Friday is the end of the public comment period for a highly controversial climate rule that could negatively impact the nation’s food producers. In March the Securities and Exchange Commission proposed rule regarding Greenhouse Gas Emissions disclosure requirements. It would require publicly traded companies to provide climate-related information from their entire value chain.
Greenhouse gas emissions would need to be reported in financial statements and annual reports filed with the SEC. There are very few products in the supply chain that don’t trace their beginnings back to a farm or ranch. Those ag products already face extensive regulations but with this rule it is likely the reporting requirements would pile on farms and ranches of all sizes and could even force those operators to disclose personal information and farm business date.
NCBA Vice President of Government Affairs Ethan Lane says that’s why its such a concern. “Yes this is the worst of what you can think of when you talk about climate creeping into areas of business where it doesn’t really belong. The Security and Exchange Commission is seeking to require any farmer or rancher selling a commodity into a publicly traded company would be required under this regulation to report their emissions. “
Lane says not only it bad policy it is overreach as it falls outside of the agency’s jurisdiction since they’re in business to regulate Wall Street, not farmers and ranchers. He says, “Not only is that completely unfeasible but its also a massive departure from SEC’s core mission and something that we believe is completely inappropriate given their charter.”
Farm Bureau officials says the rule also undermines decades of sustainability efforts by farmers and ranchers who have worked to reduce ag emissions.
Lane says NCBA joined with 119 other ag organization and has submitted comments outlining their objections to the 510 page rule. He says thousands of farmers have ranchers have also submitted their comments. So they’re hopeful that will interject some common sense into the process.
