Nearly 70% of large US-listed firms now disclose Scope 3 emissions

Climate transparency continues to increase in the US, with 88% of S&P 500 firms disclosing operational emissions and a record 69.8% now disclosing Scope 3 emissions.

This is according to the 2025 State of Corporate Sustainability Disclosure Report published by the UCLA Anderson Center for Impact, highlighting a “notable uptick” in emissions and climate risk reporting.

The third annual analysis of S&P 500 companies’ disclosures suggests that US-listed firms feel pressure or see advantages in disclosing their climate impacts – though the data analysed is from 2023, before the Trump administration started launching anti-ESG policies.

No federal regulation will force firms to make these disclosures now the the Securities and Exchange Commission has announced plans to scrap its climate disclosure rule, but at the state level, California, New York and others have introduced or passed bills requiring large firms to disclose their climate impacts.

Gaps remain around climate transition plans

The proportion of S&P 500 firms publishing Scope 3 emissions disclosures rose from 56.4% in 2022 to 69.8% in 2023 – an impressive 12.2% increase. In addition, 57% of companies have now announced net zero commitments.

However, the report warns that information gaps remain around how firms plan to achieve their decarbonisation goals: just 24.4% of firms have publicly disclosed a transition plan, and fewer companies disclosed interim targets in 2023 than the previous year – despite these being “essential milestones on the path toward net zero”.

Moreover, no S&P 500 company has disclosed the expected costs of its climate transition to date, despite the fact resource allocation is one of the most relevant aspects of a transition plan for investors.

“As major market leaders, S&P 500 companies are positioned to drive much of this transition, yet few have provided clear or detailed disclosures regarding how they plan to allocate the necessary resources. Greater visibility into transition-related costs will be crucial for assessing the credibility and feasibility of corporate climate commitments,” the report warns.

Sector differences

Some sectors appear to be more transparent than others when it comes to climate impacts and risks: utilities and materials firms are the most likely to have disclosed a transition plan, with more than 38% of those in these sectors having already published one.

In contrast, healthcare (7.8%), financials (15.5%), consumer discretionary (17.3%) and real estate (19.4%) lag behind the rest of the S&P 500 in terms of transition planning.

“While companies are setting more ambitious climate goals, few are sharing how they plan to get there. Credible action demands clear transition plans, governance and cost estimates,” said professor Magali Delmas, lead author of the report and faculty director of the UCLA Center for Impact.

The report assessed transparency levels across 39 metrics, focusing on four key areas: greenhouse gas emissions, net zero greenhouse gas emissions targets, climate risk assessment and climate transition planning.