Announcements from The Conference Board in recent months, while not geared toward hospitality, should be of great interest to company executives in our industry—especially those impacting sustainability/ESG initiatives. The findings do not come as a surprise but are worth noting, nevertheless.
According to a Conference Board survey of the 3,000 largest U.S. companies, just 432 large U.S. companies filed sustainability reports during the first half of 2025, a sharp drop from the 831 that did so during the same period last year.
Andrew Jones, Principal Researcher at The Conference Board Governance & Sustainability Center, says the low number of reports likely reflects delays in publication rather than an abandonment.
“I think a lot of these companies will file sustainability reports,” he says. “They’re seeing where the environment goes. Perhaps they’re looking at some of their peers and competitors, and seeing what they do, particularly how they approach the DEI issue.”
ESG OMG
The Conference Board reports that the share of S&P 100 companies using “ESG” in their annual sustainability report titles dropped from 40 percent in 2023 to 25 percent in 2024. In 2025, with about half of companies having already reported, just 6 percent have used the term.
While companies are shifting away from the term “ESG,” they aren’t backing away from their strategies or commitments. Public disclosures point to significant progress in various areas of sustainability and climate: For example, 87 percent of S&P 500 firms have disclosed climate-related targets in their 2024 public statements—the same share that did so the year prior.
“Many companies are adjusting terminology in response to backlash, adopting terms in their report titles that are less politically charged, like ‘sustainability’ and ‘impact,’” The Conference Board’s Jones says.
According to The Conference Board/ESGAUGE research, amid political and regulatory uncertainty, only 10 percent of U.S. sustainability leaders are more optimistic about sustainability reporting than last year—31 percent are more concerned, 34 percent are uncertain, and 14 percent are overwhelmed.
The Definition of Sustainability
Most firms aren’t changing their definition of sustainability. Only 8 percent of surveyed sustainability executives said their firms are reevaluating their definition of sustainability in response to changing U.S. policies.
Most large companies continue to set climate goals—but many are adjusting their target dates. Most S&P 500 firms (87 percent) have disclosed climate-related targets. In recent years, the median target year to achieve such targets shifted from 2030 to 2035.
Just 13 percent of sustainability executives express high confidence in achieving publicly stated climate targets, with 43 percent expressing uncertainty or doubt. Factors contributing to executives’ uncertainty include feasibility concerns, regulatory shifts, and backlash.
More companies are disclosing climate change as a risk. Operational disruptions from these events are growing, with examples ranging from weather-related shutdowns in auto manufacturing to home insurance providers retreating from markets prone to wildfires.
Within the S&P 500, the share increased from 67 percent to 84 percent from 2021 to 2024.
Additional Conference Board Research Findings:
- Eighty percent of surveyed sustainability executives say their companies are adjusting their ESG strategies in response to the new administration. The most common change is reframing communications: 52 percent of executives report reworking their sustainability messaging, including moving away from the term “ESG.”
- Tariffs also pose a challenge, with 66 percent saying they will hinder progress on achieving sustainability goals. Almost half (45 percent) say they will delay investments in sustainable operations.
- The study also captures how ESG backlash is evolving: 90 percent believe it will persist—or even intensify—over the next few years. That’s a rise from 63 percent just two years ago. The top targets of backlash are climate-related commitments, such as net-zero goals, and ESG-related language.
- When asked who is driving the backlash, surveyed executives now point to federal policymakers. It marks a shift from two years ago, when activists and advocacy groups topped the list.
“Recent policy shifts have turned up the heat on ESG, which had already been facing mounting scrutiny. In most cases, the backlash hasn’t made companies back down, but rather pushed them to recalibrate how they approach, communicate, and integrate these issues into their businesses,” Jones says.
How trends found in The Conference Board research would be reflected in the hospitality industry remains to be seen. A search of Green Lodging News on “ESG” in 2025, however, produced just five articles. In the second half of 2024: just two articles. In 2023: more than 20 articles.
Examining sustainability/ESG reporting trends in hospitality would be fascinating. Looking for a research paper topic? Give me a shout. I would be willing to help. I can be reached at greenlodgingnews@gmail.com.
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