The Net Zero Financial Service Providers Alliance (NZFSPA), a coalition of ratings agencies, stock exchanges, index providers and auditors committed to the transition to a net-zero global economy, has announced that it is winding down its operations as a standalone initiative.
In a statement, the group said that it is concluding its standalone operations following the publication of target-setting frameworks across its functional groups, with its participant groups continuing their activities independent of the alliance.
‘Since its launch, the NZFSPA has developed and published target-setting frameworks which have served to encourage innovation, transparency and product evolution in the financial services sector and support more choice for end users as they implement their climate strategies,’ the group said. ‘The frameworks are a valuable reference for any service provider interested in developing their own net-zero aligned product strategy.’
Independent activities
Members of the NZFSPA’s Research & Data and Index Provider groups will be invited to participate in climate-related workstreams led by the Principles for Responsible Investment (PRI), which will give service providers a platform for engaging with asset owners and asset managers outside of existing client relationships, the group added.
Elsewhere, the NZFSPA’s Exchange group will continue its work, supported by the United Nations Sustainable Stock Exchange (UN SSE) initiative, and will be rebranded as the Net Zero Exchange Group – SSE Climate Leaders.
This group has tripled in size since its launch, the NZFSPA noted, to a point where it will benefit from a more exchange-focused structure and activities.
‘Ambitious action’
‘This evolution reflects the ongoing commitment of service providers who participated in the NZFSPA to supporting ambitious climate action and accountability across the financial system, and to shaping the tools and data that enable investors to effectively manage climate risk and opportunities,’ the group added.
The alliance was launched in 2021, with founding members including BDO, Bloomberg LP, Campbell Lutyens, Deloitte, De Vere, EY, Grant Thornton, KPMG, London Stock Exchange Group (LSEG), Minerva Analytics, Moody’s Corporation, Morningstar, MSCI, PwC, Singapore Exchange (SGX), Solactive and S&P Global. Read more here.
