Announcement: COP30 Action Agenda calls for accelerating the implementation of the Global Stocktake. Read here.
Parts of this site were translated using AI. Accuracy may vary.
Announcement: COP30 Action Agenda calls for accelerating the implementation of the Global Stocktake. Read here.
Parts of this site were translated using AI. Accuracy may vary.
Race to Zero welcomes latest Partner, The Exchange Group, in bid to accelerate race to a net zero economy
Thursday, 29 June 2023 | By Climate Champions
The Race to Zero campaign is proud to announce that the Exchange Group, a part of the Net Zero Financial Service Providers Alliance (NZFSPA), has become its latest partner. This key endorsement from the UN Climate Change High-Level Champions validates the Exchange Group’s pledge to support a sustainable, net zero economy.
As an integral pillar of the Race to Zero campaign, Partners serve as conduits through which individual members contribute to the collective goal. Independent initiatives, each with their own governance structures and decision-making processes, Partners shoulder the responsibility of managing their members, ensuring alignment with the Race to Zero criteria.
With the Exchange Group joining as our latest partner, it signifies a shared commitment to promoting ambitious non-state actor leadership, all working towards halving emissions by 2030. This marks a significant step forward in our mission to cultivate a diverse network of actors spanning sectors and regions, all rallying behind the same goal.
The Exchange Group’s Net Zero Target Framework is a testament to their commitment. A comprehensive action plan developed in collaboration with 56 industry experts from 28 organizations, the Framework equips capital market infrastructure operators to set credible net zero targets, contributing substantially to a sustainable future.
The eight committed members of the Exchange Group are now prepared to turn these targets into actionable steps within their markets. Each exchange will draw on the Framework to devise its own unique targets, customized to its market circumstances, and maintain transparency in reporting progress.
UN Climate Change High-Level Champions for COP27 and COP28, Dr Mahmoud Mohieldin and H.E Razan Al Mubarak, commended the Exchange Group’s commitment to a greener future and expressed the desire for continued collaboration: “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.”
Julia Hogget, CEO of the London Stock Exchange Group, added: “The publication of the target-setting framework today is an important initial milestone, and I’d like to thank the United Nations Sustainable Stock Exchanges initiative for their support in facilitating this. This work is an example of what can be achieved through collaboration amongst global exchanges. Our focus now must be on driving action and implementing the framework globally in support of achieving net zero.”
With this partnership, the Exchange Group joins Race to Zero’s growing global movement to halve global emissions by 2030. Launched in June 2020, the campaign has since inspired over 11,000 members to commit to reducing emissions in alignment with the Paris Agreement, backed by transparent action plans and robust near-term targets.
The Net Zero Financial Service Providers Alliance (NZFSPA) is an international collective dedicated to achieving global net zero greenhouse gas emissions by 2050 or earlier, with an aim to keep global temperature rise below 1.5°C from pre-industrial levels. Within the NZFSPA, the Exchange Group focuses on promoting sustainable finance and expediting the shift towards a net zero economy. They equip market infrastructure operators with the necessary frameworks and tools to align their operations with global climate objectives.
