Ranchers' Preferences for Grazing Programs in the Voluntary Carbon Market: Insights from a Discrete Choice Experiment in the Great Plains and Front Range, USA.

Emerging opportunities in the voluntary carbon market raise important questions about ranchers' preferences for carbon programs requiring altered grazing practices. Accordingly, we conducted the first study to evaluate ranchers' preferences for the design of three contemporary carbon programs administered by the American Carbon Registry, Climate Action Reserve, and Verra. We surveyed 506 ranchers across ten states in the Front Range and Great Plains, USA, encompassing more than 1.7 million acres. Ranchers exhibited differing levels of interest across the carbon programs, with the majority opting out of enrollment. Among those willing to participate, ranchers preferred programs with shorter contract lengths, an established track record of selling carbon credits, reliance on soil sampling (rather than conservation easements) to estimate soil carbon change, and higher payment amounts. Although there was no preference between annual versus lump sum payments, greater payment levels significantly increased the likelihood of enrollment. On average, respondents who chose to participate in a carbon program required $12.17 per acre with contract renegotiation every 2.87 years at the time of the survey. To increase participation, carbon companies should clearly communicate management requirements and financial benefits, highlight non-financial benefits, and build trust through greater transparency.