The U.S. Securities and Exchange Commission (SEC) extended the deadline for public comment on its proposal to require U.S.-listed companies to disclose a range of climate-related risks and greenhouse gas emissions. The comment period expired in April but now is extended to June 17. The proposal would require public companies to report on Scope 3 emissions, which are the result of activities from assets not owned or controlled by a publicly-traded company but contribute to its value chain.
American Farm Bureau Federation is against the proposed requirement. The AFBF says while farmers and ranchers would not be required to report directly to the SEC, they provide almost every raw product that goes into the food supply chain. Farm Bureau President Zippy Duval says AFBF asked for the extension because America’s farmers and ranchers need time to fully understand the consequences of this 510-page proposal.
“We have deep concerns that the SEC is proposing a rule that will subject farmers to regulations that are intended for Wall Street. Unlike large corporations currently regulated by the SEC, farmers don’t have teams of compliance officers and attorneys dedicated to handling SEC compliance issues,” Duvall said. “Increased costs, legal liabilities, and privacy concerns could create obstacles to ensuring food security at a time when the world is increasingly looking to America’s farmers for help. We urge the SEC to avoid enacting regulations that will keep farmers and ranchers from focusing on growing the food, fuel, and fiber this country needs.”
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Sabrina Halvorson
National Correspondent / AgNet Media, Inc.
Sabrina Halvorson is an award-winning journalist, broadcaster, and public speaker who specializes in agriculture. She primarily reports on legislative issues and hosts The AgNet Weekly podcast. Sabrina is a native of California’s agriculture-rich Central Valley.