Strategic innovation critical in Australian agricultural industry

Family farms, corporate producers and agricultural research centres all have a central role in the Australian economy. They also contribute importantly to the world's food supply, with potential to become a key provider for the growing Asian market.

Rising demand for food, amidst a growing global population, will present opportunities for the agriculture industry. A report by the Food and Agriculture Organization of the United Nations found that feeding the world's population in 2050 will require agricultural production to increase by 70 per cent.

Achieving long-term success and sustainability, however, requires the right strategies and resources. Aside from protecting investments by insuring farm assets, leaders in this field must seek opportunities to optimise their operations and respond to changing conditions.

This is all the more pressing in light of global warming and other developments, the Commonwealth Scientific and Industrial Research Organization (CSIRO) urged at the Reuters Global Climate Change Summit on October 15, as reported by Reuters. Data from the National Oceanic and Atmospheric Administration puts September's average temperatures about 0.72 degrees Celsius above 20th century averages - the hottest September on record.

According to Mark Stafford Smith, CSIRO's science director for climate adaption, the time has come for farmers to focus on ways to reduce carbon dioxide emissions while adapting their operations to environmental conditions in sustainable, long-term ways.

Australian farms have traditionally responded to challenges in production by shifting the location of particular product production, such as peanuts. However, this strategy will not be effective in the long-term as climate change threatens to impact the country's resources.

Instead, CSIRO is encouraging the agricultural industry to identify alternative approaches and options to fuel productivity while mitigating climate change. The organisation is working with industry members in a number of ways, including identifying different varieties of crops that can flourish and grow more efficiently in the existing conditions.

With safeguards and strategies in place, the agricultural industry will be well-positioned to take advantage of growing market opportunities.