84% of Big US Companies Have Climate Targets—But Most Aren’t Cutting Emissions

84% of S&P 500 companies disclosed climate targets in 2025, such as becoming net zero by 2030 or 2040. Yet a majority are struggling to reduce their greenhouse gas emissions.

Most companies with Scope 1 targets (58%)—covering emissions from their own operations—have not meaningfully reduced emissions since 2021. For Scope 3 emissions, which include suppliers, transportation, and product use, the share rises to 62%. These findings come from a new report by The Conference Board and ESGAUGE.

The report also finds many executives are unsure their companies will meet their publicly stated climate targets. Only 24% of polled sustainability executives say they are fully confident their companies will achieve their goals. Whereas 59% report mixed or low confidence.

The leading source of concern is financial. Most executives (55%) cite cost, capital allocation, or ROI as the top reason their companies may delay or adjust climate targets.

“Many corporate climate targets are entering a more difficult phase. As 2030 moves from a long-term milestone to a near-term deadline, companies may need more capital, clearer execution plans, or recalibration—but recalibration isn’t automatically a rollback. In many cases, it reflects a more realistic assessment of what it will take to achieve those goals,” said Andrew Jones, author of the report and Principal Researcher at The Conference Board.

 The climate goal credibility gap: Most big US companies have targets, but aren't cutting emissions.

• 84% of S&P 500 companies disclosed a climate target in 2025.
  • Specifically, 68% have emissions-reduction targets and 53% have net-zero targets.

Among companies with Scope 1 & 3 emissions targets, most report flat or rising emissions.

• Scope 1: 58% of companies with Scope 1 targets report flat or rising Scope 1 emissions since 2021.
  • Scope 1 emissions are direct emissions from company operations, such as manufacturing facilities and company vehicles.
• Scope 3: 62% with Scope 3 targets report flat or rising Scope 3 emissions since 2021.
  • Scope 3 emissions are indirect emissions across the value chain, including suppliers, transportation, and product use. They’re the hardest to measure.

Scope 2 is the exception: Companies make most progress on emissions from purchased electricity.

• Scope 2: 40% of companies with Scope 2 targets report flat or rising emissions. That’s well below Scope 1 (58%) and Scope 3 (62%).
  • Scope 2 emissions are indirect emissions from purchased electricity, heating, and cooling.

Three out of four sustainability leaders aren't fully confident they'll meet their climate goals.

• Only 24% of polled sustainability executives say they’re confident their companies will meet their climate targets across most emissions categories.
• 59% report mixed or low confidence in achieving current targets.

“The challenge for many companies isn’t a lack of climate ambition, but competing priorities. Climate investments are increasingly being weighed against AI, infrastructure, and other business-critical initiatives, making capital allocation a defining factor in whether climate targets stay on track,” said Brian Campbell, Leader of The Conference Board Governance & Sustainability Center.

Climate goals are colliding with economic reality: Cost is #1 reason for delaying or adjusting goals.

• 55% of executives say cost, capital allocation, or ROI is the top factor that would prompt their companies to delay or adjust climate targets.
•  Evolving regulatory requirements (45%) and technological readiness (37%) are other leading concerns.

“The data show that setting climate targets has become standard practice among large companies. The next challenge is demonstrating measurable progress against those commitments, particularly in the areas where emissions are hardest to reduce and track,” said Umesh Chandra Tiwari, Executive Director of ESGAUGE.

About the findings: Findings are based on S&P 500 and Russell 3000 public company disclosures from the 2021 – 2025 reporting years and a poll of over 50 sustainability executives from large multinational US companies, conducted in January 2026.