MCV has supported research for over 20 years; our completed projects reflect this body of work.
Independent evaluations show that the research and development we have supported is substantial, with high benefit-to-cost ratios. For each dollar spent, there has been a return of over $6.60.
Our 2016–20 strategy is to invest in the following 4 areas:
1. Climate forecasting research
We are funding climate science projects aimed at improving the skill and value of climate forecasts and outlooks, particularly from multi-week to intra-seasonal periods.
Our projects focus on issues of specific interest to agriculture, such as forecasting extreme events (for example: droughts, heatwaves and frosts) and investing in improved modelling capability.
In 2014, The Centre for International Economics estimated the potential value of improved seasonal climate forecasts for the agricultural sector and for other sectors of Australia’s economy. The potential value for the agricultural sector is significant, and much greater than the potential value for other sectors in the economy. And with even more climate variability expected under climate change, they expect that value to increase.
2. Climate forecasting services
We continue to invest in delivering climate products by translating climate forecasting research outputs into climate forecasting products and services for Australian agriculture. A key investment, in partnership with the Bureau of Meteorology, is to continuously improve Water and the Land services and Climate Kelpie.
3. Climate risk management tools for agriculture
We support research into decision-support applications and products. By investing in tools such as the CliMate app, we are giving farmers information in more convenient and accessible formats to support their on-farm climate risk management decisions.
4. Climate knowledge and communication
We continue to support knowledge and communication activities. Most of our investment in this area is focused on increasing awareness and promoting adoption of climate risk management practices on-farm through, for example, the Climate Kelpie website.