Utah Valley Times

Representative John Curtis (R-UT) has introduced a bill aimed at safeguarding Utah's public lands from Wall Street activist investors. The bill, if passed, would prohibit Natural Asset Companies (NACs) or any similar entities from entering into agreements that could impact land in the state.

According to Rep. Curtis, "Wall Street shouldn't be allowed to control Utah's land just to meet with ESG goals." He emphasized the importance of public lands to western communities, stating that they rely on these lands for their livelihoods and recreational activities. He believes that allowing NACs or similar proposals would directly threaten this way of life.

Utah State Treasurer, Marlo Oaks, expressed concerns about the creation of NACs and its potential impact on rural America. He stated, "If NACs were to be permitted in the United States, private interests, including foreign-controlled sovereign wealth funds, could invest in a NAC to either purchase or manage public and private lands." He further explained that NACs could acquire management rights to conservation easements without the consent of landowners. This could result in the prohibition of essential economic activities such as farming, grazing, and energy extraction on NAC-protected land. Additionally, recreational activities on Utah's natural lands could be curtailed. Given that the federal government already owns a significant portion of land in states like Utah and is advocating for more conservation easements, the impact of NACs could be devastating.

The bill introduced by Rep. Curtis seeks to prevent any similar rule from impacting Utah's lands in the future, even though the Securities and Exchange Commission (SEC) rule allowing NACs has been withdrawn. The rule, which was published in October 2023, would have allowed NACs to own the rights to ecological performance and license rights to minerals, water, or air from "sovereign nations or private landowners." However, it faced widespread opposition and was eventually pulled in January 2024.

This bill comes as a response to the concerns raised by Rep. Curtis and Utah State Treasurer Marlo Oaks, who have been vocal opponents of the SEC rule. They believe that it would have financialized nature and posed a significant threat to Utah's public lands.

As of now, the bill introduced by Rep. Curtis aims to protect Utah's lands from similar proposals in the future. It remains to be seen how the bill will progress and whether it will garner enough support to become law.