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RFM continues to meet its commitment to emissions reporting for RFF by quantifying Scope 1 and Scope 2 greenhouse gas (GHG) emissions for assets under the Fund’s operational control, consistent with the Greenhouse Gas Protocol. In accordance with the Protocol, an entity maintains operational control when it holds primary authority to establish and enforce policies for that operation.
While RFF’s strategy primarily involves leasing agricultural assets, the Fund may also operate properties-for example, during their development. Assets not leased are included within the Fund’s operational boundary. Reporting responsibility transfers to lessees upon the commencement of a lease, which means that emissions are likely to fluctuate year on year due to the Fund’s strategy of developing and operating assets before leasing them.
FY25 emissions
Consistent with previous reporting periods, RFF’s Scope 1 and Scope 2 emissions remain modest relative to the overall size of its agricultural portfolio, reflecting the predominance of leased assets outside RFF’s operational control.
The Fund’s FY25 emissions profile shows a 10% aggregate decrease in Scope 1 and Scope 2 emissions compared to FY24. This change reflects leasing adjustments, such as the inclusion of Lynora Downs cropping property following RFF’s acquisition of 50% interest in its lessee. Similarly, the Cerberus cattle and Baamba Plains cropping properties were removed from the Fund’s Scope 1 and Scope 2 emissions reporting boundary upon their leasing in late 2024, with lessees assuming emissions responsibility.
Emissions from cattle declined due to Cerberus being leased and stocking rates at Kaiuroo reducing moderately to support cropping development plans. Cattle’s proportion of total emissions decreased from 63% in FY24 to 46% in FY25. Conversely, cropping emissions increased as Baamba Plains reached full operational capacity and Lynora Downs was incorporated into RFF’s emissions boundary.
RFM uses the Greenhouse Accounting Framework tools developed by the Primary Industries Climate Challenges Centre to calculate agricultural emissions. These tools help quantify agricultural emissions in alignment with Australia’s National Greenhouse Gas Inventory. A detailed breakdown of emissions by activity is provided in Figure 2.
Fuel consumption represented a notable source of emissions for FY25, primarily driven by ongoing development activities at Kaiuroo aimed at enhancing asset productivity and efficiency.
Figure 2: FY25 Scope 1 and Scope 2 emissions
For FY25, RFF reports the following emissions:
• Scope 1 emissions: 18,380 tonnes of CO₂‑e
• Scope 2 emissions: 1,002 tonnes of CO₂‑e.
Current disclosures do not account for carbon sequestration from soils, remnant vegetation or orchard trees, which likely represent additional, unquantified contributions to the Group’s emissions abatement efforts.
Furthermore, RFM recognises the future requirement to account for Scope 3 emissions ‒ indirect emissions occurring across the broader value chain, including those from leased assets. Initiatives are underway to address this by progressively expanding emissions reporting capabilities to encompass Scope 3 emissions, to align with mandatory climate-related financial disclosure standards.
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