The Jersey City, New Jersey-based Green Impact Exchange (GIX) says it has filed an application with the United States Securities and Exchange Commission (SEC) seeking approval to function “as the first stock market in the U.S. dedicated to the emerging $50 trillion-plus global green economy.”
GIX says it intends to host listed companies “that make a binding commitment to set, implement, measure and achieve sustainability goals, and be transparent with investors about their progress.”
The organizers of the exchange say 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,” says 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.”
Although the word “recycling” does not appear in the mid-July news release announcing the SEC filing, previous statements from GIX indicate collectors, processors, sellers and consumers of recycled materials are likely candidates to list on the exchange if it comes to fruition.
“Environmentalism as a concept includes a focus on green energy, energy efficiency, water conservation, environmental conservation, supply chain management and last but not least circular economy (recycling),” wrote GIX in a LinkedIn post this March, times in coordination with Global Recycling Day as celebrated by the Bureau of International Recycling (BIR).
Comments GIX co-founder Charles Dolan, “Capital markets have historically enabled companies to efficiently raise needed capital for business development and innovation. 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 says its 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,” boasts the exchange.
“Accountability for sustainability promises is key,” remarks Shiva Rajgopal, a Columbia Business School professor who also serves as a GIX Advisor. “The marketplace needs a 'trust but verify' approach to help reduce greenwashing.”
Continues Rajgopal, “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.”
GIX says it will offer “non-tiered, competitive liquidity and quoting programs” and will be part of the National Market System (NMS) of order fulfillment and equity trading.
Courtesy : recyclingtoday.com
