Utah State Treasurer, Marlo Oaks, has expressed concerns about the increasing push for Natural Asset Companies (NACs), highlighting their potential to disrupt traditional economic activities. His comments were made in a statement to the Federal Newswire.
"While the NYSE withdrew this specific proposal, the agenda is still alive," said Oaks, State Treasurer, Utah. "There is a global push to use land to address climate change and ultimately to change our economic system. Separate from NACs, we are seeing a push from the White House to continue the effort of valuing ecological services and creating ecological performance reporting standards used to create Natural Capital Accounts. There is also a continuing effort to create conservation leases on public lands, a decision that could significantly curtail economic activities on these lands."
According to an article from the Federal Newswire, the advocacy for NACs is supported by prominent financial figures such as Larry Fink, CEO of Blackrock. Proponents argue that NACs would enable monetization of elements like clean air and water, thereby treating them as purchasable commodities. It was reported that the Central African Republic (CAR) has already initiated steps towards tokenizing its natural resources. The article further states that Fink envisages a comprehensive transformation of the financial system's structure, anchoring it in blockchain technology.
In his conversation with the Federal Newswire, Oaks highlighted the potential risks associated with NACs. He elaborated that these companies could facilitate land acquisition and control by potentially harmful entities, including "foreign-controlled sovereign wealth funds." Once in power, these entities could wield their authority to limit those activities they perceive as "unsustainable," which might be vital for the economy like farming. Oaks stressed that in some western states, government ownership already accounts for most of the land and indicated that continued advocacy for conservation easements "could be devastating."
According to his official website, Oaks was appointed Utah's 26th state treasurer in July 2021 and was elected in November 2022. He has been featured on several national programs and news outlets. A graduate of Brigham Young University and UCLA Anderson, Oaks holds Chartered Alternative Investment Analyst (CAIA) and Chartered Financial Analyst (CFA) certifications.
