Quiet Commitments: How to Benchmark Climate Progress When Targets and Progress are Kept Quiet

Climate Week NYC draws attention to climate action, yet across the U.S. and Canada, many asset managers are saying less, not more. “Greenhushing” is in play – the choice to keep goals and progress quiet to avoid backlash and greenwashing claims.

In Canda, Bill C-59 strengthens truth-in-advertising for environmental claims; teams only publish what they can prove. That’s helpful for credibility, but it can slow public updates as companies tighten their proof. In the U.S., the political spotlight on climate alliances and standards is intense. No wonder teams are keeping their heads down. 

So how do you compare your progress to peers when peers go silent?

Why the Silence is Growing 

Across the U.S. and Canada – not just in real assets – companies are recalibrating how they talk about sustainability. Legal exposure and anti-ESG scrutiny are part of it: some see disclosure as a legal risk; others worry about public backlash.  

In a recent survey by The Conference Board, 80% of sustainability leaders said their companies are adjusting strategy after policy changes. The most common shift is messaging: 52% are reworking how they communicate – often dropping the term “ESG” – while targets and programs stay in place.  

Net effect: fewer big announcements, stronger proof, and more work built into day-to-day decisions. This pattern applies across sectors, including real assets. 

Public Rankings Can Mislead 

Here’s the pain point: most ranking lists grade what’s in the public domain only, and not necessarily what’s being kept private for competitive or risk reasons.  

Furthermore, where public disclosures are made, companies can choose different KPIs, cherry-pick coverage, or park certain assets outside a headline target. Leaving (or joining) an alliance, or rewording a goal, doesn’t tell you if teams are funding retrofits, changing capex plans, or negotiating tougher business plans with portfolio companies.  

In short, silence does not equal inaction. And loudness does not equal progress. When the rules of the comparison game differ by player, rankings are not always the right proxy for progress. 

How to Benchmark in a Quieter Market 

If public signals are fuzzy, look for operating signals. Ask: what would a well-run asset manager be doing behind the scenes? 

• Targets that bite. Net-zero and interim targets that actually shape investment decisions (deal screening, due diligence, exits). Are intensity and absolute paths both tracked? Are Scope 3 and financed emissions treated consistently where material? 

• Clear decision paths. Who decides, by when, and using what thresholds? Is there a standard investment memo section for emissions and climate cost? Are business plans updated annually with energy and carbon line items? 

• Measured progress. Are emissions and intensities trending the right way at fund and portfolio-company level? Are high-emitters on time-bound action plans with named owners? 

• Recognized approaches. Are target-setting and accounting rules anchored in known standards and audits where relevant? Can claims be evidenced if challenged? 

• Implementation proof. Evidence beats adjectives: capex deployed, PPAs signed, upgrades installed, pricing in models, incentives tied to outcomes. 

These checks give you a fairer read on risk, value, and reputation – without relying on who shouts the loudest.  

What EVORA can do for You 

You might be looking at a peer table where highly graded firms shout from rooftops while lower graded firms say little. We can help you see what actually matters. 

Drawing on our work with multiple real asset managers, we can provide anonymized, high-level findings on what peers are really doing; targets, strategies, disclosures, and the “how” of getting things done. We group behaviors as Good Practice vs. Best Practice across headings such as: net-zero targets, interim milestones, progress against plan, decision process and governance, approaches/standards used, and on-the-ground implementation.  

We’ll provide a short commentary and findings report, with comparisons tailored to your targets, progress data, and approach details. The output is a concise report you can share internally – useful for investment committees, investor letters, and reputation risk checks. 

If greenhushing has made the room quieter, we’ll help you hear what matters. And if you’re wondering, “Where do we really stand in relation to our peers?” – let’s connect before Climate Week ends.