Green Exchange, PBC To Create First Dedicated “Green” Equities Exchange in the United States
Green Impact Exchange to be a purpose-driven platform that connects environmentally minded companies and investors; will allow “dual listings”
NEW YORK–(BUSINESS WIRE)–Green Exchange, PBC today announced that it has initiated discussions with the U.S. Securities and Exchange Commission to register a new equities exchange, the Green Impact Exchange (“GIX”). GIX would be the first registered exchange dedicated to bringing together green investors and public companies who are committed to green corporate governance.
GIX will implement green listing standards that require public companies to credibly commit to good “green” governance. Expected to go live in 2023 upon approval by the Securities and Exchange Commission, GIX’s trading platform will enable investors to trade equities, like other major US equities exchanges. Companies that list on the GIX will not have to leave their primary exchange. Instead, they can dually list and enjoy the benefits of membership of both exchanges.
“Sustainable investors are looking to invest in companies that match their values, but don’t have tools to measure the seriousness of a company’s commitment to sustainability,” said GIX CEO Daniel Labovitz. “The GIX’s listing standards will change that. By agreeing to our listing standards, a company can credibly demonstrate its commitment to being green. Investors get the confidence that companies that do not meet their commitments can be delisted.”
“The proposed GIX listing standards are a major accomplishment because they embed green thinking and a culture of green compliance directly into a company’s core governance structures,” said Richard Ketchum, former CEO of the Financial Industry Regulatory Authority (FINRA), and an advisor to GIX. “That protects investors because it ensures that a company’s green commitment is not superficial.”
Green Exchange, PBC has closed an initial round of investments from a consortium of green-minded investors looking to “move the needle” on environmental and sustainable investing and incentivize the adoption of clear standards for companies that want to be “green.” It will use the funds to expand its marketing and customer outreach, and to continue pursuing SEC registration.
About Green Exchange, PBC
Green Exchange, PBC is a Delaware public benefit corporation that is committed to incentivizing companies to reduce the environmental costs and impacts of operations, establish sustainable corporate governance standards, and embed green behaviors and feedback into all levels of the company; educate investors regarding public companies’ commitments to green values as a core element of their mission; and amplify investors’ influence regarding public companies achieving green commitments. The company was founded by a team of financial services professionals with decades of deep experience in exchanges, market operations, trade operations, corporate governance and ESG, and exchange listings. To learn more, please visit our website at https://www.thegix.com/ or reach out to us at [email protected].
#ESG #sustainability #SDGS #investing #innovation #CorpGov #fintech #green #TheGIX
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Deborah Kostroun
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