Statement from the Illinois Farm Bureau regarding the Securities and Exchange Commission revised climate disclosure rule

[March 07, 2024]     The Securities and Exchange Commission (SEC) voted Wednesday on its final climate disclosure removal and removed the Scope 3 reporting requirement, which would have required public companies, including farmers, to report the greenhouse gas emissions of their supply chain.

American Farm Bureau Federation (AFBF) led the charge for the removal of Scope 3 since the rule was first proposed two years ago. Illinois Farm Bureau (IFB) supported these efforts with nearly 1,200 members communicating with their representatives about the rule.

“IFB thanks AFBF for leading the charge and working with SEC Chair Gary Gensler and his staff to research the unintended consequences of the Scope 3 rule,” said IFB President Brian Duncan. “The Scope 3 requirement would have imposed additional burdens on our farmers – especially our small, family-owned farms – which could have potentially led to even more consolidation in our industry.

“Illinois farmers are dedicated to advancing climate-smart agriculture and putting scientific solutions, technology and innovation to work. We have made great strides in this space and recognize the value in collecting scientifically-sound data to share our efforts, such as collaborating with our partners on the recent Illinois Agriculture Retail Survey, which helps us record nutrient loss reduction progress.”

Illinois Farm Bureau is a member of the American Farm Bureau Federation, a national organization of farmers and ranchers. Founded in 1916, IFB is a non-profit, membership organization directed by farmers who join through their county Farm Bureau. IFB has a total membership of more than 364,452 and a farmer membership of 75,959. IFB represents three out of four Illinois farmers.

[Sierra Henry
Media Relations Specialist
Illinois Farm Bureau®]