Amid a recalibration of attitudes towards sustainability across some jurisdictions, evidence from the World Federation of Exchanges (WFE) in the 11th edition of its Annual Sustainability Survey reveals that exchanges worldwide continue to deepen their commitment to sustainable finance. 

Despite increasing political and regulatory divergence internationally on sustainability issues, exchanges - uniquely positioned at the intersection of capital markets and the real economy - continue to lead the way on sustainability transparency, innovation, and action.

Key findings from the 2025 survey, based on responses from 57 exchange groups, show strong momentum across environmental, social, and governance (ESG) priorities:

• Broad participation in sustainability initiatives: Engagement in sustainability initiatives continues to deepen, with the average number of initiatives per exchange rising from 9.7 to 10.5. 
• Transition planning and climate action: 22 respondents reported having published or being in the process of developing transition plans, with most focusing primarily on climate-related factors in the first instance. 
• Motivations and barriers: Investor demand, market reputation, and regulatory pressure remain top drivers of sustainability engagement. The most cited obstacle is the lack of reliable data, followed by lack of resources, business and economic concerns and the changing political landscape. 
• UN SDGs integration: 75% of exchanges that responded engage with at least one of the UN Sustainable Development Goals, particularly Goals 5 (Gender Equality), 8 (Decent Work), 12 (Responsible Consumption), 13 (Climate Action), and 17 (Partnerships). 
• Gender equality progress: 
  • Female representation averages 25% on respondents’ boards, 32% in their senior management, and 42% across their workforces. 
  • Approximately 41% (23/56) of respondents have gender targets. 
  • Of the exchanges that responded to the questions on gender equality, 41.67% track the representation of women on the boards of their listed companies, whilst 30% respondents have set or are looking to set targets to encourage more diversity within boardrooms. 
• Robust sustainability disclosure frameworks: 68% of exchanges that responded disclose their carbon emissions, with 72% of those covering Scope 1, 2 and 3 emissions. The GRI and the ISSB standards garner the highest level of support although adoption remains in early stages, reflecting the continued development and evolution of those standards.
• Combating greenwashing: Nearly half of respondents’ jurisdictions have legislation addressing greenwashing. The WFE’s Green Equity Principles, launched in 2023, provide a pioneering global framework for credible green equity classification and we are seeing deeper adoption of and implementation of amongst exchanges. 
• Sustainability products and market innovation: 
  • 82% of exchanges offer sustainability-related products, predominantly green bonds and sustainability indices. 
  • Sustainability bond listing segments, carbon markets, and sustainability-themed derivatives are increasingly common, such as Luxembourg Stock Exchanges’ gender-focused bonds and NSE Indices Limited’s multiple thematic indices. 
  • Exchanges are increasingly developing innovative new products that facilitate sustainability objectives and enhance transparency. 

Nandini Sukumar, CEO of the World Federation of Exchanges, said, “2024 marked a pivotal year for sustainable finance, defined by mounting political and media scrutiny and varying regulatory approaches - from the U.S. federal pushback to the EU’s proposed Omnibus adjustments, and whilst the ASEAN Taxonomy is pressing ahead with new guidance expected later this year, the EU’s taxonomy is being revised. Amid this turbulence, exchanges have provided a stabilising influence. Their ability to innovate, support listed companies, and their commitment to building transparent, efficient markets is critical to achieving a sustainable global economy.”

The WFE Sustainability Survey remains the most comprehensive annual assessment of sustainability-related activity across global exchanges, offering a window into how the industry is responding to evolving challenges while actively shaping the sustainable finance agenda.

Read the full report here.