McCain Foods, the UK’s largest manufacturer of frozen potato products, and NatWest, the biggest bank for business and one of the largest for the UK farming sector, have come together with a new offering to reduce financial barriers for potato farmers who are transitioning to sustainable agricultural practices.
Smart and sustainable farming is a key pillar of McCain’s commitment to make planet friendly food, anchored on its commitment to implement regenerative agriculture across 100 per cent of its global potato acreage by 2030.
The transition to more sustainable farming practices often requires up-front investments in new equipment and practices from farmers, which can create a barrier to uptake. Through its asset finance arm Lombard, NatWest will be offering a first-of-its-kind initiative in the UK, which will see the bank offer additional financial support to McCain potato farmers.
In addition, McCain has also committed to offering a contribution towards the interest payable for assets that support regenerative agriculture practices.
“Given the increasingly unpredictable climate, the shift towards regenerative agriculture practices is vital to futureproof the farming industry, and we want to support McCain potato farmers who are making the transition towards more sustainable operations. We know that switching to regenerative agriculture can come with financial implications, and this new partnership will be a part of the effort to alleviate those barriers,” said James Young, VP of Agriculture at McCain GB&I.
“We are working with our growers, customers and key stakeholders to ensure the long-term viability of potato growing in the UK.”
Ian Burrow, Head of Agriculture, NatWest commented, “NatWest and Lombard are thrilled to be working with McCain to help their farmers invest in sustainable farming practices. Agriculture is a sector of paramount importance to the UK economy, and one which is at a turning point, facing higher costs, inflation and the daunting challenge of net zero.
In addition to the partnership with NatWest, McCain is continuing to support farmers in the face of rising inflation by committing to a 31% contract indexation in 2023, which equals a £35 million investment.
To enable knowledge transfer to its farmers, McCain is testing regenerative agriculture practices and trialing new technology at its Farms of the Future projects, located in McCain’s hometown of Florenceville, New Brunswick and in South Africa. This is supported in the UK by three demonstration farms across the country.
For more information: mccain.com