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The word 'ESG' is vanishing from earnings calls. Here's what companies are pitching instead

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CNBC Pro looked at how companies are talking about their environmental, social and governance practices.

Companies may be shifting how they frame their social responsibility efforts to the outside world. Around the world, the use of the term "ESG" — the acronym for environmental, social and corporate governance — has declined on corporate earnings calls, according to RBC Capital Markets analyst Sara Mahaffy. But Mahaffy's research found that it is not necessarily because companies have leaned away from socially conscious strategies.

Similarly, Lowe's CEO Marvin Ellison said on the retailer's call earlier this week that productivity and sustainability "go hand-in-hand." And part of what's driving Constellation Energy 's pitch is its unparalleled network of clean energy generation facilities, CEO Joseph Dominguez said.

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