The political economy of carbon farming: Analyzing agribusiness’ accumulation strategy and the imaginary of soil carbon markets

The global food regime plays a significant role in accelerating the climate crisis. Carbon Farming (CF) has emerged as a new strategy aimed at reducing emissions and removing carbon from the atmosphere. Major agribusiness corporations, such as BASF, Bayer, Cargill, Corteva, Syngenta, and Yara International, are driving the development and promotion of CF schemes as part of climate-smart agriculture. In this paper, we analyze their motivations, approaches, and the material and discursive practices behind this from a Cultural Political Economy perspective. Using a qualitative analysis of documents, websites and interviews we identify infrastructuring, assetization and incorporation as foundational components of the accumulation strategy, while robust carbon measurement, soil carbon markets, and co-benefits are key components of the imaginary related to CF. We conclude that although the concept of CF remains somewhat vague, it resonates with problematic patterns seen in other sectors, particularly regarding incumbency and the risk of mitigation deterrence.