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environmental impact of intensive farm systems. Many farmers are also focusing on some form of environmental reporting, and 44 percent have already reduced or are planning to reduce farm inputs like chemicals and fertilisers.

We know that to enable farmers, we as a bank need to play a role in supporting and enhancing the agribusiness of the future. Across BNZ, we’re building sustainable finance solutions that will lower funding costs for achievement of ambitious environmental, social and governance targets. We’re also helping farmers focus on becoming digitally capable, operating sustainably, and on bringing a winning mindset to their business.

STARTING STRONG

Of course, none of this is easy. The increasing requirements to improve environmental outcomes requires capital and longer investment horizons. It may necessitate changes to the way some have been farming for decades.

We’re starting from a good place. Throughout the pandemic, our primary sector has largely gone about its business and continued to grow. New Zealand’s clean, nutritious food remains economically robust, and our commodity prices are strong. We’ve seen our agribusiness customers strengthen their positions, using the good times to pay down debt and shore up balance sheets. An influx of new money seeking yield has also found its way into the sector. This gives farmers an opportunity to position their agribusinesses for longterm success, supporting the regeneration of land and waterways and the ongoing viability of their businesses.

We’re proud of what the primary sector achieves and the critical role it plays in our economy. Our farmers have proven time and time again they can overcome challenges, and our agribusiness team is here to support them along the way. After all, the market has spoken and there’s no going back.

You’ll find more in our Shift Happens – Future of Agribusiness report. It’s a snapshot in time; an immensely important one.

An infographic from ‘Shift Happens – Future of Agribusiness’ report. *Small sample size. Data is indicative only.