sustainable cropping 00:29:49.809 --> 00:29:52.549 and grazing that build soil carbon. And for carbon 00:29:52.549 --> 00:29:54.950 markets specifically. To really participate effectively 00:29:54.950 --> 00:29:57.769 and get marketable credit volumes, smaller farms 00:29:57.769 --> 00:30:00.059 will almost certainly need to collaborate. partner 00:30:00.059 --> 00:30:02.380 with aggregators entities that bundle credits 00:30:02.380 --> 00:30:05.359 from multiple small farms right bundle those 00:30:05.359 --> 00:30:08.180 smaller reduction volumes into a larger more 00:30:08.180 --> 00:30:10.779 attractive package for buyers and the source 00:30:10.779 --> 00:30:13.180 was a bit pointed here too about collaboration 00:30:13.180 --> 00:30:16.859 among smaller farms yeah quite direct pointing 00:30:16.859 --> 00:30:18.859 out that while smaller farmers are often vocal 00:30:18.859 --> 00:30:22.019 about challenges they face they've historically 00:30:22.019 --> 00:30:26.240 been maybe slower to form the kinds of collaborative 00:30:26.240 --> 00:30:29.319 structures needed to effectively tap into emerging 00:30:29.319 --> 00:30:31.480 opportunities like these carbon markets. Ouch. 00:30:31.900 --> 00:30:34.140 But maybe a fair point. Something to consider 00:30:34.140 --> 00:30:36.839 anyway. Okay, so collaboration and finding the 00:30:36.839 --> 00:30:40.160 right scale seem key, regardless of size. Now 00:30:40.160 --> 00:30:43.160 this idea of early adopters, is there a real 00:30:43.160 --> 00:30:45.740 tangible advantage to getting in sooner rather 00:30:45.740 --> 00:30:48.359 than later? Our source strongly suggests, yes, 00:30:48.400 --> 00:30:50.319 there is a significant early mover advantage 00:30:50.319 --> 00:30:52.640 to be gained. How so? What are the benefits? 00:30:52.960 --> 00:30:55.539 Several potential ones. First, early players 00:30:55.539 --> 00:30:57.519 often get the chance to lock in more favorable 00:30:57.519 --> 00:30:59.619 contract terms and pricing for their credits 00:30:59.619 --> 00:31:02.039 before the market gets more crowded, potentially 00:31:02.039 --> 00:31:04.279 more competitive. Okay, better deals early on. 00:31:04.460 --> 00:31:07.240 Second, they gain invaluable hands -on experience. 00:31:07.920 --> 00:31:10.259 They develop operational efficiencies with the 00:31:10.259 --> 00:31:13.660 tech, navigating the complex MRV stuff. That 00:31:13.660 --> 00:31:16.019 can lower costs and improve performance over 00:31:16.019 --> 00:31:18.700 time. Learn and curb advantage. Exactly. Third, 00:31:18.880 --> 00:31:22.339 being seen as an early adopter, a leader in sustainability 00:31:22.339 --> 00:31:25.140 that can seriously enhance your farm's brand. 00:31:25.380 --> 00:31:28.559 Build goodwill with processors, consumers, your 00:31:28.559 --> 00:31:31.039 local community. Good PR, basically. Can be, 00:31:31.160 --> 00:31:34.099 yeah. And finally, having verifiable reduction 00:31:34.099 --> 00:31:36.829 projects going early. could strategically position 00:31:36.829 --> 00:31:39.809 you better if, or maybe when, future regulations 00:31:39.809 --> 00:31:42.089 mandate broader emissions cuts. Getting ahead 00:31:42.089 --> 00:31:45.109 of potential mandates. Okay. There are always 00:31:45.109 --> 00:31:47.650 risks to being first, right? Downsides to being 00:31:47.650 --> 00:31:49.490 on the cutting edge. Oh, absolutely. Early adoption 00:31:49.490 --> 00:31:51.829 isn't risk -free. Carbon markets themselves can 00:31:51.829 --> 00:31:54.130 be volatile. Credit prices can fluctuate significantly 00:31:54.130 --> 00:31:56.910 based on supply -demand policy shifts. Market 00:31:56.910 --> 00:31:59.910 risk. Definitely. Plus, the very policies underpinning 00:31:59.910 --> 00:32:02.849 these programs, LCFS, RFS, they could be changed, 00:32:03.009 --> 00:32:05.369 modified, maybe even sunsetted over time. That 00:32:05.369 --> 00:32:07.470 could alter eligibility rules or the value of 00:32:07.470 --> 00:32:10.069 credits. Policy risks. Right. The analogy used 00:32:10.069 --> 00:32:12.410 in our source is insightful. Compare it to the 00:32:12.410 --> 00:32:15.289 early days of robotic milking. Okay. Those pioneers 00:32:15.289 --> 00:32:17.490 who jumped in early. They often faced higher 00:32:17.490 --> 00:32:20.950 initial costs, a steeper learning curve, more 00:32:20.950 --> 00:32:23.829 uncertainty about the long -term ROI. Sure. But 00:32:23.829 --> 00:32:26.049 many of those early adopters now enjoy significant 00:32:26.049 --> 00:32:29.849 labor savings. Better management insights. Operational 00:32:29.849 --> 00:32:31.869 advantages that farms who waited are now trying 00:32:31.869 --> 00:32:34.210 to catch up with. So it's a trade -off. It is. 00:32:34.470 --> 00:32:37.009 It's about carefully weighing the potential benefits 00:32:37.009 --> 00:32:40.089 of moving early against the inherent risks and 00:32:40.089 --> 00:32:43.109 uncertainties of a new, evolving market. Our 00:32:43.109 --> 00:32:45.730 source notes, the most profitable operators are 00:32:45.730 --> 00:32:48.430 rarely the absolute first, but they're never 00:32:48.430 --> 00:32:50.890 the last either. Interesting observation. It's 00:32:50.890 --> 00:32:53.490 that classic risk reward calculation again. You 00:32:53.490 --> 00:32:54.809 don't want to be left behind, but you don't want 00:32:54.809 --> 00:32:57.289 to bet the farm on something unproven. Precisely. 00:32:57.490 --> 00:33:00.509 Now, are there any common pitfalls or specific 00:33:00.509 --> 00:33:03.690 mistakes our source warns producers to watch 00:33:03.690 --> 00:33:05.490 out for when considering these carbon projects? 00:33:05.869 --> 00:33:08.430 Yes. Several common mistakes are outlined that 00:33:08.430 --> 00:33:10.890 can really derail things, lead to disappointment. 00:33:11.170 --> 00:33:15.009 First big one, insufficient due diligence. Rushing 00:33:15.009 --> 00:33:18.079 in? Yeah. Jumping into projects without a truly 00:33:18.079 --> 00:33:20.480 comprehensive, unbiased understanding of the 00:33:20.480 --> 00:33:23.920 tech, the real costs, the market risks, the fine 00:33:23.920 --> 00:33:26.539 print in the contracts. So the solution? Conduct 00:33:26.539 --> 00:33:29.759 thorough, independent feasibility studies. Get 00:33:29.759 --> 00:33:32.299 extra review of proposals from reputable consultants 00:33:32.299 --> 00:33:34.539 who aren't tied to the developers. Don't just 00:33:34.539 --> 00:33:37.819 trust the sales pitch. Basically, yes. It's like 00:33:37.819 --> 00:33:40.200 into buying cattle without seeing them or their 00:33:40.200 --> 00:33:42.480 records. You got to do your homework or you risk 00:33:42.480 --> 00:33:45.200 costly surprises. Makes sense. What's another 00:33:45.200 --> 00:33:47.819 potential pitfall? Poor partner selection. This 00:33:47.819 --> 00:33:50.200 is huge. Choosing the wrong developer or broker. 00:33:50.500 --> 00:33:53.759 Exactly. Engaging with project developers, brokers, 00:33:53.940 --> 00:33:56.779 or even verifiers who are inexperienced, lack 00:33:56.779 --> 00:33:59.819 a solid track record, or worse, might be disreputable. 00:33:59.839 --> 00:34:02.079 How do you avoid that? Thoroughly check credentials 00:34:02.079 --> 00:34:05.200 and experience. Demand references from similar 00:34:05.200 --> 00:34:07.420 successful projects and actually check them. 00:34:08.039 --> 00:34:10.320 Verify they adhere to industry codes of conduct. 00:34:10.619 --> 00:34:13.730 Like vetting your AI tech or feed supplier. Same 00:34:13.730 --> 00:34:16.690 level of scrutiny needed? Absolutely. A bad partner 00:34:16.690 --> 00:34:18.809 choice here can lead to significant financial 00:34:18.809 --> 00:34:21.829 loss and project failure. Okay. Partner integrity 00:34:21.829 --> 00:34:24.670 is key. What else? Inadequate record keeping. 00:34:24.829 --> 00:34:26.429 We keep coming back to this, but it's critical. 00:34:26.510 --> 00:34:30.409 The MRV Foundation. Right. Robust, accurate systems 00:34:30.409 --> 00:34:32.989 for consistently collecting, managing, and reporting 00:34:32.989 --> 00:34:35.650 all that monitoring data are essential for the 00:34:35.650 --> 00:34:39.050 credibility and the value of your credits. Solution. 00:34:39.190 --> 00:34:43.679 Clear, documented. MRV protocols, calibrated 00:34:43.679 --> 00:34:46.619 maintained equipment, meticulous auditable records. 00:34:46.840 --> 00:34:49.719 Like antibiotic treatment records consequences 00:34:49.719 --> 00:34:52.460 for messing up. Good analogy. The consequences 00:34:52.460 --> 00:34:54.320 might be different, but the need for accuracy 00:34:54.320 --> 00:34:57.340 is just as high. Got it. Any other common mistakes? 00:34:58.099 --> 00:35:00.360 Misunderstanding the complex rules. Of the carbon 00:35:00.360 --> 00:35:03.150 programs themselves. Yeah. not fully grasping 00:35:03.150 --> 00:35:06.210 the nuances of additionality criteria, or maybe 00:35:06.210 --> 00:35:08.550 long -term permanence obligations for some projects, 00:35:08.730 --> 00:35:11.309 or the very specific technical requirements in 00:35:11.309 --> 00:35:13.630 the methodology you chose. So how to tackle that? 00:35:13.849 --> 00:35:16.170 Work closely with knowledgeable advisors who 00:35:16.170 --> 00:35:18.809 really understand these intricacies. Take the 00:35:18.809 --> 00:35:21.010 time to study the program rules and guidelines 00:35:21.010 --> 00:35:24.289 yourself. Don't just skim the surface. No. Our 00:35:24.289 --> 00:35:26.630 source Riley comments that navigating carbon 00:35:26.630 --> 00:35:28.949 markets can sometimes make federal milk marketing 00:35:28.949 --> 00:35:32.690 orders look straightforward. That's saying something. 00:35:33.550 --> 00:35:35.710 Underscores the need for expertise. It really 00:35:35.710 --> 00:35:38.489 does. Okay, and is there a final key pitfall 00:35:38.489 --> 00:35:41.869 producers should be aware of? Yes. Guarding against 00:35:41.869 --> 00:35:44.289 unrealistic financial expectations. The initial 00:35:44.289 --> 00:35:47.050 hype we talked about. Partly that, yeah. Not 00:35:47.050 --> 00:35:49.170 overestimating potential credit prices or co 00:35:49.170 --> 00:35:52.230 -product values, while at the same time underestimating 00:35:52.230 --> 00:35:54.710 the total costs, capital, operational, administrative 00:35:54.710 --> 00:35:58.610 transaction costs. So be conservative. Use conservative 00:35:58.610 --> 00:36:00.869 assumptions in your projections. Run sensitivity 00:36:00.869 --> 00:36:03.010 analyses what happens if credit prices drop. 00:36:03.170 --> 00:36:05.769 What if costs are higher? Plan for reality, not 00:36:05.769 --> 00:36:08.070 just the best case scenario. Exactly. We've all 00:36:08.070 --> 00:36:09.929 seen optimistic projections where everything 00:36:09.929 --> 00:36:13.409 goes perfectly. Real farms, real projects rarely 00:36:13.409 --> 00:36:16.809 unfold without bumps. A realistic financial understanding 00:36:16.809 --> 00:36:20.090 is crucial. Okay, so the key takeaway seems clear. 00:36:20.409 --> 00:36:23.150 Go in with eyes wide open. Do your homework. 00:36:23.690 --> 00:36:26.550 Pick partners wisely. Keep meticulous records. 00:36:26.750 --> 00:36:28.889 Understand the rules. Be realistic about the 00:36:28.889 --> 00:36:30.989 money. That sums it up pretty well. All right. 00:36:31.030 --> 00:36:33.070 We've covered a massive amount of ground in this 00:36:33.070 --> 00:36:34.869 deep dive. Let's try to bring it all together. 00:36:35.150 --> 00:36:37.590 What's the ultimate bottom line for our listeners? 00:36:38.070 --> 00:36:40.909 Is carbon farming the right move for every dairy 00:36:40.909 --> 00:36:43.469 operation today? Well, our source concludes by 00:36:43.469 --> 00:36:47.670 reiterating that while that $800 to $1 ,200 per 00:36:47.670 --> 00:36:50.389 cow figure might be the optimistic upper limit. 00:36:50.510 --> 00:36:53.539 Right. Genuine, potentially significant financial 00:36:53.539 --> 00:36:56.320 opportunities do exist for producers willing 00:36:56.320 --> 00:36:58.860 to do the due diligence and strategically engage. 00:36:59.199 --> 00:37:02.739 But success isn't guaranteed. No. The real key 00:37:02.739 --> 00:37:05.469 lies in those things we just discussed. Thorough 00:37:05.469 --> 00:37:07.969 independent feasibility studies, selecting appropriate 00:37:07.969 --> 00:37:10.530 tech and trustworthy partners, implementing robust, 00:37:10.829 --> 00:37:13.750 verifiable MRV, and proactively managing the 00:37:13.750 --> 00:37:15.710 risks. And the source expressed some frustration. 00:37:16.050 --> 00:37:18.389 Yeah, a palpable sense of frustration about farms 00:37:18.389 --> 00:37:20.809 maybe delaying decisions while external consultants 00:37:20.809 --> 00:37:22.510 or developers might be shaping the narrative. 00:37:22.730 --> 00:37:24.750 So the call is for producers to take control. 00:37:25.130 --> 00:37:28.269 Exactly. Take control of the conversation. Proactively 00:37:28.269 --> 00:37:31.010 develop carbon reduction strategies that prioritize 00:37:31.010 --> 00:37:33.789 the long -term economic and environmental sustainability 00:37:33.789 --> 00:37:36.429 of their own farms first. Like that Wisconsin 00:37:36.429 --> 00:37:39.050 producer example. Right. That anecdote about 00:37:39.050 --> 00:37:41.969 the producer who integrated carbon capture, offset 00:37:41.969 --> 00:37:44.489 their supply chain footprint, earned a processor 00:37:44.489 --> 00:37:47.929 premium, and got betting savings. That really 00:37:47.929 --> 00:37:50.949 underscores the tangible potential for those 00:37:50.949 --> 00:37:53.860 who take a strategic, proactive approach. So 00:37:53.860 --> 00:37:55.659 it sounds like the core message is really a shift 00:37:55.659 --> 00:37:58.619 in perspective. I think so. Time for producers 00:37:58.619 --> 00:38:00.480 to start seeing environmental stewardship not 00:38:00.480 --> 00:38:03.659 just as a cost or burden, but as a legitimate 00:38:03.659 --> 00:38:06.019 potential revenue stream that can contribute 00:38:06.019 --> 00:38:08.460 to the farm's long -term profitability and resilience. 00:38:08.980 --> 00:38:11.559 Okay. So for our listeners who are intrigued, 00:38:11.800 --> 00:38:13.639 maybe thinking, okay, I need to look into this, 00:38:13.739 --> 00:38:16.280 what are some immediate actionable steps they 00:38:16.280 --> 00:38:18.679 can take right now? Our source provides a solid 00:38:18.679 --> 00:38:22.320 starting list. First, proactively request a baseline 00:38:22.320 --> 00:38:24.760 greenhouse gas assessment for your farm. Know 00:38:24.760 --> 00:38:27.940 your starting point. Yep. From a qualified, reputable 00:38:27.940 --> 00:38:30.380 consultant. Understand your current footprint. 00:38:30.940 --> 00:38:33.760 Identify the main emission sources. Okay. Step 00:38:33.760 --> 00:38:36.679 two. Take time to explore and evaluate multiple 00:38:36.679 --> 00:38:39.500 technology and management options. Don't just 00:38:39.500 --> 00:38:41.880 jump at the first proposal you see. Shop around. 00:38:42.260 --> 00:38:46.349 Compare. Exactly. Third, make a real effort to 00:38:46.349 --> 00:38:48.329 talk to other producers who've already done this. 00:38:48.489 --> 00:38:50.750 Learn from their experience. Get first -hand 00:38:50.750 --> 00:38:53.329 insights, the successes and the challenges they 00:38:53.329 --> 00:38:55.909 faced. Nothing beats peer -to -peer learning. 00:38:56.190 --> 00:38:59.969 True. Fourth. Get involved in your industry organizations. 00:39:00.690 --> 00:39:03.210 Demand they prioritize developing collaborative 00:39:03.210 --> 00:39:06.130 models, providing resources to make carbon markets 00:39:06.130 --> 00:39:09.170 more accessible and beneficial for all farm sizes. 00:39:09.489 --> 00:39:11.489 Push for industry support structures. Right. 00:39:11.570 --> 00:39:14.150 And finally, number five. If you haven't already, 00:39:14.289 --> 00:39:16.469 start diligently improving your farm's data collection 00:39:16.469 --> 00:39:18.809 and record -keeping systems now. Even if you're 00:39:18.809 --> 00:39:21.869 not ready to commit yet. Especially then. Having 00:39:21.869 --> 00:39:24.730 accurate, accessible data is absolutely foundational 00:39:24.730 --> 00:39:27.809 for any future participation. Get your data house 00:39:27.809 --> 00:39:31.630 in order. Solid advice. Okay, so the carbon opportunity, 00:39:31.909 --> 00:39:34.150 it sounds like it isn't going to patiently wait 00:39:34.150 --> 00:39:36.329 for those who hesitate. Seems unlikely. It's 00:39:36.329 --> 00:39:38.150 there for the proactive, the well -informed. 00:39:38.289 --> 00:39:40.329 So the final question for you, our listeners, 00:39:40.489 --> 00:39:44.340 is this. Are you ready to actively explore and 00:39:44.340 --> 00:39:47.139 potentially mine the carbon gold mine right there 00:39:47.139 --> 00:39:50.280 on your dairy farm? Or will you watch from the 00:39:50.280 --> 00:39:53.239 sidelines as your more forward -thinking competitors 00:39:53.239 --> 00:39:55.579 potentially cash in on this evolving landscape? 00:39:55.920 --> 00:39:58.619 And looking ahead, we definitely plan to dig 00:39:58.619 --> 00:40:01.159 even deeper into some of these specific technologies 00:40:01.159 --> 00:40:03.679 and the practicalities of the markets in future 00:40:03.679 --> 00:40:06.019 discussions. Yeah, maybe get some early adopters 00:40:06.019 --> 00:40:08.849 on to share their stories. That's the plan. Feature 00:40:08.849 --> 00:40:11.070 interviews with producers navigating these markets, 00:40:11.130 --> 00:40:14.309 sharing real -world lessons. So we strongly encourage 00:40:14.309 --> 00:40:17.210 you, send us your questions, share your own experiences. 00:40:17.389 --> 00:40:19.710 Let us know what specific parts of this you want 00:40:19.710 --> 00:40:22.090 us to explore further as we all try to navigate 00:40:22.090 --> 00:40:24.210 this really important area for the dairy industry. 00:40:24.489 --> 00:40:26.349 Thanks for joining us on the Bullvine Podcast. 00:40:26.869 --> 00:40:29.070 If you're ready to turn methane into revenue, 00:40:29.309 --> 00:40:32.010 head to thebullvine .com for our full deep dive 00:40:32.010 --> 00:40:35.190 article, case studies, and tools to calculate 00:40:35.190 --> 00:40:38.539 your farm's carbon cash potential. Got a hot 00:40:38.539 --> 00:40:41.139 take on carbon credits? DM us at The Bullvine. 00:40:41.280 --> 00:40:44.059 We want to hear from the early adopters, skeptics, 00:40:44.059 --> 00:40:46.760 and everyone in between. Don't forget to subscribe 00:40:46.760 --> 00:40:49.739 so you never miss an episode. Until next time, 00:40:49.820 --> 00:40:53.099 stay bold, stay profitable, and keep milking 00:40:53.099 --> 00:40:53.960 every opportunity.