The Green Impact Exchange (GIX) announced today that it has filed an application with the Securities and Exchange Commission seeking approval as the first stock market in the U.S. dedicated to the emerging $50+ trillion global green economy.
GIX will list companies that make a binding commitment to set, implement, measure, and achieve sustainability goals, and be transparent with investors about their progress. Companies that want to be recognized for their commitment to sustainability can dually-list on GIX without giving up their primary listing exchange.
"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."
"Capital markets have historically enabled companies to efficiently raise needed capital for business development and innovation." remarked GIX co-founder Charles Dolan. "GIX will harness the power of markets to benefit the environment, improve investor protection, and drive economic growth as the world shifts toward a greener economy."
GIX's listing standards create accountability for companies by requiring them to have an internal governance infrastructure that supports their sustainable promises. Investors can rely on GIX to distinguish between companies that are serious about sustainability and companies that are greenwashing.
"Accountability for sustainability promises is key. The marketplace needs a 'trust but verify' approach to help reduce greenwashing," commented Shiva Rajgopal, Columbia Business School professor and GIX Advisor. "There's a tremendous financial opportunity to bring together sustainable-minded investors with companies working hard to meet their environmental commitments. For that opportunity to be realized, there needs to be better transparency and accountability of sustainability initiatives and reporting. GIX will provide that."
The GIX trading platform will be powered by state-of-the-art technology. GIX will offer non-tiered, competitive liquidity and quoting programs for members and market makers. As part of the National Market System (NMS), GIX will ensure best execution for all trades directed or routed to the exchange.
GIX will also implement a Return to Green program that commits a portion of its gross revenue to support organizations on the front lines of sustainability efforts
