In early 2024, BlueRibbon Coalition spent months sounding the alarm for the Securities and Exchange Commission’s proposal to create Natural Asset Companies, and the SEC withdrew the proposal. This was a huge victory as many of BlueRibbon’s members engaged in this process to prevent the sell of our public lands to the deepest pockets on Wall Street. The purpose of the Natural Asset Company is to securitize and privatize the “ecosystem services” on public lands. Although the withdrawal of the rule was a win, it did not prevent the SEC from proposing the rule or a similar rule in the future.

NACs are corporate entities that assign financial value to ecosystem services such as carbon sequestration, water purification, biodiversity preservation, and soil health. While intended to attract investment for conservation efforts, there are concerns that NACs could restrict productive land uses vital to Utah’s economy, including agriculture, energy production, and recreation. Those supporting the rule estimated that the market for NACs would be over $4 quadrillion dollars. This proposal made any other attempt to privatize natural resources look like a childhood lemonade stand. Not surprisingly, many who are currently expressing concerns that public lands would be sold off to the highest bidder support the creation of NACs.

On March 11, Senator John Curtis, Senator Mike Lee and Representative Mike Kennedy, all of Utah, introduced the Natural Asset Company Prohibition Act. This legislation aims to prevent Natural Asset Companies (NACs) from entering agreements that affect Utah’s land, water, or natural resources. ​

The bill’s sponsors argue that allowing NACs to operate in Utah could enable private and foreign investors to control lands essential to local communities. Senator Mike Lee, chairman of the Senate Energy and Natural Resources Committee, stated that NACs “pose a direct threat” to Utah’s industries by potentially seizing control of critical lands. Similarly, Representative Mike Kennedy expressed concerns that NACs could “lock away farmland and natural resources,” undermining the state’s rural economy. ​

If enacted, this legislation would ensure that decisions regarding Utah’s natural resources remain under local control, safeguarding the interests of communities that depend on these lands for their livelihoods and cultural practices.​