Hong Kong exchange enlists HSBC, Tencent to help create carbon market

HONG KONG : Hong Kong’s stock exchange said on Tuesday it had enlisted banks including HSBC and companies such as China’s Tencent to help it develop a global carbon market.

Worldwide efforts to combat climate change have spawned voluntary carbon markets, which allow emitters to offset their carbon by purchasing so-called credits, which are issued by projects targeted at removing or cutting emissions.

Hong Kong Exchanges and Clearing Ltd (HKEX) said in a statement that it was setting up the Hong Kong International Carbon Market Council but did not say when it planned to launch a market.

Six international and Chinese lenders, HSBC, Standard Chartered, BNP Paribas, ANZ, Industrial and Commercial Bank of China and Bank of China, are among the inaugural members, HKEX said.

Hong Kong’s Cathay Pacific Airways and Chinese tech giant Tencent are also members of the council, which HKEX CEO Nicolas Aguzin said would “play a vital role in supporting our vision to build a leading carbon market”.

“This is a significant step forward in our collective journey to achieving net zero,” Aguzin added.

Singapore in May 2021 said it aimed to roll out a global marketplace and exchange for quality carbon credits this year. Named Climate Impact X, this is a joint venture between Singapore Exchange, DBS Bank, and sovereign fund Temasek.

For all the latest business News Click Here 

Read original article here

Denial of responsibility! TechAI is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.