HomeCarbon MarketsHong Kong’s Exchange Launches Global Carbon Market with HSBC, ANZ, and Tencent

Hong Kong’s Exchange Launches Global Carbon Market with HSBC, ANZ, and Tencent

Hong Kong’s Exchanges and Clearing Ltd (HKEX) announced that it had enlisted major banks including HSBC and companies such as Tencent to develop a global carbon market.

HKEX said in a press release that it was organizing the Hong Kong International Carbon Market Council. But it didn’t mention when it would launch this market.

HKEX partners with companies and financial firms to explore carbon opportunities in the region.

Several big corporations and lenders would be the inaugural members of the Council. These include HSBC, Standard Chartered, BNP Paribas, ANZ, Industrial and Commercial Bank of China, Bank of China, and The Hongkong and Shanghai Banking Corporation Limited.

Tech giant Tencent and Cathay Pacific Airways are also part of the Council. These large firms will play a crucial role in supporting HKEX vision to create a leading carbon market, according to its CEO Nicolas Aguzin. He also added that,

“This is a significant step forward in our collective journey to achieving net zero… And we believe that, over time, more participants sharing the same goal and ambition will join us on this net-zero transition journey, securing the future for the next generation…”

Growing the Global Carbon Market

The main focus of this collaboration is to build an international carbon market via Hong Kong’s position as a global financial center. It will be for making the green finance ecosystem flourish in Hong Kong and Mainland China.

The Council will get insights from its members on how to develop an effective carbon market. Its launch will lay the foundation for Hong Kong to become a carbon hub in Asia. Plus, it will be contributing to achieving a low carbon economy.

This announcement is the most recent in HKEX’s carbon initiatives. Last March, HKEX partnered with Guangzhou-based China Emissions Exchange (CEEX) to explore cooperation in promoting sustainability through carbon finance.

In 2021, HKEX also joined the Glasgow Financial Alliance for Net Zero (GFANZ) and the Net Zero Financial Service Providers Alliance (NZFSPA). They’re part of its ongoing commitment to develop financial markets.

The global efforts to fight climate change have been growing and flooding the voluntary carbon markets. They enable emitters to offset their footprint by buying carbon credits. They are from projects that remove or avoid carbon emissions.

A similar Asian venture to help ramp up the carbon market happened last year when the Singapore exchange launched Climate Impact X.

CIX is also a new global spot trading program for quality carbon credits. It’s a joint venture between DBS Bank, SGX Group, Standard Chartered and Temasek that will launch early next year.

Most Popular
LATEST CARBON NEWS

Saudi Power Firm Inks $7B Green Hydrogen Thailand Deal

Saudi Arabian renewables developer ACWA Power signed a $7 billion agreement with two Thai state-owned companies to develop green hydrogen in Thailand. ACWA Power is...

U.S. to Sanction Brazil’s Amazon Deforestation Criminals

In a bid to better address climate change, the United States aims to sanction environmental criminals who contributed to the worsening deforestation in Brazil's...

Seafields Unveils 1 Billion Carbon Removal Project Off West Africa

Seafields revealed its plan to tokenize one billion carbon removal credits from a seaweed farm off West Africa in partnership with the blockchain-based carbon...

Carbon Credits From Drip Irrigation

An Israeli company Netafim introduced its landmark carbon credits initiative for global rice farmers with its pioneering drip irrigation technology at the COP27 summit. Netafim...
CARBON INVESTOR EDUCATION

How Do I Buy Carbon Credits?

Companies and individuals alike have been investing in carbon credits to offset their carbon emissions. But not everyone is familiar with how to buy...

How to Calculate Carbon Credits? (5 Easy Steps to Follow)

Many companies and governments are finding it critical to know how to calculate carbon credits and price them. Carbon credits and offsets are vital...

What is Carbon Financing?

In the simplest sense, carbon financing is the process of putting money to entities or activities that most need them or can put them...

The Timeline of the COP Conferences Leading to COP27

Following the wake of the Montreal Protocol in 1987 the UN in conjunction with the World Meteorological Organization established the Intergovernmental Panel on Climate...