The World Federation of Exchanges has published the 11th edition of its Annual Sustainability Survey, finding that exchanges are expanding sustainability activity even as approaches to sustainability diverge across jurisdictions. Based on responses from 57 exchange groups, the survey shows the average number of sustainability initiatives per exchange rose to 10.5 from 9.7, while 82% of respondents offer sustainability-related products and 68% disclose carbon emissions. Transition planning is becoming more common, with 22 respondents reporting they have published or are developing transition plans, initially focused mainly on climate-related factors. Investor demand, market reputation and regulatory pressure were the most cited drivers, while the lack of reliable data was the leading obstacle, followed by resourcing constraints, business and economic concerns and the changing political landscape. On frameworks, the Global Reporting Initiative and International Sustainability Standards Board standards attracted the highest support, though adoption remains at an early stage, and 72% of emissions disclosers reported covering Scope 1, 2 and 3. The survey also reports that 75% of exchanges engage with at least one UN Sustainable Development Goal, and on gender equality, female representation averages 25% on boards, 32% in senior management and 42% across workforces, with 41% (23 of 56) having gender targets and a minority tracking or setting targets for diversity on listed companies’ boards. Nearly half of respondents’ jurisdictions have greenwashing legislation, alongside deeper adoption and implementation of the WFE’s 2023 Green Equity Principles, while sustainability products are centred on green bonds and sustainability indices with growing use of listing segments, carbon markets and sustainability-themed derivatives.

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