Hong Kong has recorded more than 40 trades on its international carbon marketplace since its launch on 28 October, Hong Kong Exchanges and Clearing (HKEX) said at an event celebrating the launch of the exchange.
“The launch of Core Climate is a significant milestone in our journey to develop Hong Kong into Asia’s premier carbon trading hub. Since its launch, the platform has been very well received by the market, attracting wide participation from different regions and sectors,” said Nicolas Aguzin, CEO of HKEX.
Core Climate is the only carbon marketplace that offers Hong Kong dollar and renminbi settlement for the trading of international voluntary carbon credits, according to the exchange.
It aims to improve accessibility to the market and further enhance Hong Kong’s role as a world-class offshore renminbi trading hub and premier green and sustainable finance centre.
Currently, the platform offers carbon credits from more than 30 internationally certified projects, 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.
Also attending the event, Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, announced a list of initiatives to support the green and sustainable finance development in Hong Kong.
They include mandating a taskforce on climate-related financial disclosures across relevant sectors by 2025 and putting together proposals for a sustainability reporting standard aligned with the global baseline currently being developed.
The government has also earmarked HK$200m ($25.6m) for a three-year pilot scheme to subsidise the obtaining of professional qualifications in sustainable finance.