The CAQ’s review of S&P 500 companies’ Form 10-Ks publicly available as of June 2025 for climate-related disclosures revealed the following key takeaways:
- On par with last year, nearly all (494) companies included climate-related information.
- Climate-related information is most commonly disclosed in the Risk Factors section, although the greatest year-over-year increase was in the Financial Statements.
- Financial statement disclosure increased 18% year-over-year, with most disclosures in the following categories: significant accounting policies; commitments and contingencies or litigation; debt or borrowing arrangements; or income taxes.
- The types of climate-related information disclosed expectedly varied by company, with a 16% reduction in companies disclosing a net zero or carbon neutral commitment, and a 19% reduction in companies disclosing a GHG emissions reduction goal, compared to fiscal 2023.
- There was a 5% decrease year-over-year in the number of companies mentioning Scope 1, 2, or 3 GHG emissions, status, or objectives.
Approximately 13% of companies, down from 17% last year, mentioned the use of one or more ESG reporting standards or frameworks for their sustainability reporting, with the TCFD, SASB, and GRI standards/frameworks most commonly referenced.