Farm Bureau’s strength reflected in SEC decision on Scope 3 rule
Because of the strength of our industry’s unified voice, when agriculture speaks, lawmakers listen. The same is true of Farm Bureau — when counties and states come together with American Farm Bureau Federation (AFBF) to take on an issue as a grassroots organization, major results follow.
This was evident in the recent decision by the U.S. Securities and Exchange Commission (SEC) to abandon its proposed rule requiring publicly-traded companies to produce extensive climate disclosures, including measured impacts for their entire supply chain, known as Scope 3 emissions.
This reporting mandate could have led to severe privacy issues and costly expenses for the agriculture sector, potentially devastating small to mid-sized farms that lack resources to comply with requirements meant for Wall Street companies.
But after a successful two-year charge led by AFBF, the SEC on March 6 adopted final rules that eliminate the Scope 3 portion and reduce reporting requirements for Scope 1 and Scope 2 emissions. More information on the SEC decision is covered in this RFD Radio interview with AFBF’s Travis Cushman.
This win for Illinois farmers and U.S. agriculture would not have happened if Farm Bureau members had not stepped up and made their voices heard.
AFBF reports Farm Bureau members sent nearly 20,000 messages to the SEC and Capitol Hill, sharing how Scope 3 reporting would affect their farms. After receiving 5,000 emails from farmers concerned with the rule, SEC Chaiman Gary Gensler was prompted to personally call AFBF President Zippy Duvall.
Illinois Farm Bureau members contributed significantly with nearly 1,200 of you communicating with your representatives about the proposed SEC rule. To those IFB members who signed an Action Request on this issue — I appreciate and sincerely thank you for your engagement.
As I explained in a recent RFD Radio interview, securing a positive outcome on important policies and far-reaching decisions like the SEC’s Scope 3 rule underscores the value of a Farm Bureau membership.
These victories also demonstrate the power of a unified voice. When we speak up on agricultural issues and take on challenges, our nationwide organization is stronger, together.