(29 April 2024) Today in Doha, Qatar, four exchanges joined the Net Zero Financial Service Providers Alliance (NZFSPA) during the Annual Conference of the Arab Federation of Capital Markets (AFCM). Part of the Glasgow Financial Alliance for Net Zero (GFANZ), the NZFSPA signatories are a range of global service providers including stock exchanges, index providers and research, rating & data providers, who are committed to raising the urgency of net zero alignment and integrating net zero alignment into relevant services and products offered to capital market participants.
The new exchanges that joined today are Amman Stock Exchange (ASE), Bahrain Bourse (BHB), Muscat Stock Exchange (MSX) and Palestine Stock Exchange (PEX).
Rami El-Dokany, Secretary General of the AFCM commented that “the Arab region’s commitment to sustainability is on the rise. Through active encouragement by AFCM, 4 exchanges have signed the Net Zero pledge and joined the Net Zero Exchange group, raising global pledges to 15 exchanges. AFCM will continue to back UN SSE in all global initiatives, and more to come.”
“The UN SSE applauds the proactive approach of AFCM in encouraging its members to join the global Net Zero alliance,” said Anthony Miller, Chief Coordinator of the UN SSE. “We welcome the leadership displayed by these exchanges who recognize the urgent need to accelerate the transition towards global net zero emissions and to help deliver the climate goals of the Paris Agreement."
With these new members, the Net Zero Exchange Group, part of the NZFSPA, now constitutes 15 members, representing a 36% growth in the largest group within the Alliance, with the largest number of exchanges from the Arab region. The four new members of the Alliance join the existing members Bolsa Mexicana Grupo, Cboe, Deutsche Börse, Hong Kong Exchanges and Clearing, Japan Exchange Group, Johannesburg Stock Exchange, Latinex, London Stock Exchange, Luxembourg Stock Exchange, Philippine Stock Exchange and Singapore Exchange.
The Exchange Group’s Net Zero Target-Setting Guidance framework was officially approved in June 2023 by the UN Climate Change High-level Champions overseeing the Race to Zero campaign. At the launch of the framework, Dr Mahmoud Mohieldin and Her Excellency Ms Razan Al Mubarak, the UN Climate Change High-Level Champions, commended the Exchange Group's commitment, saying: “We warmly welcome the Net Zero Financial Service Providers Exchange Group as an official partner of the Race to Zero, highlighting the pivotal role of stock exchanges in catalysing the transition to a sustainable future.” This endorsement marked a milestone in the Group's commitment to combating climate change and contributing to the global transition to a sustainable, net zero economy.
The Net Zero Exchange Group has now moved into the implementation phase, with each exchange using the framework to develop its own individual targets tailored to its market context and preparing to report on progress. The UN SSE provides secretariat services to the NZFSPA Exchange Group and continues 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 [email protected]
Quotes from exchange CEOs:
Joining the Net Zero Financial Service Providers Alliance reaffirms our steadfast commitment to fostering sustainability within the capital market. By aligning with global initiatives such as the Net Zero Pledge, we aim to catalyze meaningful change and contribute to a more sustainable future across the Kingdom of Bahrain.
Shaikh Khalifa bin Ebrahim Al-Khalifa, CEO
Bahrain Bourse
The Net Zero initiative is not just a target; it's a mindset, a commitment, and a collective responsibility to safeguard our planet for generations to come, it’s a journey towards a future where every action, every decision, and every innovation contributes to a world where humanity and nature coexist in harmony.
Mr. Mazen Wathaifi, CEO
Amman Stock Exchange
I am pleased to announce today the Muscat Stock Exchange's (MSX) commitment to achieve net zero emissions by 2050 and join the Exchange Net Zero Group, a part of the United Nations Sustainable Stock Exchanges Initiative.
We believe at MSX that sustainability is a shared responsibility, and we fully understand that climate change poses a serious threat to our future. Therefore, we announce a series of strategic steps to achieve our ambitious goal, including [...] a comprehensive plan to gradually reduce carbon emissions until we reach net zero emissions by 2050. This plan will include multiple measures to improve energy efficiency in our offices [...] and provide support and encouragement for listed companies to reduce their emissions and adopt sustainable practices while ensuring transparency and disclosure about our efforts.
Haitham bin Salem Al-Salmi, CEO
Muscat Stock Exchange
Our joining the Net Zero Exchange Group, as well as the UN Sustainable Stock Exchanges Initiative, effectively reflects our dedication to building a financial and economic future that is focused on sustainability, as well as social and environmental responsibility.
Mr. Samir Hulileh, Chairman of the Board of Directors
Palestine Stock Exchange
