HKEX Launches International Carbon Marketplace

HKEX launches International Carbon Exchange

  • Core Climate will bring efficient and transparent trading of carbon credits and voluntary infrastructure, across Asia and beyond
  • The new carbon market reflects HKEX’s commitment to build an integrated ecosystem with international carbon markets in Hong Kong, which provides a one-stop solution for trading, capture and settlement.

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce the launch of Core Climate, a new international carbon market that aims to connect capital and climate-related products and opportunities in Hong Kong, Mainland China, Asia and beyond.

Core Climate will enable fair and transparent trading of carbon credits and resources to support the world’s transition to Net Zero. Core Climate participants will be able to issue, hold, trade, settle and retire voluntary carbon credits through the Core Climate platform.

HKEX CEO Nicolas Aguzin said: “Addressing the climate crisis requires decisive action and focus, great regional and global cooperation. The work of the capital market helps in finding solutions to this, the most important issue of our generation. As a global link of East/West, HKEX lays the groundwork to build a sustainable voluntary carbon market that brings together climate action ideas, capital and dialogue. Core Climate is the latest in HKEX’s commitment to safeguarding the future of our planet – playing an important role in supporting the global transition to a low carbon economy, investing in our shared future, for today and tomorrow. “

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The carbon credits on the platform will come from international carbon projects aimed at the global environment, including carbon avoidance, reduction and elimination projects. All projects listed in Core Climate are checked against international standards, such as Verra’s Carbon Verified standard.

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Over time, HKEX strives to build the Climate Core into an integrated carbon store that meets the needs of participants and project owners across the climate spectrum.

HKEX Co-Head of Markets Glenda So said: “We see Core Climate developing into an important resource, part of our interconnected ecosystem, connecting capital investment and services. new climate, technology and business models. This will accelerate the shared Net Zero transition and achieve a sustainable future for generations to come. I would like to thank the members of the Hong Kong International Carbon Market Council for their understanding, Their guidance and support has been invaluable as we bring Core Climate to life. We are excited to be on this journey with you.”

Core Climate is HKEX’s new sustainability focused initiative, part of its long-term commitment to achieving a low carbon economy. HKEX has been a vocal supporter of sustainability for many years and was one of the first exchanges to mandate ESG disclosure and followed the development of the Task Force on Climate-Related Financial Disclosure framework.

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In 2020, HKEX launched STAGE, an online portal that provides information, access and insight into a range of sustainable, green and social products. Through the ESG Academy, HKEX supports market education on ESG matters. In March this year, HKEX signed a memorandum of understanding with the China Emissions Exchange to explore cooperation in combating climate change and promoting sustainability through carbon. In July, HKEX established the Hong Kong International Carbon Market Council, which includes leading companies and financial institutions focused on supporting the development of international carbon markets.

In collaboration with the Council and key stakeholders around climate pricing, HKEX will continue to explore climate-related opportunities to enhance the Climate Core over time.

Source: HKEX


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