Tunis, May 13, 2025 – The Net Zero Financial Service Providers Alliance (NZFSPA) Exchange Group proudly welcomes four new member exchanges from the Arab Federation of Capital Markets (AFCM) and the African Securities Exchanges Association (ASEA). This expansion marks a significant step in accelerating sustainable finance and climate action internationally.
The official signing ceremony took place today in Tunis, Tunisia, during the AFCM Annual Conference. With these new additions, the NZFSPA now comprises 35 financial service providers, including 23 stock exchanges, reinforcing its role as a leading coalition for aligning capital markets with global net zero goals.
Dr. Anthony Miller, Chief Coordinator of the United Nations Sustainable Stock Exchanges (SSE) initiative, welcomed the new members:
"The growth of the NZFSPA Exchange Group marks a significant milestone in the global journey toward net zero. By joining this global effort, these exchanges show their commitment to helping markets address the climate crisis and meet climate goals. We commend the strong leadership shown by exchanges across the Arab and African regions."
Each new member exchange will follow a 12-month roadmap to advance climate action as part of their commitment. Focus areas include enhancing climate-related disclosures, developing climate-focused financial instruments, engaging listed issuers on transition planning, and aligning with global climate and development frameworks such as the Paris Agreement and Africa’s Agenda 2063.
This regional collaboration reinforces the role of capital markets in financing a just, inclusive, and climate-resilient economic transition, while also strengthening coordination between exchanges and the broader ecosystem of data providers, index developers, and financial service providers that underpin sustainable investment.
CEO Quotes from New Member Exchanges
Mr Aobakwe Aupa Monyatsai, CEO, Botswana Stock Exchange
“As a leader in shaping the growth of capital markets, we are committed to tackling climate action for a sustainable future. Signing the net zero commitment aligns with our strategic direction, and we look forward to collaborating with the market to promote information symmetry and develop climate disclosures.”
Mr Bilel Sahnoun, CEO, Tunis Stock Exchange
“Tunis Stock Exchange takes a major step forward in its commitment to a sustainable future. We are proud to announce our adherence to Net Zero, joining a global initiative aimed at achieving carbon neutrality. Through this commitment, we reaffirm our determination to support the transition to a low-carbon economy, promote sustainable practices among our partners and stakeholders, and actively contribute to the fight against climate change.”
Mr Pierre Celesting Rwabukumba, CEO, Rwanda Stock Exchange
"We are proud as the Rwanda Stock Exchange to join in the Net Zero Financial Service Providers Alliance. This marks a significant step in our ongoing commitment to climate action and sustainable finance. Joining this coalition reflects our belief that financial markets must play a pivotal role in addressing the global threat of climate change. We look forward to working alongside a growing group of like-minded peers who share our resolve to foster a resilient, low-carbon future for all"
Mrs Jimmy Afham, CEO, Iraq Securities Exchange
ISX is happy to announce signing the Zero Carbon pledge. We, in ISX, are fully committed to targeting Zero Carbon as it is part of our vision to enhance the capabilities of our new generation and empower them through contributing to creating a clean environment
As part of ongoing efforts to increase regional accessibility and support members in aligning with net zero targets, the UN SSE, together with the Arab Federation of Capital Markets (AFCM), has released an Arabic translation of its Target Setting Framework. This important development is expected to aid exchanges, regulators, and financial institutions across the Arab-speaking world in better understanding and applying the principles of climate alignment. By removing language barriers, the translation supports more inclusive participation in global climate initiatives and empowers regional actors to set and achieve their own net zero goals.
Mr Rami El Dokany, CEO, AFCM
"The Arab Federation of Capital Markets (AFCM) is proud to celebrate its second consecutive year of collaboration with the UN Sustainable Stock Exchanges (UN SSE) initiative, a partnership that has yielded tangible results. This year, four new stock exchanges, including two from the Arab world and two from Africa, have signed the UN SSE pledge and joined the Net Zero Exchange Group and the Race to Zero campaign. This regional and cross-continental progress marks a significant step toward aligning financial markets with global sustainability goals.
We are also honored to have played a vital role in increasing access to key sustainability knowledge by translating the UN SSE’s Target Setting Guidance for Exchanges into Arabic, further empowering our member exchanges to integrate climate targets and ESG practices effectively. At AFCM, we remain committed to fostering climate-conscious financial ecosystems throughout the Arab region and beyond”
NZFSPA Research and Data Group Expands
In addition to the new exchange members, the NZFSPA also welcomed a new member to its Research and Data Group: Forward Analytics, a firm specialising in climate risk analytics and sustainable investment insights.
Dr. Moritz Baer, CEO, Forward Analytics, stated:
“Achieving a credible net zero transition requires not only ambition but robust, actionable data and decision-useful analytical insights. At Forward Analytics, we support financial institutions in identifying climate-aligned investment opportunities, evaluating the credibility of corporate transition strategies, and building portfolio resilience against transition-related financial risks. Strengthening the data foundations of the financial system will be essential—not only to inform decisions today but to monitor progress and maintain accountability over time. We are proud to support the NZFSPA Group’s commitment to a sustainable and resilient financial system.”
The inclusion of Forward Analytics reflects the NZFSPA’s recognition that achieving net-zero targets depends not only on the efforts of exchanges and market operators but also on a robust ecosystem of service providers that supply the data, tools, and insights necessary to drive informed decision-making.
Tamsin Ballard, Chief Initiatives Officer at the Principles for Responsible Investment, said: “We would like to extend a warm welcome to the new members of NZFSPA. This growth illustrates the key role that financial services providers are playing in the implementation of net-zero commitments. The initiative continues to be a valuable source of guidance for our members’ individual net-zero targets, providing clarity and common frameworks relevant to their services and products.
We look forward to working with our new members to open up pathways to a climate-resilient future for the benefit of their businesses and clients.”
About NZFSPA Exchange Group
The NZFSPA Exchange Group is a core component of the Net Zero Financial Service Providers Alliance. The Exchange Group brings together stock exchanges committed to supporting net-zero greenhouse gas emissions by 2050 or earlier, advancing climate-aligned financial infrastructure, transparency, and sustainable investment.
