The World Federation of Exchanges (WFE), the global industry association for exchanges and central counterparties (CCPs), today published the 12th edition of its Annual Sustainability Survey. It confirms a clear trend towards transition finance, involving equity as well as bonds.
Covering activity during 2025, the survey draws on responses from 58 exchange groups from markets all round the world, of all sizes and stages of development. It captures the progress exchanges are making on sustainability, the evolution in product focus and challenges they face and the ways they are supporting issuers and investors.
Key findings from this year's survey include:
- Transition is gaining momentum: The most common priority for product development is financial instruments that support listed companies in the transition to a low-carbon economy. Exchanges are also prioritising their own transition. In the 2025 survey, 22 respondents had published or were developing such plans for their own business. This year, that number has nearly doubled, with 20 exchanges having already developed plans and a further 22 indicating that they intend to do so. In financial product development, five exchanges have already introduced transition designations, while another 20 plan to. The WFE's Draft Transition Equity Principles will support this developing area of the market.
- Broad participation in sustainability initiatives: Almost all respondents report having at least one sustainability initiative.
- Exchanges' action is driven by value: Expanded opportunities are the most important motivating factor, cited by 88% of respondents, followed by risk management.
- Exchanges are responding to investor demand: 93% of respondents report investor demand for sustainability-related products in their markets. Exchanges are meeting that demand, with green bonds remaining the most common product offered, followed by sustainability bonds and social bonds. Sustainability indices, ETFs, carbon markets and ESG ratings are also widely available.
- Exchanges continue to consider sustainability factors beyond climate: While 89% of respondents have Net Zero targets, 62% have gender diversity targets, 41% have social equity and inclusion targets and 41% have health and wellbeing targets. More than half include the UN Sustainable Development Goals (SDGs) in their own sustainability reporting.
- Supporting issuers remains a priority: Education and capacity building continue to be important areas of activity, as is guidance for issuers on sustainability reporting and materiality assessments.
- Exchanges are managing their own operations: 86% of respondents publish sustainability reports for their business. Gender equality continues to be a high priority and several exchanges are themselves included in sustainability indices.
- Political uncertainty and data remain the biggest challenges: Respondents identified the lack of reliable data and the changing political landscape as their main concerns, reflecting the challenges created by fragmented regulatory approaches and changing policy priorities across jurisdictions.
Nandini Sukumar, CEO of the World Federation of Exchanges, said: "The findings show that exchanges remain committed to sustainable finance despite a more uncertain policy environment.
“Respondents continue to report strong investor demand for sustainability-related products while highlighting the practical challenges created by changing regulation and inconsistent data. It is particularly encouraging to see transition finance emerging as the leading area for future product development, demonstrating how exchanges are responding to the changing needs of issuers and investors.”
The WFE Sustainability Survey is the only comprehensive annual review of sustainability-related activity across the global exchange industry. It provides insight into how exchanges are responding to changing regulation, investor demand and market developments while supporting resilient and effective capital markets.
Read the full report here: The WFE’s 12th Sustainability Survey
Read the Consultation on Draft Transition Equity Principles.
Responses should be submitted to consultations@world-exchanges.org by 8 October 2026.
If you would like to register for updates on the WFE Transition Equity Principles and Consultation, please sign up here.
