The Green Impact Exchange (GIX) has filed an application with the Securities and Exchange Commission, seeking approval as the first US stock market dedicated to the US$50 trillion-plus global green economy. GIX will list companies that make a binding commitment to set, implement, measure and achieve sustainability goals, and provide investors with transparency on their progress. Companies looking to be recognised for their sustainability pledges will be able to dual-list on GIX without giving up their primary listing, the exchange said. “Today’s filing is a major step forward for sustainable investors and capital markets,” said GIX CEO and Co-founder Dan Labovitz. “GIX will connect investors who care about sustainability with companies that are credibly committed to becoming and being sustainable.” The trading platform will be powered by ‘state-of-the-art’ technology, offering non-tiered, competitive liquidity and quoting programmes for members and market-makers. In line with the US National Market System regulation, GIX will ensure best execution for all trades directed or routed to its platform. “[Our] listing standards create accountability for companies by requiring them to have an internal governance infrastructure that supports their sustainable promises,” said GIX Co-founder Charles Dolan. “Investors can rely on GIX to distinguish between companies that are serious about sustainability and companies that are greenwashing.” In addition, the exchange will implement a ‘Return to Green’ programme, committing a portion of its gross revenue to support organisations “on the front lines” of sustainability efforts. “There’s a tremendous financial opportunity to bring together sustainable-minded investors with companies working hard to meet their environmental commitments,” commented Shiva Rajgopal, Columbia Business School Professor and GIX Advisor. “For that opportunity to be realised, there needs to be better transparency and accountability of sustainability initiatives and reporting. GIX will provide that.”
