Hong Kong’s Carbon Marketplace Opens With Strong Backing

Hong Kong Exchanges and Clearing Limited (HKEX) has celebrated the first four weeks of trading on Core Climate, Hong Kong’s new international carbon marketplace.

Since Core Climate launched on 28 October 2022, it has generated significant momentum for voluntary carbon trading in the region.

The platform has recorded more than 40 trades in less than a month between 28 October and 24 November 2022, attracting more than 20 corporate entities from a wide range of sectors in Hong Kong, Mainland China and internationally.

The trades to date represent a total volume of around 400,000 tonnes of carbon credits.

Quality carbon credits come from more than 30 internationally-certified projects that are now available on the platform, generated from forestry, solar, wind, hydropower and biomass initiatives in Asia, South America and West Africa.

All projects available on Core Climate, including carbon avoidance, reduction and removal projects, are verified against the Verified Carbon Standard by Verra.

Core Climate is currently the only carbon marketplace that offers HKD and RMB settlement for the trading of international voluntary carbon credits.

HKEX said it will continue to work closely with the Hong Kong International Carbon Market Council and all key stakeholders across the climate value chain to further enhance Core Climate, supporting the growth of the carbon ecosystem in the region.

“The world needs transformational change to fight climate change and capital markets have a key role to play in driving the pressing global climate agenda,” said HKEX CEO Nicolas Aguzin. “The launch of Core Climate is a significant milestone in our journey to develop Hong Kong into Asia’s premier carbon trading hub.”

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