WASHINGTON, March 6, 2024—The U.S. Securities and Exchange Commission (SEC) today voted to finalize new climate disclosure rules for publicly traded companies. The International Dairy Foods Association (IDFA) believes the SEC decision to exclude Scope 3 emissions is a recognition of U.S. food and agriculture’s leadership on sustainability. IDFA President and CEO Michael Dykes, D.V.M. released the following statement:
“IDFA is pleased that the SEC responded to our comments and listened to our industry by removing Scope 3 emissions from its final climate disclosure rules. The SEC proposal threatened to place significant financial burdens on millions of companies and businesses that fall outside of the SEC’s regulatory jurisdiction. The proposed rules demonstrated a lack of engagement with the dairy value chain and a lack of analysis of the economic and market effects on privately held and small entities directly impacted by the rule. Since introducing the rule, the SEC has learned U.S. dairy has committed significant resources to achieve ambitious environmental stewardship goals, including GHG neutrality, optimized water use, and improved water quality by 2050, resulting in a glass of milk with the smallest carbon-intensity footprint in the world.
“In fact, U.S. dairy is producing more than twice as much milk with half as many cows on much less land with much less water and feed than in 1960. This progress is a testament to the United States’ voluntary, incentive-based sustainability policies. IDFA remains committed to collaborating with producers and food companies to advance responsible sustainability principles.”
