The WFE Sustainability Survey covers 2025 and is the 12th annual edition of this comprehensive review of WFE members and affiliates, including stock and derivatives exchanges from developed to frontier markets. The survey captures the industry’s progress on sustainability issues as well as the challenges it faces. This year, a total of 58 exchange groups responded to the survey.
Key highlights include:
- Broad participation in sustainability initiatives: 98.3% of respondents had at least one sustainability initiative.
- Exchanges’ action is driven by value: Expanded opportunities were the most important motivating factor, cited by 88% of respondents, followed by risk management (82%).
- Perceived barriers link to uncertainty: Exchanges’ top concerns were the lack of reliable data and the changing political landscape, followed by business/economic concerns. This reflects international divergence, contradictory political headwinds and uncertain regulatory trajectories, resulting in a lack of reliable data, creating unnecessary compliance costs and undermining abilities to manage compliance obligations efficiently.
- Exchanges are taking a holistic view: 89% of respondents had Net Zero targets in place, 62% had gender diversity targets, 41% had social equity and inclusion targets, and 41% had health and wellbeing targets, reflecting a significant emphasis on social considerations. A number had also introduced initiatives relating to the UN Sustainable Development Goals (SDGs), which span the full breadth of sustainability factors (e.g. 53% of respondents include the SDGs in their own reporting).
- Exchanges are managing their own operations: 86% of respondent exchanges publish their own sustainability reporting. Gender equality and equity continue to be a priority and several exchanges are included in sustainability indices.
- Exchanges are supporting their issuers: Education and capacity building were main focuses, along with encouraging or requiring disclosure. Seventy eight per cent of respondents had issued formal reporting guidance for their issuers and 73% had produced guidance on how to assess the materiality of sustainability-related factors.
- Exchanges are innovating: 93% of respondents reported investor demand for sustainability-related products in their market. To meet that demand, 83% of respondents indicated that they offer sustainability-related products, with green bonds coming in as the most popular, followed by sustainability bonds and social bonds. Sustainability indices, ETFs, carbon markets and ESG ratings all proved popular too.
- Transition is a growing priority: When asked about plans to develop their sustainability-related products offering, the most popular response was an intention to offer new products focused on the transition to a low-carbon economy. In 2025, 22 respondents published or were developing transition plans. This year, 20 exchanges reported having developed one and 22 reported that they intended to do so. Five exchanges had introduced a transition designation and a further 20 indicated that they intend to, which the WFE’s recently published Draft WFE Transition Equity Principles will support.
Related: The WFE Launches Formal Consultation on Draft Transition Equity Principles.
The WFE welcomes comments on the Principles by 8 October. Please submit feedback to consultations@world-exchanges.org.