Erica Lasdon, Director of Climate Change and Environmental Justice, and Timothy Smith, Senior Policy Advisor at the Interfaith Center on Corporate Responsibility (ICCR), have provided an analysis of corporate climate commitments, highlighting a persistent acknowledgment of climate change as a material business issue despite a complex and sometimes contradictory public and regulatory landscape. Their findings, compiled in an ICCR memorandum, underscore that numerous major American and global corporations continue to integrate climate risk into their strategic planning, viewing it not as a political stance but as a critical element of sound business judgment and fiduciary duty.
The past two years have witnessed a significant evolution in the public discourse surrounding corporate climate initiatives. A phenomenon termed "greenhushing," where companies that once openly discussed their decarbonization efforts have become more reticent, has emerged. Concurrently, the momentum for mandatory federal climate disclosure has faced reversals, and sustainability language in public debates has increasingly been framed as a "woke" political position rather than a pragmatic business consideration. Adding to this complexity, regulatory bodies like the Environmental Protection Agency (EPA) have actively sought to dismantle climate rules and regulations, even questioning established scientific consensus. The Securities and Exchange Commission (SEC), too, has signaled a shift, moving to potentially eliminate proposed company climate disclosure rules.
Despite these headwinds, a substantial number of corporations across various sectors continue to publicly acknowledge that climate change presents a critical risk and a material business issue. When a food company identifies changing weather patterns as a threat to its agricultural supply chain, or an electric utility outlines its net-zero commitment within its annual report’s environmental strategy section, these statements are not political declarations. Instead, they represent assessments of business risk and opportunity made by management and boards acting under their fiduciary obligations to shareholders.
The ICCR’s compilation, based on their memorandum, demonstrates that many businesses recognize the imperative of addressing climate risk as an integral part of their business planning. This understanding is reinforced by prominent figures in the investment world, such as Larry Fink, CEO of BlackRock, who has consistently stated that "climate risk is investment risk." The diversity of sectors represented in the ICCR’s analysis further illustrates that climate risk is not an isolated concern confined to specific industries, business models, or customer bases but is a broadly recognized factor in the current market.
Corporate acknowledgment of climate risk holds significance for several key reasons. It informs investor decision-making, guides risk management strategies, and influences long-term business viability. The ICCR’s analysis intentionally moves beyond boilerplate language often found in the "risk factors" section of financial filings (Form 10-K). These legalistic disclosures, which typically state that climate regulation "could materially affect" a business, offer limited insight into management’s actual perspective. Consequently, the ICCR’s compilation prioritizes management responses to shareholder proposals, company sustainability reports, and other public statements, aiming to provide a more comprehensive and transparent record of corporate views on climate action.
It is crucial to note that this document does not serve as an evaluation of companies’ climate performance. Some entities cited have missed emissions targets, revised their goals downward, or face ongoing scrutiny regarding the adequacy of their transition plans. However, their inclusion signifies an understanding of the compelling case for addressing climate change and integrating it into business planning. This engagement, the ICCR argues, is driven by a prudent and sensible approach to business, rather than political motivations. The very act of acknowledging climate as a business risk in today’s evolving environment is presented as a strong and relevant indicator of corporate awareness.
Financial Filings & Proxy Opposition Statements: A Glimpse into Corporate Disclosures
Analysis of corporate filings with the Securities and Exchange Commission (SEC) reveals how companies are articulating their engagement with climate-related issues. While risk factor sections in Form 10-K disclosures often contain generic language, proxy statements and opposition statements to shareholder proposals offer more direct insights into corporate strategies and perspectives.
Energy Sector:
Dominion Energy, in its Form 10-K for Fiscal Year 2025, stated its mission to provide "reliable, affordable, and increasingly clean energy" and outlined its commitment to achieving "net zero carbon and methane Scope 1 and Scope 2 emissions and material categories of Scope 3 emissions by 2050." This forward-looking statement, found within the environmental strategy section, indicates a strategic alignment with long-term decarbonization goals.
Chevron, in its 2024 Definitive Proxy Statement (DEF 14A), addressed a shareholder proposal concerning renewable energy investments and climate strategy. The company’s statement in opposition highlighted its approach to investing in renewable energy opportunities "in furtherance of driving long-term shareholder value." Chevron emphasized its strategy to "create value by delivering competitive returns across our portfolio of advantaged assets as we consistently strive to be more capital-, cost-, and carbon-efficient." The company further noted that its "strategic and business planning processes regularly assess market conditions to guide its actions as Chevron aims to safely deliver higher returns and lower carbon." This suggests that climate considerations are integrated into investment decisions and risk assessments.
Technology Sector:
Meta Platforms, in its 2026 DEF 14A, responded to a shareholder proposal on climate commitments. The Board of Directors stated, "As we continue to build the future of human connection and the technology that makes it possible, we strive to do so in a way that supports a more sustainable world." Meta highlighted its achievement of "net zero Scope 1 and Scope 2 emissions in our operations since 2020" and its commitment to matching "100% of our annual electricity use with clean and renewable energy." The company also revealed significant contracted renewable energy capacity, with "nearly 12GW already in operation" out of a total of "more than 30GW of clean and renewable energy projects across the globe." Furthermore, Meta acknowledged the role of nuclear energy in the transition to a cleaner grid.
Nvidia, in its 2026 DEF 14A, addressed a shareholder request for enhanced climate-related disclosures, including Scope 3 emissions reporting. The company’s statement in opposition asserted that its "current practices evidence a clear commitment to sustainability, climate risk management, and effective disclosure," citing its detailed climate reporting in its 2025 Sustainability Report, which is "assured by our financial auditor."
Amazon, in its 2025 DEF 14A, discussed its sustainability program in response to shareholder proposals. The company highlighted "The Climate Pledge," co-founded in 2019 with a goal to reach net-zero carbon emissions across its operations by 2040, a decade ahead of the Paris Agreement. Amazon noted that "more than 550 companies across more than 55 industries and more than 45 countries have joined The Climate Pledge." The company also reported a "3% decrease in absolute carbon emissions in 2023," attributed to an "11% reduction in emissions from electricity and a 5% decrease in indirect and supply chain emissions."
Banking & Financial Services Sector:
Wells Fargo, in its 2026 DEF 14A, responded to a shareholder proposal seeking a report on climate-related litigation risks associated with the bank’s financing of high-carbon activities. The bank stated that its "existing public disclosures describe our own operational sustainability efforts as well as our client-centric sustainability approach." Wells Fargo aims to "meet the financial needs of our customers, clients and communities whether they are seeking to pursue their own sustainability goals or make their businesses more resilient." The company also reaffirmed its 2021 goal to "finance or facilitate $500 billion in sustainable finance by 2030" and continues to report progress.
JPMorgan Chase, in its 2026 DEF 14A, included "Experience with sustainability-related matters" as an important qualification for board oversight of "potential risks and opportunities related to climate, nature and social factors." The company emphasized its role in overseeing "business solutions that foster sustainable economic growth and support our clients in pursuing their sustainability goals."
Citigroup, in its 2025 Proxy Statement, detailed its ongoing review of client activities through "climate risk and net zero analysis" to understand their climate risk profiles and transition plans. The bank stated it engages with clients to understand how they plan to adapt to or manage climate-related risks and how Citigroup can support them.
The Travelers Companies, in its 2026 DEF 14A, addressed a shareholder proposal on climate-related risk measurement and disclosure. The company stated that "understanding climate-related effects on weather perils is part of our fundamental evaluation process in connection with the underwriting and pricing of risks related to many of our products." Travelers underscored that "incorporating weather and climate variability into the Company’s underwriting and pricing decisions is ‘core to our strategy’" and that significant investments have been made in technology, data, analytics, and personnel to manage weather- and climate-related risks.
Consumer Goods and Logistics:
Unilever, in its FY2025 Annual Report Sustainability Statement, reported updating its "quantitative scenario analysis to consider both our most material climate and nature risks and drivers, recognizing their interconnectivity." This analysis includes "physical and transition risks likely to impact our business over the short, medium and long term."
Maersk, in its 2025 Annual Report sustainability disclosures, detailed a company-wide climate risk assessment and its advocacy for a 1.5°C aligned policy. The company conducted a climate risk assessment evaluating "physical impacts on land-based assets and operations covering more than 1,400 own and third-party assets" to identify exposure to hazards like flooding, storm surge, and water stress. Maersk reiterated its commitment to conducting "all our policy outreach in alignment with the goal of limiting global temperature rise to 1.5°C."
Company Statements: Executive Voices and Sustainability Reports
Beyond formal filings, statements from company executives, sustainability reports, and corporate websites provide a more direct articulation of corporate climate stances.
Technology Giants Embrace Sustainability:
Apple’s corporate environment page and 2026 Environmental Progress Report declare, "Climate change is a defining issue of our time." CEO Tim Cook, speaking at CES in January 2025, stated, "At Apple, we’re carbon neutral for our own operations and innovating every day to go even further in the urgent work to address climate change. The scale of this challenge is immense, but so is our determination to meet it."
Google’s 2025 Environmental Report, as highlighted by Chief Sustainability Officer Kate Brandt, revealed a 12% reduction in data center energy emissions in 2024 despite significant growth in electricity demand. Brandt emphasized the company’s ability to "advance the two great transformations of our time, the AI revolution and clean energy growth, hand in hand," through new energy innovations and supplier engagement, aligning with their "climate moonshots" of 24/7 carbon-free energy and net zero by 2030.
Microsoft, a leading purchaser of carbon removal credits, is making long-term commitments. Brian Marrs, Senior Director of Energy and Carbon Removal, stated in June 2025 that "Nearly 100 percent of the carbon removal purchases announced in our current fiscal year will be delivered between 2030 and 2050 via long-term offtake agreements," indicating a long-term strategic approach to carbon management.
Accenture’s corporate website acknowledges that "Growing regulatory pressure, consumer scrutiny and risk of material financial shocks from climate change and nature loss means every business must be a sustainable business."
Aviation and Shipping Sectors Navigate Decarbonization:
Delta Air Lines’ Chief Sustainability Officer, Amelia DeLuca, articulated in a June 2025 podcast, "Delta is not a sustainability company that just happens to have an airline; we’re an airline that has a sustainability team and policy. But we also know that if we don’t decarbonize, we lose our license to operate over the next hundred years." She added, "For us, it’s just become part of the business. Every business decision that we’re making at this point is taking sustainability into consideration."
United Airlines’ Corporate Impact Report emphasizes its mission "to redefine the future of air travel with sustainability at the forefront," stating that "building a future of sustainable aviation benefits our customers, employees and shareholders." CEO Scott Kirby, speaking at CERAWeek in March 2025, identified "SAF [sustainable aviation fuel] is the future" for the company’s path to net zero by 2050.
Maersk, a leader in shipping, declared its commitment to reaching net zero greenhouse gas emissions by 2040, emphasizing that "alternative fuels are scarce and costly." The company highlights the necessity of "global regulations" and collaborative efforts among customers, fuel producers, shipping lines, and policymakers to achieve this ambitious target.
Food and Beverage Industry Addresses Supply Chain Risks:
PepsiCo CEO Ramon Laguarta, at the World Economic Forum in Davos in January 2026, reframed the sustainability debate, stating, "This is not about sustainability or profitability. This is about short-term or long-term. Growth is our business model, but growth for the long term means that we need to generate this growth without depleting the resources that will give us future growth."
General Mills’ Climate Policy acknowledges the "risks that climate change presents to humanity, our environment and our livelihoods," noting that changes in climate "affect global food security but also impact General Mills’ raw material supply which, in turn, affects our ability to deliver quality, finished product to our consumers and ultimately, value to our shareholders."
Poul Weihrauch, CEO of Mars, Incorporated, in a December 2025 Harvard Business Review IdeaCast, asserted that the company’s focus on climate has "absolutely nothing to do with politics at all." He explained, "If you’re a food company, you fundamentally live from converting crops… There is no person on this planet who cannot say that there are significant impacts, because of climatic changes, because of hurricanes, because of warming temperatures, where crops cannot be grown in certain regions where they used to be grown."
Healthcare Sector Links Planetary and Human Health:
Johnson & Johnson’s Chief Sustainability Officer, Paulette Frank, stated in September 2025, "We are wasting no time making progress because we know there is no time to waste. The world needs bold climate action to advance both human and planetary health." The company’s environmental sustainability page further emphasizes that "healthy people need a healthy planet" and that climate change "presents a fundamental threat to human health."
Eli Lilly and Company’s corporate statement acknowledges that "climate change is negatively impacting human and environmental health" and that "action against climate change is required to achieve the goals of the Paris Climate Agreement."
Consumer Goods Companies Integrate Sustainability:
Procter & Gamble views sustainability as a "strategic way to help future-proof our operations and operate an agile, thriving business," with a focus on "significantly reducing absolute GHG emissions in our operations and supply chain."
Patagonia’s commitment is stark: "The climate crisis poses an existential threat; if we don’t clean up our mess, we’ll be history. Business has a role to play, but it’s only one lever."
IKEA’s Ingka Group CEO, Jesper Brodin, accepting the TIME Earth Award in March 2026, declared, "Being climate smart is being resource smart, cost smart." He added, "Companies are builders. We might need a bit of time to get moving, but once we get going, we’re not gonna go back."
Kimberly-Clark acknowledges the "scientific consensus that GHG emissions from human activity…contribute to climate change, and we believe action must be taken to prepare our business for a low-carbon future."
Colgate-Palmolive’s Climate Action Commitment highlights the "responsibility to address climate change and its threat to disrupt every aspect of our lives, from environmental impacts like weather events, water security and biodiversity, to food supply to socioeconomic stability."
Utilities Address Urgent Need for Clean Energy:
Con Edison CEO Tim Cawley, at the company’s May 2024 annual shareholders meeting, stated, "Never have the effects of climate change been more evident. And never has the need for solutions been more urgent. To meet this moment, Con Edison is moving forward with bold plans to enable clean energy in our region."
Submissions to the SEC: Industry Calls for Disclosure Standards
During the 2022 public comment period on the SEC’s proposed climate disclosure rule, various industry stakeholders provided input that underscores the importance of standardized reporting.
Bank of America submitted a comment letter arguing that "Organizations across markets and geographies will greatly benefit from common measurement tools and disclosure practices, which we believe will help accelerate the transition of the global economy towards lower (and ultimately net zero) carbon emissions." The bank added that "Various stakeholders, including asset owners and asset managers, will benefit from consistent, standardized disclosures addressing climate-related risks and opportunities to help them make decisions on where best to deploy capital in alignment with investor goals."
Amazon’s comment letter reiterated its commitment to fighting climate change and supporting the SEC’s objective of providing "consistent, comparable, and decision-useful information" to investors on climate-related risks, initiatives, and metrics.
UPS also supported increased climate-related disclosures through rulemaking, stating that "climate-related disclosures are becoming increasingly important to the investment community, and that Greenhouse Gas (‘GHG’) emissions are a focus for many public, private and governmental organizations."
Occidental Petroleum highlighted its status as the first U.S. oil and gas company to establish net-zero goals for its total carbon inventory, including Scope 1, 2, and 3 emissions. The company noted its "detailed pathway to net zero" presented to investors.
Methodology and Implications
The research supporting this analysis, conducted by Tanya Agrawal, involved collecting statements from a variety of corporate sources, including news releases, executive speeches, sustainability reports, corporate websites, SEC comment letters, proxy opposition statements, and financial filings, with a primary focus on the 2025-2026 period. SEC comment letters from the 2022 public comment period on the proposed climate disclosure rule were retained as a distinct category. Quotes were selected for their affirmative acknowledgment of climate change as a business consideration, deliberately excluding defensive boilerplate language from risk factor sections. This compilation aims to document acknowledgment of climate as a business risk, rather than to assess or rank companies on their actual climate performance, recognizing that some included companies may have faced challenges in meeting their targets.
The persistence of corporate acknowledgment of climate risk, even amidst a challenging regulatory and public discourse environment, suggests several key implications. Firstly, it indicates a deep-seated understanding within many corporate leadership teams that climate change poses tangible risks to business operations, supply chains, and long-term financial stability. This understanding is increasingly driven by the recognition that climate-related impacts, such as extreme weather events and resource scarcity, directly affect the bottom line. Secondly, the continued engagement with climate issues, as evidenced by public statements and disclosures, suggests that corporate boards and management are mindful of evolving investor expectations and the potential for future regulatory action, even in the short term. The emphasis on fiduciary duty and shareholder value indicates that companies are framing their climate strategies within a framework of long-term profitability and risk mitigation.
Finally, the breadth of sectors represented—from energy and technology to consumer goods and finance—illustrates that climate risk is not a niche concern but a systemic issue impacting the entire economy. The ICCR’s work serves as a crucial reminder that while the narrative surrounding climate action may be complex, the underlying business imperative for many corporations remains clear: to adapt, mitigate, and integrate climate considerations into their core strategies for continued viability and success.
