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these are rough estimates of course, but here goes:
1 acre of soil to a depth of 1 foot (aka an acre-foot) weighs 2,000,000 pounds. By mass, carbon makes up 3% of this total, which equals 60,000 pounds. Increasing the carbon content by 1% means adding 20,000 pounds of pure carbon. Carbon is atomic no. 6, oxygen is 8, so C02 is 6/22nds carbon by mass. So to add 20,000 pounds of carbon to the soil, we are removing 73,300 pounds of CO2 from the air.
To address the feasibility issues you raised: 1) Each soil has its own 'optimum' level of carbon. In cold, wet climates this can reach 10% or higher (think Minnesota muck). In warm, sandy soils it can level out at 2%. Most soil falls somewhere in between. Our farm in the Shenandoah Valley of VA has 3.5 to 4%. Most agricultural land has burned off its organic matter long ago by applying acidulated fertilizers. 2) It is possible (and profitable) to increase the organic matter content of the soil through several means - the regular addition of organic matter such as compost, shredded leaves, manure; the use of cover crops and green manures such as clovers, vetch, or fescue; decreased use of artificial fertilizers; proper grazing techniques (think prairies and buffalo creating 10' of deep black soil). Basically the idea is to take a natural phenomenon (plant growth) and speed it up. Grazing is, IMO, the best way to do this. Every time a cow eats grass, the same amount of roots below the surface die off and rot. The plant will regrow and then it will be sheared off again in a few weeks. This constant cycle of growth, graze, and die off will produce lots of beef AND add a heap of organic matter (=carbon) to the soil. It is a net carbon sink.
'Lost productivity' is a misperception. Small, tightly managed farms can, are, and will continue to beat industrial farms hands down in production per acre. Crop rotation, the additions of organic matter and use of proper grazing techniques are not 'costs' to be avoided, they are the root of fertility increase and the centerpiece of any small farm. They are REQUIRED for organic certification.
Your particular example is a good one. First, some advice: don't till it in! You will destroy the very soil structure you are trying to create. Add organic matter in the fall after your harvest by applying it to the surface, 2-3" deep, and watch in amazement as your earthworms have a reproductive orgy. Their castings were a half-inch deep on our soil and the garden soaks up water like a sponge. It will also keep the temperature more tolerable for the invisible critters and warm up faster in the spring.
You're right ... Your garden didn't make a difference in reducing climatic CO2 - you moved fertility (leaves) from one place to another. On the plus side, food travels around the world so everything you grow in your back yard reduces your personal impact. Plus you're setting a great example for the neighbors :)
Long story short - increasing soil carbon by proper farming techniques has numerous benefits, not least of which is the ability to reduce our net addition of CO2 into the atmosphere. Its cheap to implement and has multiple positive effects.
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