Indianapolis, IN., St. Louis, MO., San Ramon, CA., USA
March 14, 2023
Corteva Inc. (NYSE: CTVA), Bunge (NYSE:BG) and Chevron U.S.A. Inc., a subsidiary of Chevron Corporation (NYSE: CVX), announced today a commercial collaboration to introduce proprietary winter canola hybrids that produce plant-based oil with a lower carbon profile. The goal is to increase the availability of vegetable oil feedstocks primarily for the growing domestic renewable fuels market. The companies plan to introduce the winter canola crop into the southern United States with an intention to create a new revenue opportunity for farmers with a sustainable crop rotation.
The proprietary winter canola hybrids from Corteva can be used in a double crop system, following soybeans or cotton. “We’re pleased to work with Bunge and Chevron to bring a new option in the southern U.S. that will deliver solutions for farmers to increase productivity and sustainability on their acres, as well as contribute to the need for renewable and less carbon-intensive fuel options,” said Chuck Magro, CEO, Corteva Agriscience.
Bunge Chevron Ag Renewables, the joint venture between Bunge and Chevron, plans to contract with farmers to purchase the harvested winter canola crop and use the oil to produce renewable fuel. In addition to providing farmers a new income opportunity, adding winter canola to a rotation provides a cover crop which can enhance soil health by holding more nutrients, water, and carbon in the soil. A pilot program is expected to be conducted in the 2022-23 growing season to fine-tune best management practices.
“Rotational cover crops play a key role in our strategy to continue to develop next generation lower carbon feedstocks. As a leader in oilseed processing, we are pleased to work together with Corteva and Chevron to bring this crop innovation to farmers and process it into sustainable solutions for consumers. This is another step in our commitment to creating clear paths to support the decarbonization of the industry,” said Greg Heckman, Bunge CEO.
The companies plan to continue to explore opportunities to sustainably improve farming options and produce lower carbon renewable fuels.
“Chevron is committed to advancing a lower-carbon energy future, and we recognize renewable fuels like biodiesel and renewable diesel are a solution to do that,” said Kevin Lucke, President of Chevron Renewable Energy Group. “Feedstock innovation is a critical element of the growth of the renewable fuels industry, and innovative solutions like double-crop winter canola not only benefit the lower-carbon future, but also benefit farmers, consumers and the environment.”
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