Hong Kong’s stock exchange said on July 5 that it had enlisted companies such as China’s Tencent (0700.HK) and banks including HSBC (HSBA.L) to help it create a carbon market.
Global efforts to fight climate change have given rise to voluntary carbon markets, which allow emitters to offset their carbon footprint by purchasing so-called credits, which are issued by projects aimed at stopping or reducing emissions.
Hong Kong Exchange and Clearing Ltd (HKEX) (0388.HK) said in a statement that it was creating the Hong Kong International Carbon Market Council but did not say when it wanted to roll out a market.
Six Chinese and international lenders Bank of China (601988.SS), Standard Chartered (STAN.L), ANZ (ANZ.AX), HSBC, BNP Paribas (BNPP.PA), and Industrial and Commercial Bank of China (601398.SS), are among the first members, HKEX said.
Chinese tech giant Tencent and Hong Kong’s Cathay Pacific Airways are also members of the council, which Nicolas Aguzin, HKEX CEO, said would “play a vital role in supporting our vision to build a leading carbon market”.
Buy Bitcoin NowAguzin added:
“This is a significant step forward in our collective journey to achieving net-zero.”
Singapore in May 2021 wanted to launch a global marketplace and exchange for quality carbon credits in 2022. Named Climate Impact X, this is a joint venture between DBS Bank, Singapore Exchange, and sovereign fund Temasek.