Green Impact Exchange Receives SEC Green Light Following Form 1 Approval

As U.S. regulators continue to refine the sustainability landscape, the Green Impact Exchange (GIX) is stepping in with a rules-based model for ESG accountability. With the SEC’s recent approval of its Form 1 filing, GIX moves closer to offering a new platform that integrates enforceable sustainability standards into public markets.

GIX

On 14 April 2025, the U.S. Securities and Exchange Commission (SEC) approved the Form 1 application of the Green Impact Exchange (GIX), officially clearing the way for the first national securities exchange in the United States dedicated exclusively to the sustainability economy. GIX expects to begin trading in early 2026.

A New Chapter in Sustainability-Aligned Capital Formation

Founded in 2022 by former NYSE executives, including CEO Daniel Labovitz and Chief Operating Officer Charles Dolan, GIX was created to address what its founders describe as a "trust problem" in corporate sustainability disclosure. According to Labovitz, the exchange aims to provide companies with a platform to demonstrate credible, measurable sustainability commitments – and to offer investors confidence that listed companies are held accountable through enforceable standards.

GIX is designed as a dual-listing venue, initially available to companies already listed on other exchanges. The long-term vision includes the potential for GIX to also offer primary listings. Powered by MEMX technology, GIX will be part of the National Market System (NMS), ensuring best execution practices and competitive quoting for market participants.

SEC Approval and Regulatory Context

The SEC’s approval of GIX highlights the growing significance of sustainability as a material financial factor in capital markets. The decision also comes amid heightened legal and political scrutiny of the SEC’s own climate disclosure rules, the future of which remains uncertain following the agency’s recent withdrawal from defending them in court. By approving a dedicated sustainability-focused exchange, the SEC signals its openness to private-market solutions that align with evolving investor priorities.

While GIX will operate under the same regulatory framework as other U.S. exchanges, its differentiated value proposition lies in its sustainability-focused listing rules, which integrate principles of sustainability performance and corporate governance.

Listing Criteria and Disclosure Requirements

GIX’s listing rules are structured around three criteria: values, vision, and verification.

  • Under the values criterion, the board of directors must formally commit to sustainability through a public statement and establish robust oversight mechanisms – integrating sustainability into board-level responsibilities.
  • The vision criterion requires companies to set clear five- and ten-year sustainability goals, identify interim waypoints, and articulate a strategy to achieve them – allowing investors to assess long-term planning and execution.
  • Verification involves adopting an internationally recognised sustainability reporting framework and publishing regular disclosures to demonstrate progress toward stated objectives.

GIX(2)

Source: GIX

The exchange emphasises the interoperability of its listing standards with existing sustainability reporting frameworks – such as CSRD and other internationally recognised standards – making alignment with these a prerequisite for listing eligibility. Companies already reporting under such regimes may find GIX’s model to be a natural extension of their existing practices. Importantly, listing on GIX constitutes a contractual commitment – providing investors with a level of assurance beyond voluntary sustainability claims.

Market Implications and Outlook

GIX represents a novel institutional solution to long-standing challenges in sustainability investing, particularly around comparability, credibility, and investor trust. Its launch could reshape how sustainability performance is validated and priced in U.S. markets.

The exchange’s focus on verifiable sustainability metrics, strategic alignment, and stakeholder engagement may set a new benchmark for public market accountability. It also introduces competitive pressure for mainstream exchanges to clarify or expand their own sustainability-oriented offerings.

Looking ahead, GIX’s ability to attract dual-listed companies and long-term-oriented investors will be a key test of market appetite for regulated sustainability platforms. Its evolution may also influence how regulators and standard-setters frame the next generation of sustainability reporting requirements.

By blending traditional exchange governance with a forward-looking sustainability mandate, GIX positions itself as a purpose-built marketplace for the $35 trillion global green economy.