COP27: Cboe Global Markets and Deutsche Börse join the Net Zero Financial Service Providers Alliance
9 November 2022
(9 November 2022) On the occasion of COP27, two new exchanges are joining the Net Zero Financial Service Providers Alliance (NZFSPA) to support a net zero transition of their markets and commit to becoming net zero by 2050 at the latest.
Part of the Glasgow Financial Alliance for Net Zero (GFANZ), the NZFSPA is a global group of Financial Service Providers committed to supporting the goal of global net zero greenhouse gas emissions by 2050 or sooner, in line with the ambition to limit the global temperature increase to 1.5°C above pre-industrial levels.
Organised into 6 sub-groups, the NZFSPA brings together 27 financial market service providers, including 6 exchanges. With Cboe Global Markets and Deutsche Börse joining, the subgroup of exchanges is now 8 members strong and the largest subgroup within the alliance.
Both exchanges have, over the past month, been involved in the SSE’s comment group for Net Zero, an advisory body of 50 experts, tasked with providing additional input to the target-setting guidance for exchanges which explains how to comply with the 8-point commitment statement signatories of the NZFSPA submitted.
In time for COP27, the exchange subgroup submitted a consensus draft of the target-setting guidance to the review body of Race to Zero, the Expert Peer Review Group (EPRG).
Over the next 12 months, the exchange subgroup of the NZFSPA will move into the implementation phase and work towards reaching the targets they have set themselves.
"Climate change and the sustainable transformation mark one of the most important challenges we are facing globally, especially to safeguard our planet for future generations. Capital markets play a critical role in achieving this sustainable transformation – and as leading European market infrastructure provider and global powerhouse, Deutsche Börse takes pride in fulfilling its role as key catalyst. I am therefore delighted to announce that Deutsche Börse will join and support the Glasgow Financial Alliance for Net Zero. Together with our clients and regulators, we will accelerate the global transformation towards a low-carbon future – which will boost the resilience and viability of our economies and the broader financial system."
Theodor Weimer, Deutsche Börse Group
“As the foundation for global market infrastructure, exchanges play a vital role in providing solutions, defining industry standards, and engaging with issuers, investors and policymakers to promote sustainability in our capital markets. Cboe is proud to join the Net Zero Financial Services Provider Alliance, another major step forward in our commitment to supporting the global transition to a low carbon future. We look forward to engaging with our peers to develop best practices for our industry as we work toward achieving net zero.”
Ed Tilly, Chairman and CEO of Cboe Global Markets
The SSE has provided secretariat services to the NZFSPA - Exchange Subgroup and will continue to work with the group to assist and guide them in the implementation phase. You can find out more here or by reaching out to info@sseinitiative.orgAbout the SSE
The SSE initiative is a UN Partnership Programme organised by UNCTAD, the UN Global Compact, UNEP FI and the PRI. The SSE’s mission is to provide a global platform for exploring how exchanges, in collaboration with investors, companies (issuers), regulators, policymakers and relevant international organizations, can enhance performance on ESG (environmental, social and corporate governance) issues and encourage sustainable investment, including the financing of the UN Sustainable Development Goals. The SSE seeks to achieve this mission through an integrated programme of conducting evidence-based policy analysis, facilitating a network and forum for multi-stakeholder consensus-building, and providing technical assistance and advisory services.
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