Net Zero | SSE Initiative

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The world must get to a state of net zero emissions as soon as possible (and by 2050 at the absolute latest) in order to limit the worst effects of climate change.

The Goal

Exchanges are making ‘net zero commitments’ to help their markets transition to net zero greenhouse gas emissions. Through their roles as educators, product innovators, and information gateways, exchanges play an important part in the global shift to a low-carbon economy. The UN Sustainable Stock Exchanges (SSE) initiative provides guidance, capacity-building, and technical assistance to support exchanges in achieving these goals.

Net Zero Exchange Group

Net zero is defined by the IPCC, the United Nations body for assessing the science related to climate change, as:

"When anthropogenic CO2 emissions are balanced globally by anthropogenic CO2 removals over a specified period.”

Simply put, at a global level the world needs to balance the amount of emissions put into the atmosphere with the amount taken out.

Since COP26 in 2021, many financial market actors — including exchanges — have made net zero commitments. The UN SSE serves as the secretariat for the Net Zero Exchange Group, whose members are exchanges that have made such commitments.

This webpage tracks the work of its members and their progress toward their targets.

The Net Zero Exchange Group - SSE Climate Leaders collaborates closely with PRI-led working groups to ensure alignment with other Financial Service Providers to ensure alignment with other Financial Service Providers

Net Zero Exchange Group Members' Progress on Targets

MARKET	STOCK EXCHANGE	JOINED	REPORTING SOURCE	1.1.1 YEAR 1 TARGET: Exchanges should put appropriate governance structures in place to ensure accountability for and oversight of the development and execution of the NZFSPA commitments. TIMELINE: As soon as possible after joining the NZFSPA, but no longer than one year.	1.1.2 YEAR 1 TARGET: Exchanges should ensure that relevant policies, procedures and training are implemented to support its efforts. TIMELINE: As soon as possible after joining the NZFSPA, but no longer than one year.	1.2.1 YEAR 1 TARGET: Exchanges should publicly disclose their climate actions annually as part of a transition plan. TIMELINE: First disclosure as soon as possible after joining the NZFSPA, but at least within one year. Within two years, apply a broadly accepted climate disclosure instrument.	1.2.2 YEAR 1 TARGET: Exchanges should measure and disclose their Scope1, 2 and (where material) 3 emissions annually. TIMELINE: Within one year after joining the NZFSPA.	1.2.3 YEAR 1 TARGET: Exchanges should commit to Scope 1, 2 and (where material) 3 emission reductions for their own operations. TIMELINE: Interim science-based reduction targets across all operational emissions should beset within one year of joining the NZFSPA, for no later than 2030.	2.3.2 YEAR 2 TARGET: Exchanges should work towards mandatory climate-related disclosure in their markets. TIMELINE: Within one year from joining the NZFSPA	2.1.1 YEAR 2 TARGET: Exchanges should work to raise visibility for climate-themed products. TIMELINE: Within one year from joining the NZFSPA. Bond exchanges should pursue internationally or locally accepted instruments for listing of climate-themed bonds within three years from joining the NZFSPA.	2.1.2 YEAR 2 TARGET: Exchanges should offer climate disclosure training at least annually TIMELINE: Within two years from joining the NZFSPA	2.3.1 YEAR 2 TARGET: Exchanges should actively engage with local and global policy makers and standard setters to stay informed of and promote net zero aligned policies. TIMELINE: within 2 years	2.3.3 YEAR 2 TARGET: Exchanges should proactively engage with market participants, including through market awareness programmes, to promote the adoption of net zero commitments and transition plans among market participants TIMELINE: Within 2 years	2.2.1 YEAR 3 TARGET: Exchanges should work to raise visibility for climate-themed products TIMELINE: Within 3 years	2.2.2 YEAR 3 TARGET - OPTIONAL: "Progressive Target"
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New Members

The following Members joined in Q2 2025 and are due to report for the first time in April 2026: Botswana Stock Exchange; Bourse de Tunis, Iraq Securities Exchange, Rwanda Stock Exchange

How to Join

The Net Zero Exchange Group is committed to leading the financial sector’s transition to net zero. By fostering collaboration, providing transparent progress tracking, and aligning with global sustainability goals, we aim to create a powerful force for positive change.

Contact the secretariat for the Net Zero Exchange Group here.

Setting Net Zero Targets

"We urgently need every business, investor, city, state and region to walk the talk on their net zero promises." - Antonio Guterres, UN Secretary-General

The members of the Net Zero Exchange Group have agreed upon a Target Setting Framework, which serves as a common base for exchanges to set their own individual targets, tailored to their specific market circumstances.

The Framework provides a comprehensive roadmap for capital market infrastructure operators to align their own operations with the goals of the Paris Agreement, and assist their markets to address the climate crisis. Developed in collaboration with over 56 industry experts from 28 different organisations, the Framework guides exchanges to set ambitious and credible net zero targets, enabling them to contribute meaningfully to a sustainable future. The approved framework can be found here.

The Framework emphasises the important role exchanges can play in leading by example, providing climate-related market education and promoting a just transition. It also captures the need for continuous reporting on progress.

With the approval of the framework, the Exchange Group become partner of the Race to Zero. Find out more about the relationship below.

“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 partnership harnesses the collective power of financial service providers committed to achieving net zero emissions, exemplifying the collaborative spirit essential to tackling the climate crisis and inspiring others to join the global movement towards a just transition to a net-zero resilient world." - Dr Mahmoud Mohieldin and Her Excellency Ms Razan Al Mubarak, UN Climate Change High-Level Champions

About Net Zero

Put in simple terms, net zero means that the balance between the amount of greenhouse gases (GHGs) produced and removed from the atmosphere is zero; it looks at emissions overall. That means that while an absolute reduction in emissions is critical, the net zero concept allows for removing any unavoidable emissions. Removing GHGs could be via nature (e.g. trees take carbon dioxide from the atmosphere) or through new technology or changing industrial processes.

GHGs are a key driver of global warming and ensuring that the world reaches net zero GHG emissions is essential for tackling climate change. Over the past decade, global emissions have risen steadily. To have any hope of keeping the long term global temperature rise to 1.5°C we need to have halved emissions by 2030 and reached net zero by 2050. Doing this requires us to reduce emissions by about 7% per year. Business as usual is not an option.

The next decade is critical, which is why every country, sector and industry must work together to find ways to cut GHG emissions.

Resources

Policy Brief: The Net Zero Movement

2021

Get started with an overview of the net zero movement and learn about what net zero means. The Policy Brief: The Net Zero Movement can be found here.

Net Zero Target Setting Guidance for Exchanges

2023

Find out how exchanges best contribute to the net zero movement and how they set their net zero targets. The Net Zero Target Setting Guidance for Exchanges 2023 can be found here.

SSE Model Guidance on Climate Disclosure

The SSE published a tool for exchanges titled “Model Guidance on Climate Disclosure: A template for stock exchanges to guide issuers on TCFD implementation” to assist exchanges in guiding their market on how to disclose climate-related financial information. The template is oriented around the Financial Stability Board’s (FSB) Task Force for Climate-Related Disclosures (TCFD) recommendations, the current best practice for climate-related disclosure. Within this guidance the template is written in the voice of an exchange, providing text they may use when they guide their issuers, as well as ideas for strengthening their guidance by adapting it to their market’s circumstances.

For an editable version of the SSE Model Guidance on Climate Disclosure please contact the SSE team at [email protected].

Additional Materials offered by the UN SSE on how to get your market climate ready can be found here