The Net Zero Financial Service Providers Alliance (NZFSPA), a coalition of stock exchanges, research & data providers, index providers and auditors designed to help the financial sector to advance net zero commitments, announced today that it would no longer function as a standalone initiative, marking the latest in a series of net zero financial services groups to significantly reorganize or disband.
Launched in 2021 with 18 founding members including Deloitte, EY, KPMG, PwC, S&P Global, Moody’s, the London Stock Exchange Group (LSEG), and several others, the alliance committed members to align their relevant services and products to help enable investors and financiers achieve their net zero goals, as well as to set their own science-based climate targets. Members of the NZFSPA were organized by four key functional categories, including Exchanges, Auditors, Index Providers, and Research & Data Providers.
The group also formed part of UN-backed Glasgow Financial Alliance for Net Zero (GFANZ), an umbrella group of financial industry climate groups, which also included coalitions such as the Net Zero Banking Alliance (NZBA), Net Zero Asset Managers initiative (NZAM), and Net Zero Asset Owner Alliance (NZAOA), among others.
The announcement follows similar moves from several of the other net zero groups, which have faced growing scrutiny from a vocal anti-ESG movement by Republican politicians in the U.S. – which increased significantly following the election of Donald Trump as President – with claims that participation in the climate initiatives amounted to “boycotting energy companies,” or various forms of collusive or anti-competitive behaviors. The Net-Zero Insurance Alliance (NZIA), for example, was discontinued in 2024, and the NZBA ceased operations in October 2025, while NZAM paused its activities in early 2025, and subsequently announced that it would resume in early 2026, but with references to investing in line with the goal of reaching net zero by 2050 removed from its commitment requirements.
Similarly, GFANZ also launched a significant restructuring last year, shifting its focus towards initiatives enabling the mass mobilization of capital to support the low carbon transition.
In a statement announcing the end of the NZFSPA as a standalone initiative, the group said that it has published target-setting frameworks for its functional groups, which can serve as “a valuable reference for any service provider interested in developing their own net-zero aligned product strategy.”
The NZFSPA’s Exchange Group, the largest in terms of members, will be integrated into the UN Sustainable Stock Exchange (UN SSE) initiative to form the Net Zero Exchange Group – SSE Climate Leaders, with the group stating that the exchange group “has matured to the point where it will benefit from a more exchange-focused structure and activities.”
The coalition said:
“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.”
